Section 21-10-12 - Legacy fund definitionsFor the purposes of section 26 of article X of the Constitution of North Dakota:
1. "Earnings" means an amount equal to seven percent of the five-year average value of the legacy fund assets as reported by the state investment board using the value of the assets at the end of each fiscal year for the five-year period ending with the most recently completed even-numbered fiscal year.2. "Principal" means all moneys in the legacy fund not included in earnings as defined under subsection 1.Amended by S.L. 2023, ch. 47 (SB 2015),§ 30, eff. 5/10/2023 (vetoed by governor).Amended by S.L. 2023, ch. 96 (SB 2330),§ 3, eff. 5/1/2023.Amended by S.L. 2021 , ch. 188( HB 1380 ), § 3, eff. 8/1/2021.Added by S.L. 2013 , ch. 202( HB 1167 ), § 1, eff. 8/1/2013.