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Published February 24, 2011, 03:20 PM

Separate Board Will Manage ND Oil Trust Fund

North Dakota's new fund for surplus oil taxes may be getting its own investment board.

By: Associated Press,

BISMARCK, N.D. (AP) — North Dakota's new fund for surplus oil taxes may be getting its own investment board.

The North Dakota Senate approved establishing a board to oversee investments of the Legacy Fund and another fund that's called the Budget Stabilization Fund.

The board will have the governor, insurance commissioner and the state treasurer, and two members each from the North Dakota House and Senate. The legislators will not have voting rights.

Senators voted 29-17 on Thursday to set up the new board. The bill now goes to the North Dakota House.

Last year, North Dakota voters approved putting part of the state's oil tax collections into the Legacy Fund. It could have $600 million in two years.

The Budget Stabilization Fund already has more than $300 million.

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