___________________ moved that SB 67 be amended as follows:
" 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.
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.".