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Associated Press, Published February 25 2013

ND oil tax "Legacy Fund" hits $850 million in assets

BISMARCK — North Dakota's oil tax fund now has about $850 million in assets.

The Legacy Fund 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 57.8 million has been deposited into the fund this month. It's been collecting oil tax revenue since September of 2011.

Copyright 2013 The Associated Press.