BISMARCK, N.D. (AP) - North Dakota’s oil tax Legacy Fund now has more than $2 billion in assets.
North Dakota voters approved the fund in 2010. It’s been collecting oil tax revenue since September of 2011.
It gets 30 percent of the state’s oil tax collections. None of the money can be spent until 2017, and even then it takes a two-thirds vote of the Legislature to dip into it.
North Dakota Treasurer Kelly Schmidt says the fund is on pace to top $3 billion next year.
The fund has been growing much faster than anticipated because of rising North Dakota oil production and high prices.