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Bill approved for website with Legacy Fund investments

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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.”

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Bernie Satrom

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.

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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.”

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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.

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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

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.





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Angler may have broken North Dakota’s perch record on Devils Lake

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Angler may have broken North Dakota’s perch record on Devils Lake


FARGO, N.D. (Valley News Live) – A Wisconsin angler may have reeled in a new North Dakota state record yellow perch on Devils Lake.

Alan Hintz of Stevens Point, Wis., caught the fish while fishing with Perch Patrol Guide Service’s Tyler Elshaug. North Dakota Game Warden Jon Peterson weighed the perch at 2.99 pounds and measured it at 16.5 inches at Woodland Resort.

The current state record perch of 2 pounds, 15 ounces was caught by Kyle Smith of Carrington, N.D., also on Devils Lake, on March 28, 1982.

The catch is still considered unofficial. The North Dakota Game and Fish Department requires a four-week waiting period to verify all details before officially recognizing a new state record.

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Alan Hintz of Stevens Point, Wis., caught the fish that has unofficially weighed at 2.99 pounds and measured it at 16.5 inches(Perch Patrol Guide Service)

Steve Dahl with Perch Patrol Guide Service confirmed the details to Valley News Live. Dahl said overall perch numbers on Devils Lake are down this year, but anglers are seeing more fish weighing over 2 pounds.

Devils Lake is one of North Dakota’s most popular ice fishing destinations, known for producing trophy-sized perch.



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The Democratic Spirit: Reflections on North Dakota History and the Declaration of Independence at 250 – America250

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The Democratic Spirit: Reflections on North Dakota History and the Declaration of Independence at 250 – America250


A state and national public forum comprising a lecture, and then a question-answer session. Kwame Anthony Appiah’s lecture commemorates the 250th anniversary of the Declaration of Independence and explore its enduring significance in American life. Appiah’s scholarship on ethics, identity, and cosmopolitanism offers a unique lens for examining democratic ideals in a diverse society. By connecting these themes to North Dakota’s historical narrative, the forum fosters civic engagement, intellectual discourse, and cultural understanding within our community.



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Gas prices rise slightly in North Dakota amid Iran conflict

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Gas prices rise slightly in North Dakota amid Iran conflict


FARGO — Drivers can expect to see a slight uptick in gas prices as a result of the Iran conflict.

As of Monday, March 2, the average for North Dakota is $2.65 a gallon. While that is a $0.13 increase from a month ago, it is significantly lower than prices a year ago.

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