Gov. Burgum signing Legacy Fund investment bill

Posted: Apr 8, 2021 / 11:40 AM CDT / Updated: Apr 8, 2021 / 11:40 AM CDT

FILE – In this Dec. 5, 2018 file photo, North Dakota Gov. Doug Burgum delivers his budget address before a joint session of the North Dakota legislature in Bismarck. Burgum announced plans to seek reelection in 2020 on Thursday, Oct. 24, 2019. In a video announcement on YouTube, Burgum highlights accomplishments since he and Lt. Gov. Brent Sanford took office three years ago. The 63-year-old Republican says North Dakota is headed in the right direction with increased employment and higher wages. (Tom Stromme/The Bismarck Tribune via AP, File)

BISMARCK, N.D. (AP) — Gov. Doug Burgum is signing a bill that’s aimed at creating a broader investment policy for the state’s voter-approved oil tax savings account.

The bill, which has overwhelming legislative support, sets targets for investing a greater portion of the Legacy Fund principal in North Dakota and requires that the State Investment Board give preference to qualified investment firms with a presence in the state.

The legislation sets targets for 10% of the Legacy Fund principal to be invested in equity investments in the state and 10% in fixed-income investments within the state.