Apr 17, 2013 at 7:54 am
State Treasurer Kelly Schmidt will transfer $80.5 million into the Legacy Fund for the month of April. With this transaction the total deposits made to the Legacy Fund since its inception will exceed $1 Billion.
“The original projections estimated deposits to the Legacy Fund at just over $600 million at the end of the 2011-13 budget cycle,” stated Treasurer Schmidt. “We have topped one billion dollars in only twenty months. This level of growth is truly amazing!”
Neither the principal nor the income of the Legacy Fund may be spent prior to July 1, 2017. Income earned after this date will be transferred to the state General Fund at the end of each two-year budget cycle. To spend any principle of the fund will require a two-thirds majority vote of both the House and Senate.