State of South Dakota
LEGISLATIVE ASSEMBLY, 2015
||HOUSE BILL NO. 1187 |
Introduced by: The Committee on Appropriations at the request of the Office of the Governor
FOR AN ACT ENTITLED, An Act to make an appropriation for liability coverage for the South Dakota Building Authority, South Dakota Health and Educational Facilities Authority, South Dakota Housing Development Authority, South Dakota Ellsworth Development Authority, and South Dakota Education Enhancement Funding Corporation, to establish the liability captive insurance company fund, and to declare an emergency.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. There is hereby appropriated from the general fund the sum of two million dollars ($2,000,000) to the Bureau of Administration for the purpose of making a grant to a captive insurance company to provide liability coverage to the South Dakota Building Authority, South Dakota Health and Educational Facilities Authority, South Dakota Housing Development Authority, South Dakota Ellsworth Development Authority, and the South Dakota Education Enhancement Funding Corporation.
Section 2. The commissioner of the Bureau of Administration shall approve vouchers and the state auditor shall draw warrants to pay expenditures authorized by this Act.
Section 3. The provisions of § 4-8-21 do not apply to the funds appropriated by this Act.
Section 4. There is hereby established in the state treasury the liability captive insurance company fund. The Bureau of Administration may enter into an agreement with a captive insurance company for the management of the company's funds. Money in this fund may be used to pay for liability coverage as well as administrative costs for this fund. Interest earned on money in the fund shall be deposited into the fund. Unexpended money and any interest that may be credited to the fund shall remain in the fund. Any money in the liability captive insurance company fund is continuously appropriated. Any money deposited into and distributed from the fund shall be set forth in an informational budget as described in § 4-7-7.2.
Section 5. Whereas, this Act is necessary for the support of the state government and its existing public institutions, an emergency is hereby declared to exist, and this Act shall be in full force and effect from and after its passage and approval.