ND Senator: Oil Money Trust Talks Should Begin

BISMARCK, N.D. (AP) — A North Dakota lawmaker says the state’s oil trust fund could have $1 billion by June 2013.

Mandan Sen. Dwight Cook says the Legislature should open a public discussion of how the “Legacy Fund” money should be used.

Voters approved the fund in November 2010. It gets a share of the state’s oil tax collections and it already has more than $200 million. The Legislature can’t start spending the money until 2017.

Cook says he likes Wyoming’s idea of using the money for college scholarships for North Dakota high school graduates. But he says all options should be discussed.

Cook says he plans to introduce a resolution in the 2013 Legislature asking for a study of how the oil trust money should be used.

(© Copyright 2012 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

  • Tom T


  • Gdon221

    Maybe they want to build a new Vikings stadium in Fargo?

  • Tony T.

    You really can’t think of anything worthwile to do with the money? How about these for starters?

    1. Fund any entities that are experiencing increased expenses due to the oil boom, such as: Police(crime), DoT(road repair & infrastructure), City Departments(Water, sewer, fire, ect…) ect…

    2. Offer incentives to build new housing…these people are living in campers for crying out loud.

    3. Give back to the long term residents who have had their lives greatly impacted by the influx of people and crime. 1 yearly lump sum of money based on a percentage of what is collected through taxes?

    4. What the heck does schooling have to do with the problems that are being caused by the oil boom? C’mon! Use the money where it should be used! Get the special interest groups heads out of your a$$es. College funding is great, but it should be the last thing you come up with to use the money for. How about you help out the people who’s lives were destroyed by the Minot floods first?!

    I could go on and on…but I won’t :)

    Concerned MN citizen, once a ND citizen.

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