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North Dakota Century Code Title 54. State Government § 54-27-32. Legacy earnings fund--State treasurer--Legacy fund distribution--Allocations

Current as of January 01, 2024 | Updated by Findlaw Staff

1. There is created in the state treasury the legacy earnings fund. The fund consists of all moneys distributed by the state treasurer from the legacy fund pursuant to section 26 of article X of the Constitution of North Dakota. The distribution from the legacy fund on July first of each odd-numbered year must be equal to eight percent of the five-year average value of the legacy fund balance as reported by the state investment board. The average value of the legacy fund balance must be calculated using the fund balance at the end of each fiscal year for the five-year period ending with the most recently completed even-numbered fiscal year.

2. From the amount distributed to the legacy earnings fund under subsection 1, the state treasurer shall allocate the funding in July of each odd-numbered year in the following order:

a. The first one hundred two million six hundred twenty-four thousand dollars or an amount equal to the amount appropriated from the legacy sinking and interest fund for debt service payments for a biennium, whichever is less, to the legacy sinking and interest fund under section 6-09.4-10.1.

b. The remaining amount as follows:

(1) Thirty percent to the highway fund.

(2) The remainder to the legacy property tax relief fund.

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Cite this article: FindLaw.com - North Dakota Century Code Title 54. State Government § 54-27-32. Legacy earnings fund--State treasurer--Legacy fund distribution--Allocations - last updated January 01, 2024 | https://codes.findlaw.com/nd/title-54-state-government/nd-cent-code-sect-54-27-32/

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