Vote Smart's Synopsis:

Vote to override a veto of a bill that prohibits the use of the Legacy Fund principal in the draft of a state appropriations act.

Highlights:

• Prohibits funds from the “Legacy Fund principal” from being included in the governor’s draft of appropriations acts for the state budget (Sec. 2).

• Defines “Legacy Fund principal” as the following funds (Sec. 1): 
• 30 percent of total revenue derived from taxes on oil and gas production and extraction deposited in the Legacy Fund; 
• The earnings of the fund accruing prior to July 1, 2017; and
• Other funds transferred by the legislative assembly into the fund from any source.

• Requires the state treasurer to immediately transfer Legacy Fund earnings in the general fund to the Legacy Fund principal, until 1 of the following conditions is met (Sec. 3):
• The oil and gas tax collections for a biennium decrease by at least 25 percent from the previous biennium; or 
• The earnings of the legacy fund for a biennium exceed 33 percent of the oil and gas tax collections for the biennium.

Full Bill Text

Vetoed by Governor Jack Dalrymple