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State of South Dakota
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SEVENTY-SEVENTH
SESSION
LEGISLATIVE ASSEMBLY, 2002 |
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HOUSE BILL
NO.
1100
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Introduced by:
Representatives Richter, Begalka, Brown (Richard), Eccarius, Flowers,
Heineman, Madsen, Murschel, Olson (Mel), Sutton (Duane), and Teupel and
Senators McCracken, Albers, Dennert, Hutmacher, Koetzle, McIntyre,
Moore, Munson, Olson (Ed), Sutton (Dan), and Symens
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FOR AN ACT ENTITLED, An Act to
allow for certain warranties to be purchased out of a
school district's capital outlay fund.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. That § 13-16-6 be amended to read as follows:
13-16-6. The capital outlay fund of the school district is a fund provided by law to meet expenditures which result in the acquisition or lease of or additions to real property, plant, or equipment. Such an expenditure shall be for land, existing facilities, improvement of grounds, construction of facilities, additions to facilities, remodeling of facilities, or for the purchase or lease of equipment. It may also be used for installment or lease-purchase payments for the purchase of real property, plant or equipment, which have a contracted terminal date not exceeding twenty years from the date of the installment contract or lease-purchase and for the payment of the principal of and interest on capital outlay certificates issued pursuant to § 13-16-6.2.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. That § 13-16-6 be amended to read as follows:
13-16-6. The capital outlay fund of the school district is a fund provided by law to meet expenditures which result in the acquisition or lease of or additions to real property, plant, or equipment. Such an expenditure shall be for land, existing facilities, improvement of grounds, construction of facilities, additions to facilities, remodeling of facilities, or for the purchase or lease of equipment. It may also be used for installment or lease-purchase payments for the purchase of real property, plant or equipment, which have a contracted terminal date not exceeding twenty years from the date of the installment contract or lease-purchase and for the payment of the principal of and interest on capital outlay certificates issued pursuant to § 13-16-6.2.
Any purchase of one thousand dollars or less may be paid out of the general fund. The total
accumulated unpaid principal balances of such installment contracts and lease-purchase and the
outstanding principal amounts of such capital outlay certificates may not exceed three percent
of the taxable valuation. The school district shall provide a sufficient levy each year under the
provisions of
§
13-16-7 to meet the annual installment contract, lease-purchase and capital outlay
certificate payments, including interest.
A school district which contracts its student transportation may expend from the capital
outlay fund an amount not to exceed fifteen percent of the contract amount.
The capital outlay fund may be used to purchase textbooks and instructional software.
The capital outlay fund may be used to purchase warranties on capital assets if the warranties do not include supplies.
The capital outlay fund may be used to purchase warranties on capital assets if the warranties do not include supplies.
