A state board is hiring a consultant for advice on how to invest a North Dakota oil tax fund that has $500 million in it.
Bismarck, N.D. (AP) - A state board is hiring a consultant for advice on how to invest a North Dakota oil tax fund that has $500 million in it.
The legacy fund gets 30 percent of North Dakota's oil tax collections. The money in the fund can't be spent until 2017. Right now, the money is stashed in bonds that don't earn much interest.
A board headed by Hazen State Sen. Randy Christmann oversees the fund's operations. Board members want to put some of the legacy fund's money into stocks.
On Thursday the board voted to hire a consultant to provide advice about how much of the fund should be put into other investments.
Christmann says after the consultant is hired, the report should take about two months to finish.
(KFGO File Photo)