§ 54-03-35 — Legacy fund - Cost-benefit analysis - Legacy and budget stabilization fund advisory board - State retirement and investment office - Legislative management procedures

advisory board - State retirement and investment office - Legislative management
procedures.
1. The legacy and budget stabilization fund advisory board shall review any legislative,
initiated, or referred measure for asset allocation and investment policy affecting the
legacy fund. If the advisory board determines the measure or policy affects the legacy
fund, the advisory board shall request the state retirement and investment office to
arrange for the preparation and submission of a cost-benefit analysis.
2. The cost-benefit analysis must:
a. Include the estimated fiscal impact of the measure or policy for the next biennium
and for the next ten bienniums.
b. Be prepared by an independent consultant paid by the state retirement and
investment office.
3. If the legislative management determines a legislative measure affects the legacy
fund, the measure may not be referred to a committee of the legislative assembly
unless a cost-benefit analysis is appended to that measure.
a. If a committee of the legislative assembly determines a measure affecting the
legacy fund was referred to committee without a cost-benefit analysis, the
committee shall request a cost-benefit analysis. The committee may not act on
the measure unless the measure is accompanied by the cost-benefit analysis.
b. If a committee of the legislative assembly determines a proposed amendment to
a measure affects the legacy fund, the committee may not act on the proposed
amendment unless the amendment is accompanied by a cost-benefit analysis or
amended cost-benefit analysis.
4. The legislative management shall adopt a procedure for identifying measures and
proposed measures affecting the legacy fund. The procedure must include solicitation

of draft measures and proposals during the interim between legislative sessions from
legislators and agencies with bill introduction privileges and must include deadlines for
identification of the measures or proposals. If the legacy and budget stabilization fund
advisory board has not requested a cost-benefit analysis for a measure or proposed
measure, the legislative management shall request the state retirement and
investment office to arrange for the preparation and submission of a cost-benefit
analysis.