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North Dakota oil tax fund gets record deposit

Kellly Schmidt
Kellly Schmidt

BISMARCK, N.D. (AP) - State Treasurer Kelly Schmidt says a record $112 million deposit will be put in North Dakota's oil tax savings account.

Schmidt says this month's transfer brings the balance of the account to about $2.2 billion.

She says the monthly deposits have ranged from $32 million to $93 million until this month.

The Legacy Fund gets 30 percent of the state's oil tax collections. The money can't be touched before 2017 and it would still take a two-thirds vote of the Legislature for the state to dip into the fund.

North Dakota voters approved the fund in 2010. It received its first deposit of $34.3 million in September 2011.

The fund has been growing faster than anticipated because of rising North Dakota oil production and high prices.

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