Gov. Doug Burgum wants to reinvest half the proceeds from the state’s Legacy Fund back into the fund.
Burgum would use half for targeted needs, such as infrastructure and technology investments. But during his “State of the State” address, Burgum said the Legacy Fund is designed to help when the oil and gas run dry.
"If you reinvest half of it, then we set ourselves on a path where, in a short 13 years, we would have built up $26 billion," Burgum said. "I call that a good start."
Burgum said Norway's Sovereign Wealth Fund is $1 trillion.
Democrats aren’t yet on board with that.
"Half is a little bit strong for our caucus right now," said Senate Minority Leader Joan Heckaman (D-New Rockford).
"Ther are still a lot of unmet needs," said House Minority Leader Josh Boschee (D-Fargo). "We want to make sure we can reinvest in the Legacy Fund, but how do we create other mechanisms to find solutions?"
Boschee said the Democrats will present their ideas for the Legacy Fund in a few weeks, when a special committee set up to study the uses for the proceeds meets in Watford City
