ND HB1227

The Legacy and Budget Stabilization Fund Advisory Board must review any legislative, initiated, or referred measure affecting the legacy fund's asset allocation and investment policy.

Cost-benefit analyses must be prepared by independent consultants paid by the State Retirement and Investment Office and include estimated fiscal impacts for the next biennium and next ten bienniums.

Legislative measures affecting the legacy fund cannot be referred to a committee unless a cost-benefit analysis is appended to the measure.

Committees cannot act on measures or proposed amendments affecting the legacy fund unless accompanied by a cost-benefit analysis or amended cost-benefit analysis.

The Legislative Management must adopt procedures for identifying legacy fund-affected measures during interim periods between sessions and request cost-benefit analyses from the State Retirement and Investment Office if the advisory board has not already done so.