Mike Nowatzki and Mike Kennedy
BISMARCK– Gov. Doug Burgum has signed House Bill 1425, which sets targets for investing a greater portion of the Legacy Fund principal in North Dakota and requires that the State Investment Board (SIB) give preference to qualified investment firms with a presence in the state.
Joining Burgum at a bill signing ceremony today were Lt. Gov. Brent Sanford, who chairs the SIB; the bill’s lead sponsor, Rep. Mike Nathe, R-Bismarck; Insurance Commissioner Jon Godfread, an SIB member and leading proponent of the concept; Senate Majority Leader Rich Wardner; and other bill sponsors.
The legislation sets targets for 10 percent of the Legacy Fund principal to be invested in equity investments in the state and 10 percent in fixed income investments within the state. The bill was approved 85-8 in the House and 47-0 in the Senate.