State of South Dakota
LEGISLATIVE ASSEMBLY, 2018
||SENATE JOINT RESOLUTION NO. 4 |
Introduced by: Senators Stalzer, Ewing, Jensen (Phil), Klumb, Kolbeck, Monroe, Rusch, Russell, Tapio, and Youngberg and Representatives Howard, Ahlers, Barthel, Brunner, Campbell, Clark, Dennert, DiSanto, Frye-Mueller, Glanzer, Goodwin, Gosch, Greenfield (Lana), Heinemann, Jensen (Kevin), Johns, Johnson, Kaiser, Latterell, Livermont, Marty, May, Otten (Herman), Peterson (Sue), Pischke, Qualm, Rasmussen, Rhoden, Rounds, Schaefer, Wiese, and York
A JOINT RESOLUTION, Proposing and submitting to the voters at the next general election a new section to Article XII of the Constitution of the State of South Dakota, relating to the creation and administration of a trust fund with the net receipts from certain unclaimed property.
BE IT RESOLVED BY THE SENATE OF THE STATE OF SOUTH DAKOTA, THE HOUSE OF REPRESENTATIVES CONCURRING THEREIN:
Section 1. That at the next general election held in the state, the following amendment to Article XII of the Constitution of the State of South Dakota, as set forth in section 2 of this Joint Resolution, which is hereby agreed to, shall be submitted to the electors of the state for approval.
Section 2. That Article XII of the Constitution of the State of South Dakota, be amended by adding a NEW SECTION to read as follows:
§ 8. There is hereby created in the state treasury a trust fund named the trust fund for unclaimed property. Beginning in fiscal year 2020, the state treasurer shall deposit into the general fund, after all claims have been paid and any reasonable administrative costs associated with the sale of unclaimed property, any net receipts from unclaimed property, up to a maximum of forty million dollars. Each fiscal year thereafter, the state treasurer shall reduce the maximum general fund deposit from net receipts by five million dollars, until net receipts deposited to the general fund are zero. Any net receipts for unclaimed property not deposited in the general fund shall be deposited in the trust fund for unclaimed property.
The South Dakota Investment Council or its successor shall invest the trust fund for unclaimed property in stocks, bonds, mutual funds, and other financial instruments as provided by law. Beginning in fiscal year 2021, and each year thereafter, the state treasurer shall make a distribution from the trust fund for unclaimed property into the state general fund to be appropriated by law for property tax reduction. The calculation of the distribution shall be defined by law and may promote growth of the fund and a steadily growing distribution amount. The trust fund for unclaimed property may not be diverted for any other purpose nor may the principal be invaded unless appropriated by a three-fourths vote of all the members-elect of each house of the Legislature.