In 2010, North Dakota voters approved the establishment of the Legacy Fund, a constitutionally mandated state savings account that would collect 30% of all oil tax revenues. The fund, however, did not have a defined purpose.
As written, HCR 3018 is a very good start to defining what the Legacy Fund should be used to fund. It would place $10 million each biennium from the interest and earnings of the Legacy Fund into a college scholarship fund for North Dakota high school graduates.
Representative Carlson and the others are correct about where the earnings (tuition reduction) and where the interest of the fund should be directed, the only questions are how to achieve a safe level of return on investment, and the scale to which the fund will be directed
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