6:01:02:02.  Allocation of funds. The investment council may allocate a portion of the state funds to South Dakota qualified public depositories insured per SDCL subdivision 4-6A-1(2). Initially, each individual bank or association shall be offered a certificate of deposit on a pro rata basis of its South Dakota loans and municipal bonds outstanding to total loans and municipal bonds outstanding in South Dakota banks and associations. Any unsubscribed funds shall be immediately offered to other qualified public depositories on a pro rata basis of its South Dakota loans and municipal bonds outstanding to total loans and municipal bonds outstanding in South Dakota other qualified public depositories. However, the minimum allocation shall be equal to the current FDIC deposit insurance coverage limit. Collateralization is required for the allocation amount in excess of deposit insurance per SDCL 4-6A-3.

          Source: SL 1975, ch 16, § 1; 4 SDR 67, effective April 18, 1978; 6 SDR 60, effective December 23, 1979; 28 SDR 88, effective December 16, 2001; 40 SDR 223, effective June 23, 2014.

          General Authority: SDCL 4-5-28.

          Law Implemented: SDCL 4-5-28.