Legacy Fund Hits Milestone | Video

Jessica Roose | 9/24/2012

Just one year after the first deposit into the state`s legacy fund, it has reached unexpected heights. The fund is now just over $535 million after State Treasurer Kelly Schmidt recently transferred another $45 million into it.

Schmidt says the fund is growing faster than anyone anticipated.

"To the people of North Dakota it gives them the opportunity to see how oil is going to impact our state. Their vote determined the legacy fund and now the decision will be moving forward into this next legislative session, what we will be doing with those dollars."

Under state law, the money in the fund can not be spent prior to 2017.

The State Investment Board will meet Friday to interview a consultant to help determine how the funds should be invested.

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