ND oil tax 'Legacy Fund' tops $350M in 9 monthsA newly created North Dakota trust fund for oil taxes now has about $353 million.
BISMARCK, N.D. (AP) — A newly created North Dakota trust fund for oil taxes now has about $353 million.
State Treasurer Kelly Schmidt put another $44.8 million into the “Legacy Fund” on Wednesday.
North Dakota voters set up the fund two years ago. It gets 30 percent of the state's oil tax collections.
North Dakota lawmakers can't touch the Legacy Fund until 2017. After that, it can be spent only with two-thirds approval of the North Dakota House and Senate.
The fund has been getting monthly deposits since last September. They've ranged from $32.6 million in October 2011 to March's deposit of $45.3 million.
The state Retirement and Investment Office has hired the J.P. Morgan and Babson Capital companies to invest the money. It goes mostly into short-term bonds.