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Published December 21, 2012, 08:02 AM

Legacy Fund tops $700 million

North Dakota’s oil tax fund now has $707 million 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.

BISMARCK (AP) — North Dakota’s oil tax fund now has $707 million 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.

North Dakota Treasurer Kelly Schmidt said more than $60 million was deposited into the fund this month. It’s been collecting oil tax revenue since September of 2011.

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