- Associated Press - Thursday, July 17, 2014

BISMARCK, N.D. (AP) - State Treasurer Kelly Schmidt says a record $112 million deposit will be put in North Dakota’s oil tax savings account.

Schmidt says this month’s transfer brings the balance of the account to about $2.2 billion.

She says the monthly deposits have ranged from $32 million to $93 million until this month.

The Legacy Fund gets 30 percent of the state’s oil tax collections. The money can’t be touched before 2017 and it would still take a two-thirds vote of the Legislature for the state to dip into the fund.

North Dakota voters approved the fund in 2010. It received its first deposit of $34.3 million in September 2011.

The fund has been growing faster than anticipated because of rising North Dakota oil production and high prices.

Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times is switching its third-party commenting system from Disqus to Spot.IM. You will need to either create an account with Spot.im or if you wish to use your Disqus account look under the Conversation for the link "Have a Disqus Account?". Please read our Comment Policy before commenting.

 

Click to Read More and View Comments

Click to Hide