Bill requires some Legacy Fund investments to be in state

State News

File photo.

BISMARCK, N.D. (AP) — Some lawmakers want a broader investment policy for North Dakota’s oil tax savings account to help finance projects in the state.

The legislation unveiled Tuesday by Republican lawmakers would tap 20% of the money coming into the Legacy Fund primarily for investments within the state.

It’s the latest attempt to use the voter-approved fund as a source of money to help finance expensive infrastructure projects as state’s oil-driven economy declines.

Bismarck GOP Rep. Mike Nathe says only about 1% of the Legacy Fund’s principal is invested in North Dakota at present.

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