2008 House Bill 1223 - House Appropriations

State of South Dakota  
EIGHTY-THIRD SESSION
LEGISLATIVE ASSEMBLY, 2008  

983P0100   HOUSE APPROPRIATIONS ENGROSSED     NO.   HB 1223  -  2/4/2008  

Introduced by:     Representatives Burg, Bradford, Brunner, Carson, Dennert, Dreyer, Elliott, Faehn, Feinstein, Gassman, Gillespie, Gilson, Glenski, Halverson, Hargens, Haverly, Jerke, Kirkeby, Koistinen, Lucas, Lust, McLaughlin, Miles, Noem, Novstrup (Al), Novstrup (David), Pederson (Gordon), Peters, Rausch, Sigdestad, Street, Van Etten, Van Norman, Vehle, Weems, Wick, and Willadsen and Senators Olson (Ed), Apa, Bartling, Greenfield, Heidepriem, Hundstad, Jerstad, McCracken, Napoli, Peterson (Jim), Smidt (Orville), and Turbak Berry
 

         FOR AN ACT ENTITLED, An Act to  create the postsecondary technical institute auxiliary fund and to provide continuing funding from the future fund to the technical institutes for the cost of replacing old or outdated equipment to meet workforce development needs.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
     Section 1.  There is hereby established within the state treasury the postsecondary technical institute auxiliary fund. The fund shall be a participating fund and shall be credited for all interest earned on fund balances. The Board of Education shall approve all expenditures from the postsecondary technical institute auxiliary fund. For purposes of administration, the fund shall be divided into three subfunds as follows:
             (1)    The postsecondary technical institute maintenance and repair subfund to fund the maintenance and repair of existing facilities;
             (2)    The postsecondary technical institute new program subfund to fund the one-time costs associated with starting a new program or retooling a current program to meet a new or expanding need; and
             (3)    The postsecondary technical institute equipment subfund to fund the replacement of old or outdated equipment being used in current programs.
     Section 2.  On July first of each year or as soon thereafter as practicable, the commissioner of the Bureau of Finance and Management shall calculate an amount equal to ten percent of the total investment fees as defined in §  61-5-24.1 collected during the previous fiscal year. Upon notice of the amount calculated, the state treasurer shall transfer a sum equal to one-forth of that amount from the employer's investment in South Dakota's future fund to the postsecondary technical institute equipment subfund established in section 1 of this Act on each of the following dates: August fifteenth, November fifteenth, February fifteenth, and May fifteenth. However, the amount transferred, when added to other transfers made during that fiscal year from the same fund to the postsecondary technical institute new program subfund established in section 1 of this Act, may not exceed one dollar. The funds transferred to the postsecondary technical institute equipment subfund shall be used to purchase new equipment to meet workforce development needs and promote economic development pursuant to § 61-5-24.2.

Click message to listen