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Published December 20, 2012, 04:22 PM

ND oil tax Legacy Fund tops $700 million in assets

North Dakota's oil tax fund now has $707 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.

By: Associated Press,

BISMARCK — North Dakota's oil tax fund now has $707 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 more than $60 million was deposited into the fund this month. It's been collecting oil tax revenue since September of 2011.

Copyright 2012 The Associated Press.

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