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A new poll shows North Dakotans want to invest more of the Legacy Fund’s proceeds into North Dakota projects that benefit taxpayers. Unfortunately, the questions the pollsters used were misleading, which is not uncommon in the polling industry.
According to the poll, 60% of voters want Legacy Fund investments to be directed to development projects in North Dakota.
But they failed to inform voters that this is already happening, thanks to a bill starting in 2021 authored by Rep. Mike Naate (R-Bismarck). Currently, interest from the Legacy Fund has provided massive property tax relief to North Dakotans in just his last two years. This is reflected on your property tax statement as part of the state purchase. He will also receive $100 million in property tax relief for Fargo Diversion Waterway bond payments and an additional $100 million in property tax relief through North Dakota Department of Transportation funds for road/bridge payments. .
“Everything in the recent polls is exactly what we’re doing right now with Legacy Fund money,” Naate said. “Interest from Legacy Funds currently provides $325 million worth of property tax relief to residents of this state, and through House Bill 1425 these Legacy Fund monies could be used to provide a portion of the Fund. Investing in a North Dakota company is a huge investment, and it can be a huge success in just a short period of time. The results speak for themselves. ”
Mr. Nate explained that the bond investment through Legacy Fund dollars will authorize the Bank of North Dakota to lend up to a total of $550 million of Legacy Fund dollars in the Match Loan Program. . Of that, his $350 million is financing projects in the state, including Rainbow Energy’s purchase of the Coal Creek coal-fired power plant for his $150 million transmission line purchase.
“Without this program, this deal would have failed, the plant would have shut down, and many Central ND communities would have been in dire straits. This is a great example of oil revenue saving a coal-fired power plant.” he added.
Another principle of this law is to invest in equity investment opportunities. The State Investment Commission invested about $100 million of the Legacy Fund’s money in a venture capital firm called 50 South, which manages more than $10 billion in assets. They have offices here in North Dakota. 50 South is a North Dakota growth fund in which he has already invested in 30 companies.
We already have one of the largest state-owned investment funds in the country. However, everyone seems to have a “plan” for how they will spend or invest their Legacy Fund money. Have voters forgotten what they approved?
“The Petroleum Legacy Fund was designed to ensure that future generations will benefit from oil production, saving 30% of oil tax revenue for future generations,” said Ron Ness, Chairman of the North Dakota Petroleum Council. By doing so, we can ensure North Dakota’s survival.” It’s a low-tax state with great career opportunities, even if oil production declines. ”
Mr. Ness led the committee and successfully advocated for the Legacy Fund’s policies. Remember why you need to protect these funds. Enough of efforts to skim money from endowments for pet projects.
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