Legacy fund definitions and a legacy earnings fund; to provide...
A BILL for an Act to create and enact a new section to chapter 54-27 of the North Dakota Century Code, relating to a legacy earnings fund; to amend and reenact subsection 1 of section 21-10-06 of the North Dakota Century Code, relating to funds invested by the state investment board; to repeal sections 21-10-12 and 21-10-13 of the North Dakota Century Code, relating to legacy fund definitions and a legacy earnings fund; to provide an effective date; and to declare an emergency.
This bill, HB1435, proposes changes to the way legacy funds and a legacy earnings fund are defined and managed in North Dakota. Specifically, it aims to create a new section in the North Dakota Century Code to define a legacy earnings fund, amend existing sections on investments, and repeal sections related to legacy fund definitions. The bill also includes an effective date and declares an emergency.
The bill would affect the state's investment board and how it manages and defines legacy funds, potentially impacting the state's financial planning and future funding for certain programs. The changes could influence how the state allocates and invests its resources to ensure long-term financial stability.
HB1435 was introduced on January 15, 2025, and referred to the Finance and Taxation committee. On February 10, 2025, the committee reported back that the bill should not pass and it was placed on the consent calendar. On February 12, 2025, the House voted against the bill, with 87 members voting nay and only 4 voting yea, leading to its failure to pass the second reading.