AMENDMENT FOR PRINTED BILL
67gc

___________________ moved that SB 67 be amended as follows:


    On page 1, between lines 3 and 4 of the printed bill, insert:

"    Section 1. That § 13-55A-14 be amended to read:

    13-55A-14. There is hereby created in the education enhancement trust fund the South Dakota need-based postsecondary scholarship grant fund for the purpose of providing grants and scholarships through the Board of Regents pursuant to this chapter to qualified students for the need-based grant program pursuant to chapter 13-55A and the critical teaching needs scholarship program pursuant to §§ 13-55-64 to 13-55-71, inclusive. Any contributions into the education enhancement trust fund not designated for any other purpose shall be allocated to the need-based postsecondary scholarship grant fund. All distributions from the South Dakota need-based postsecondary scholarship grant fund are subject to transfer to the general fund and expenditure of all distributions shall be by an appropriation by the Legislature through the General Appropriations Act or special appropriations acts for the need-based postsecondary scholarship grant programs consistent with the provision of S.D. Const., Art. XII,§ 6, and § 4-5-29.2. The board may accept any gifts, contributions, or funds obtained from any other source for the purpose of carrying out the provisions of this section. For each fiscal year, the board may determine the amounts awarded for each scholarship grant program and shall award all available funds from the postsecondary scholarship grant fund annual transfer pursuant to § 4-5-29.2.

    Section 2. That § 4-5-29.2 be amended to read:

    4-5-29.2. Pursuant to S.D. Const., Art. XII, § 6, the state investment officer shall determine the market value of the education enhancement trust fund as of December 31, 2003, and each calendar year thereafter less the investment expenses transferred pursuant to § 4-5-30. The state investment officer shall calculate an amount equal to four percent of that market value, without invading principal, as eligible for distribution. For the purpose of this section, the term, principal, means the sum of all contributions to the fund. Beginning with the distribution in fiscal year 2008, the market value shall be determined by adding the market value of the trust fund at the end of the sixteen most recent calendar quarters as of December thirty-first, and dividing the sum by sixteen. Upon notice of that amount by the state investment officer, the state treasurer shall transfer the amount from the education enhancement trust fund to the state general fund as soon as practicable after July first of the next fiscal year. For fiscal year 2017, the portion of the transfer to the general fund for the postsecondary scholarship grant programs shall be $126,707.35. Beginning in fiscal year 2015 2018, the portion of the transfer to the general fund for the need-based matching program postsecondary scholarship grant programs, shall be calculated by the state investment officer based on the relative share of the contributions made to the need-based postsecondary scholarship grant fund created pursuant to § 13-55A-14 to the most recently calculated total fair value of the education enhancement fund including the contribution. The calculation shall be updated monthly to reflect any additional contributions to the education enhancement trust fund and the portion of the transfer to the general fund for the need-based matching program postsecondary scholarship grant programs shall be based on the average of the monthly calculation as of December thirty-first, using the months available for the first forty-eight months and then the most recent forty-eight calendar months thereafter.


    Beginning in fiscal year 2015, a portion of the funds annually distributed to the general fund pursuant to this section representing the percentage of the appropriation in SL 2013, ch 91, § 9, when deposited, to the total fair value of the education enhancement fund applied to the distribution amount shall be used to fund the critical teaching needs scholarship program created in §§ 13-55-64 to 13-55-71, inclusive.

    Section 3. The state treasurer shall transfer the original contribution of one million five hundred thousand dollars from the critical teaching needs scholarship fund pursuant to § 13-55-64 and one million five hundred thousand dollars from the need-based grant fund created pursuant to § 13-55A-14 into the postsecondary scholarship grant fund. The state investment officer shall calculate the fair value of the transfer amounts for purposes of the monthly calculations per § 4-5-29.2 using the most recent monthly calculation applied to the most recently calculated total fair value of the education enhancement trust fund.".


    On page 1, line 5, delete "need-based" and insert "postsecondary scholarship".

    On page 1, line 8, delete "need-based" and insert "postsecondary scholarship".