| North Dakota’s oil tax savings account is about to top $2 billion. The Legacy Fund gets 30 percent of the state’s oil tax collections. The money can’t be touched before 2017 and it would still take a two-thirds vote of the Legislature for the state to dip into the fund.
North Dakota voters approved the fund in 2010. It received its first deposit of $34.3 million in September 2011. Monthly deposits have averaged $61 million, and the fund surpassed $1 billion in April 2013. This month’s transfer of $81.7 million will put the account over the $2 billion mark, State Treasurer Kelly Schmidt said.............................................Full Article: Source |