State of South Dakota
LEGISLATIVE ASSEMBLY, 2015
||HOUSE BILL NO. 1186 |
Introduced by: The Committee on Appropriations at the request of the Office of the Governor
FOR AN ACT ENTITLED, An Act to revise an appropriation made to the Science and Technology Authority.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. That section 1 of chapter 14 of the 2004 Session Laws be amended to read as follows:
Section 1. There is hereby appropriated from the state general fund to the Science and Technology Authority the sum of ten million dollars ($10,000,000) for the purpose of funding an indemnification fund which is to be included as a part of an agreement between the owners of the former Homestake Mine and the authority whereby the owners will agree to convey portions of the former mine to the authority and the authority will agree to indemnify the owners of the former mine upon the terms and conditions to be set forth in the agreement. Up to two million five hundred thousand dollars of the indemnification fund may be used to provide initial capital and pay expenses for a captive insurance company upon the terms and conditions to be set forth in the agreement between the owners of the former Homestake Mine and the authority. If released in writing by the owners of the former Homestake Mine, up to seven million five
hundred thousand dollars of the indemnification fund may be used by the authority for the purpose of a project, as defined in subdivision 1-16H-3(3), at the former Homestake Mine in Lead, South Dakota.