North Dakota 2025-2026 Regular Session

North Dakota Senate Bill SB2372 Compare Versions

Only one version of the bill is available at this time.

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1	1	25.1346.01000
2	2	Sixty-ninth
3	3	Legislative Assembly
4	4	of North Dakota
5	5	Introduced by
6	6	Senators Bekkedahl, Hogue, Patten, Rummel
7	7	Representatives Lefor, Vigesaa
8	8	A BILL for an Act to create and enact a new section to chapter 54-27 of the North Dakota
9	9	Century Code, relating to a legacy earnings fund; to amend and reenact section 6-09.4-10.1,
10	10	subsection 1 of section 21-10-06, and section 54-27-19.3 of the North Dakota Century Code,
11	11	relating to funds invested by the state investment board; to repeal sections 21-10-12 and
12	12	21-10-13 of the North Dakota Century Code, relating to legacy fund definitions and a legacy
13	13	earnings fund; to provide an effective date; and to declare an emergency.
14	14	BE IT ENACTED BY THE LEGISLATIVE ASSEMBLY OF NORTH DAKOTA:
15	15	SECTION 1. AMENDMENT. Section 6-09.4-10.1 of the North Dakota Century Code is
16	16	amended and reenacted as follows:
17	17	6-09.4-10.1. Legacy sinking and interest fund - Debt service requirements - Public
18	18	finance authority.
19	19	There is created in the state treasury the legacy sinking and interest fund. The fund consists
20	20	of all moneys deposited in the fund under section 21-10-133 of this Act. Moneys in the fund may
21	21	be spent by the public finance authority pursuant to legislative appropriations to meet the debt
22	22	service requirements for evidences of indebtedness issued by the authority for transfer to the
23	23	Bank of North Dakota for allocations to infrastructure projects and programs.
24	24	SECTION 2. AMENDMENT. Subsection 1 of section 21-10-06 of the North Dakota Century
25	25	Code is amended and reenacted as follows:
26	26	1.Subject to the provisions of section 21-10-02, the board shall invest the following
27	27	funds:
28	28	a.State bonding fund.
29	29	b.Teachers' fund for retirement.
30	30	c.State fire and tornado fund.
31	31	d.Workforce safety and insurance fund.
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33	33	SENATE BILL NO. 2372
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60	60	e.Public employees retirement system.
61	61	f.Insurance regulatory trust fund.
62	62	g.State risk management fund.
63	63	h.Budget stabilization fund.
64	64	i.Water projects stabilization fund.
65	65	j.Health care trust fund.
66	66	k.Cultural endowment fund.
67	67	l.Petroleum tank release compensation fund.
68	68	m.Legacy fund.
69	69	n.Legacy earnings fund.
70	70	o.Opioid settlement fund.
71	71	p.o.A fund under contract with the board pursuant to subsection 3.
72	72	SECTION 3. A new section to chapter 54-27 of the North Dakota Century Code is created
73	73	and enacted as follows:
74	74	Legacy earnings fund - State treasurer - Legacy fund distribution - Allocations.
75	75	1.There is created in the state treasury the legacy earnings fund. The fund consists of all
76	76	moneys distributed by the state treasurer from the legacy fund pursuant to section 26
77	77	of article X of the Constitution of North Dakota. The distribution from the legacy fund
78	78	on July first of each odd - numbered year must be equal to eight percent of the five - year
79	79	average value of the legacy fund balance as reported by the state investment board.
80	80	The average value of the legacy fund balance must be calculated using the fund
81	81	balance at the end of each fiscal year for the five - year period ending with the most
82	82	recently completed even - numbered fiscal year.
83	83	2.From the amount distributed to the legacy earnings fund under subsection 1, the state
84	84	treasurer shall allocate seven-eighths of the funding in July of each odd - numbered
85	85	year in the following order:
86	86	a.The first one hundred two million six hundred twenty-four thousand dollars or an
87	87	amount equal to the amount appropriated from the legacy sinking and interest
88	88	fund for debt service payments for a biennium, whichever is less, to the legacy
89	89	sinking and interest fund under section 6 - 09.4 - 10.1.
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122	122	b.The next two hundred twenty-five million dollars to the general fund to provide
123	123	support for tax relief initiatives approved by the legislative assembly.
124	124	c.The next one hundred million dollars to the legacy earnings highway distribution
125	125	fund for allocations under section 54 - 27 - 19.3.
126	126	d.The remaining amount as follows:
127	127	(1)Fifty percent to the general fund.
128	128	(2)The remainder to the strategic investment and improvements fund to be
129	129	used in accordance with section 15 - 08.1 - 08.
130	130	3.From the amount distributed to the legacy earnings fund under subsection 1, the state
131	131	treasurer shall allocate the remaining one-eighth of the funding in July of each
132	132	odd - numbered year to the legacy earnings highway distribution fund for allocations
133	133	under section 54 - 27 - 19.3.
134	134	SECTION 4. AMENDMENT. Section 54-27-19.3 of the North Dakota Century Code is
135	135	amended and reenacted as follows:
136	136	54-27-19.3. Legacy earnings highway distribution fund.
137	137	A legacy earnings highway distribution fund is created as a special fund in the state treasury
138	138	into which must be deposited any allocations of legacy fund earnings made under section
139	139	21-10-133 of this Act. Any moneys in the legacy earnings highway distribution fund must be
140	140	allocated and transferred by the state treasurer, as follows:
141	141	1.Sixty percent must be transferred to the department of transportation for deposit in the
142	142	state highway fund;
143	143	2.Ten percent must be transferred to the legacy earnings township highway aid fund;
144	144	3.One and five-tenths percent must be transferred to the public transportation fund; and
145	145	4.Twenty-eight and five-tenths percent must be allocated to cities and counties using the
146	146	formula established in subsection 4 of section 54-27-19. Moneys received by counties
147	147	and cities must be used for roadway purposes in accordance with section 11 of
148	148	article X of the Constitution of North Dakota.
149	149	SECTION 5. REPEAL. Sections 21-10-12 and 21-10-13 of the North Dakota Century Code
150	150	are repealed.
151	151	SECTION 6. EFFECTIVE DATE. This Act becomes effective on July 1, 2025.
152	152	SECTION 7. EMERGENCY. This Act is declared to be an emergency measure.
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