Loading chat...
ND HB1380
Bill
Status
5/20/2021
Primary Sponsor
Mike Lefor
Click for details
AI Summary
-
Creates a legacy sinking and interest fund in the state treasury to hold moneys for debt service on public finance authority bonds allocated to infrastructure projects, with excess funds transferred to the public employees retirement system if its actuarial funded ratio falls below 90%.
-
Creates a legacy earnings fund to receive legacy fund earnings transferred from the general fund at the end of each biennium, with annual distributions beginning July 1 of odd-numbered years prioritizing $150 million to the legacy sinking and interest fund and $60 million to highways.
-
Establishes definitions for legacy fund "earnings" as net income excluding unrealized gains or losses, and "principal" as all other legacy fund moneys.
-
Creates a legislative interim committee during 2021-22 to study potential uses of legacy fund earnings for tax relief, research, workforce development, and economic diversification, with findings due to the 68th legislative assembly.
-
Becomes effective August 1, 2021, and repeals House Bill No. 1038.
Legislative Description
A legislative management legacy fund earnings committee; to provide for a transfer; to create a legislative management legacy fund earnings committee; to provide a statement of legislative intent; and to provide an effective date.
Last Action
Signed by Governor 05/10
5/20/2021