ND HB1379

Modifies the legacy sinking and interest fund to transfer excess moneys to the public employees retirement system main system plan only when its actuarial funded ratio falls below 90 percent, with resumption of transfers requiring the ratio to fall below 70 percent after reaching 90 percent or higher.

Revises the legacy earnings fund distribution priorities on July 1 of each odd-numbered year by allocating funds first to debt service payments, second to general fund tax relief initiatives, and third to highway tax distribution fund allocations.

Changes remaining legacy earnings fund allocations to split 50 percent to the general fund and 50 percent to the strategic investment and improvements fund, replacing previous allocations to tax relief, clean sustainable energy, and university research programs.

Modifies the excess fund transfer process to retain amounts equal to appropriations for bond payments through June 30, 2025, then retain twice the appropriation amount (capped at $150 million) before distributing remaining amounts 50-50 to the general fund and strategic investment fund.

Becomes effective July 1, 2023, and is declared an emergency measure.