North Dakota's surplus is nearly $1 Billion in Legacy Funds(WDAY TV) -- North Dakota's oil tax fund is nearing $1 billion dollars in assets.
By: WDAY Staff Reports, WDAY
(WDAY TV) -- North Dakota's oil tax fund is nearing $1 billion dollars in assets.
The Legacy Fund gets 30-percent of the state's oil tax collections. None of the money can be spent until 2017, and even then, it takes a two-thirds vote of the Legislature to dip into it.
March deposits were about $87 million. That brings the fund's total to $927 million. Oil revenue was first put into the fund in September of 2011.
The Fund's 7-member advisory board is recommending half of the fund's assets be shifted to the stock market, and other investments.