Bill
Bill > HB1380
ND HB1380
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.
summary
Introduced
01/18/2021
01/18/2021
In Committee
04/13/2021
04/13/2021
Crossed Over
03/03/2021
03/03/2021
Passed
04/29/2021
04/29/2021
Dead
Signed/Enacted/Adopted
05/20/2021
05/20/2021
Introduced Session
67th Legislative Assembly
Bill Summary
AN ACT to create and enact a new section to chapter 6-09.4 and a new section to chapter 21-10 of the North Dakota Century Code, relating to a legacy sinking and interest fund and a legacy earnings fund; to amend and reenact subsection 1 of section 21-10-06 and section 21-10-12 of the North Dakota Century Code, relating to funds invested by the state investment board and legacy fund definitions; to repeal House Bill No. 1038, as approved by the sixty-seventh legislative assembly, relating to 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.
AI Summary
This bill creates a legacy sinking and interest fund and a legacy earnings fund. The legacy sinking and interest fund will be used to meet debt service requirements for infrastructure projects and programs financed by the public finance authority. Any excess funds in the legacy sinking and interest fund will be transferred to the public employees retirement system main system plan if its actuarial funded ratio is less than 90%. The bill also amends the list of funds invested by the state investment board to include the legacy earnings fund. The legacy earnings fund will consist of legacy fund earnings transferred from the general fund, and up to 7% of the 5-year average value of the legacy fund assets will be available for appropriation each biennium. The bill also creates a legislative management legacy fund earnings committee to study potential uses of legacy fund earnings and develop reporting requirements for entities receiving funds from the clean sustainable energy fund and grants for university research, innovation, and workforce enrichment initiatives.
Committee Categories
Budget and Finance
Sponsors (12)
Glenn Bosch (R)*,
Jason Dockter (R)*,
Craig Headland (R)*,
Michael Howe (R)*,
Mike Lefor (R)*,
Mike Nathe (R)*,
Todd Porter (R)*,
Matt Ruby (R)*,
Vicky Steiner (R)*,
Dale Patten (R),
Ron Sorvaag (R),
Rich Wardner (R),
Last Action
Signed by Governor 05/10 (on 05/20/2021)
Official Document
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