North Dakota
Bill approved for website with Legacy Fund investments
JAMESTOWN, N.D. — A bill has been approved that would require the State Investment Board to maintain a publicly accessible website containing information regarding all Legacy Fund investments.
The Senate approved House Bill 1319 without any amendments on Wednesday, April 2.
The bill — sponsored by Reps. Mitch Ostlie and Bernie Satrom and Sen. Cole Conley, all R-Jamestown — will require the website to list all companies, funds and other financial mechanisms in which the Legacy Fund is invested in accordance with state and federal laws.
“This is a step forward, but I suspect that we’re going to be back at it again next session just to make sure that we’re on the right course,” Satrom said. “This is too important. Our future, our economic future and the future of our state is, I think, riding on how this is handled.”
Contributed / Urban Toad Media
The fiscal impact of building the new website and hiring an additional full-time employee would be $476,000 for the 2025-27 biennium. For the 2027-29 biennium, the fiscal impact would be over $55,000.
In 2010, North Dakota voters approved a measure that created the Legacy Fund, which is a perpetual source of state revenue from the finite national resources of oil and natural gas, according to the Office of State Treasurer’s website. Thirty percent of the taxes on petroleum produced and extracted in North Dakota are transferred to the Legacy Fund monthly, according to the North Dakota Retirement and Investment Office’s website.
The Legacy Fund has over $12 billion as of Jan. 31. It has earned over $600 million for the 2023-25 biennium.
The State Investment Board has statutory responsibility for the administration of the investment programs of several funds including the Legacy Fund, according to the Retirement and Investment Office’s website.
Satrom previously said the Legacy Fund is or has been invested in over 60 foreign countries, including Argentina, China, Columbia, Kazakhstan, Kenya, Mexico, Togo and Turkey. He said the Legacy Fund was also invested in Russian government bonds before it invaded Ukraine. He said those investments were divested after Ukraine was invaded.
Satrom said Thursday, April 3, that the bill doesn’t give the full disclosure of all Legacy Fund investments.
“One of the additional components that I had asked for in the meeting was to have it so that we disclose how much was being invested in North Dakota as a percentage,” he said. “Also, we wanted to get more disclosure as far as what was in these funds, of these intermingled funds that, you know, where they’re not telling us what’s in the investment. We got all these commingled funds, and we have no idea what’s in them.”
He said there is $3.1 billion invested from the Legacy Fund where the underlying investments are hidden from public view.
“This is not really going to help that problem,” he said, referring to the bill.
Satrom said the bill’s approval is the first step to more transparency of Legacy Fund investments.
“We’re not there yet,” he said. “We need to start rethinking how we invest as a state and start making North Dakota investments a priority. One of the investment officials recently said that this is for our great-grandchildren for 100 years from now … Basically, I don’t think we can wait for 100 years to diversify our economy. We need to diversify now so that in 10 or 20 or 30 years from now, if our energy is not wanted, that we’ve diversified our economy and it won’t matter.”
Jodi Smith, interim executive director of the Retirement and Investment Office, previously said what can be disclosed is where the Legacy Fund is invested, the country of origin and how much each fund manager has. She said disclosing the information about the $3.1 billion that Satrom says are underlying investments hidden from public view would lose some investors.
She also said the website would cut down on the open records requests regarding the Legacy Fund. She said the Retirement and Investment Office is only receiving open records requests for the Legacy Fund.
Masaki Ova joined The Jamestown Sun in August 2021 as a reporter. He grew up on a farm near Pingree, N.D. He majored in communications at the University of Jamestown, N.D.
North Dakota
Scientists discover ancient river-dwelling mosasaur in North Dakota
Some 66 million years ago, a city bus-sized terrifying predator prowled a prehistoric river in what is now North Dakota.
This finding is based on the analysis of a single mosasaur tooth conducted by an international team of researchers from the United States, Sweden, and the Netherlands.
The tooth came from a prognathodontine mosasaur — a reptile reaching up to 11 meters long. This makes it an apex predator on par with the largest killer whales.
It shows that massive mosasaurs successfully adapted to life in rivers right up until their extinction.
Isotope analysis
Dating from 98 to 66 million years ago, abundant mosasaur fossils have been uncovered in marine deposits across North America, Europe, and Africa.
However, these marine reptile fossils have been rarely found in North Dakota before.
In this new study, the large mosasaur tooth was unearthed in a fluvial deposit (river sediment) in North Dakota.
Its neighbors in the dirt were just as compelling: a tooth from a Tyrannosaurus rex and a crocodylian jawbone. Interestingly, all these fossilized remains came from a similar age, around 66 million years old.
This unusual gathering — sea monster, land dinosaur, and river croc — raised an intriguing question: If the mosasaur was a sea creature, how did its remains end up in an inland river?
The answer lay in the chemistry of the tooth enamel. Using advanced isotope analysis at the Vrije Universiteit in Amsterdam, the team compared the chemical composition of the mosasaur tooth with its neighbors.
The key was the ratio of oxygen isotopes.
The mosasaur teeth contained a higher proportion of the lighter oxygen isotope than is typical for mosasaurs living in saltwater. This specific isotopic signature, along with the strontium isotope ratio, strongly suggests that the mosasaur lived in a freshwater habitat.
Analysis also revealed that the mosasaur did not dive as deep as many of its marine relatives and may have fed on unusual prey, such as drowned dinosaurs.
The isotope signatures indicated that this mosasaur had inhabited this freshwater riverine environment. When we looked at two additional mosasaur teeth found nearby, slightly older sites in North Dakota, we saw similar freshwater signatures. These analyses show that mosasaurs lived in riverine environments in the final million years before going extinct,” explained Melanie During, the study author.
Transformation of the Seaway
The adaptation occurred during the final million years of the Cretaceous period.
It is hypothesized that the mosasaurs were adapting to an enormous environmental shift in the Western Interior Seaway, the vast inland sea that once divided North America.
Increased freshwater influx gradually transformed the ancient sea from saltwater to brackish water, and finally to mostly freshwater, similar to the modern Gulf of Bothnia.
The researchers hypothesize that this change led to the formation of a halocline: a structure where a lighter layer of freshwater rested atop heavier saltwater. The findings of the isotope analyses directly support this theory.
The analyzed mosasaur teeth belong to individuals who successfully adapted to the shifting environments.
This transition from marine to freshwater habitats (reverse adaptation) is considered less complex than the opposite shift and is not unique among large predators.
Modern parallels include river dolphins, which evolved from marine ancestors but now thrive in freshwater, and the estuarine crocodile, which moves freely between freshwater rivers and the open sea for hunting.
Findings were published in the journal BMC Zoology on December 11.
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Woman dies in Horace residential fire
HORACE, N.D. — A 64-year-old woman was found dead after a residential fire south of Horace on Tuesday evening, Dec. 9, according to a release from the Cass County Sheriff’s Office.
Authorities said the homeowner returned shortly before 7 p.m. and found the house filled with smoke. The Cass County Sheriff’s Office, Southern Valley Fire & Rescue, the West Fargo Fire Department, the North Dakota Highway Patrol and Sanford Ambulance responded.
Fire crews contained the blaze, and most of the damage appeared to be inside the structure, the release said. The woman’s name has not been released.
The cause of the fire remains under investigation.
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