ND HB1451

Renames the "lands and minerals trust fund" to "strategic investment and improvements fund" throughout North Dakota Century Code sections governing state financial accounts and loan programs.

Repeals the permanent oil tax trust fund at the end of the 2009-2011 biennium and transfers any remaining balance to the state general fund.

Establishes new deposit allocation for oil and gas tax revenues: $200 million to general fund, $341.79 million to property tax relief sustainability fund, $100 million to general fund, $100 million to strategic investment and improvements fund, $22 million to state disaster relief fund, with remaining revenues to strategic investment and improvements fund.

Creates automatic transfer mechanism requiring 25% of monthly oil and gas revenues to be deposited in the legacy fund if the strategic investment and improvements fund balance exceeds $300 million at month end.

Effective July 1, 2011, with emergency clause; closes out the lands and minerals trust fund after June 30, 2011, transferring unobligated balances to the strategic investment and improvements fund.