In 2009, the Legislative Assembly passed House Concurrent Resolution No. 3054, which placed the question of creating the Legacy Fund on the 2010 general election ballot. North Dakota voters approved the measure which created a perpetual source of state revenue from the finite national resources of oil and natural gas. The Legacy Fund was created as Article X, Section 26, of the Constitution of North Dakota.
The first constitutionally mandated transfer of Legacy Fund earnings to the General Fund occurred in July of 2019. The total amount transferred for the 2017-2019 biennium was $455,263,216. This amount increased to $871,687,384 for the 2019-2021 biennium. The 68th Legislative Session updated the definition of earnings to reflect 7% of the 5 year average valuation of the fund and directed the earnings to flow into the Legacy Earnings Fund. The transfer for the 2021-2023 biennium was $486,568,637.
The investment of the Legacy Fund is under the purview of the Retirement and Investment Office. To view monthly financial statements for the fund, please visit RIO's website.