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10/28/2010 Chamber News
Chamber Supports Establishment of ND Legacy Fund

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Fargo Moorhead, ND/MN (October 28, 2010) - The Fargo Moorhead West Fargo Chamber of Commerce supports Measure One, the proposed Constitutional amendment to establish a North Dakota Legacy Fund from oil and gas extraction fees.

In July of 2008, the Chamber Board took a position in favor of a proposed measure to create a protected oil trust fund for North Dakota. Today, the Board reaffirms their support of the new measure, which has been refined to provide a more balanced approach to saving and spending than the similar measure in 2008.

“The fund will be a permanent saving account for the state,” said Chamber President Craig Whitney. “The Legacy Fund is a perfect tool to ensure the wise management of the state’s vast oil and gas wealth.”

Among the factors considered by the Board, 30 percent of the total revenue from oil taxes will be transferred into the Legacy Fund and not more than fifteen percent of the principal of the fun may be expended during a biennium.

The Fargo Moorhead West Fargo Chamber of Commerce is a bi-state, regional federation of more than 1,900 private, public and nonprofit members, representing more than 89,000 employees. The Chamber advocates for a strong metropolitan community and supports the interests of its members, which are located in Fargo, Moorhead, West Fargo, Dilworth, Cass and Clay Counties and beyond.

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