State of South Dakota
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EIGHTY-SECOND SESSION LEGISLATIVE ASSEMBLY, 2007 |
228N0150 |
SENATE JOINT RESOLUTION
NO.
13
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Introduced by:
Senators Apa and Abdallah and Representatives Haverly, Rausch, and
Tidemann
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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 amendments to Article XIII of the Constitution of the State of South Dakota, as set forth in sections 2 to 5, inclusive, of this Joint Resolution, which are hereby agreed to, shall be submitted to the electors of the state for approval.
Section 2. That Article XIII, section 20 of the Constitution of the State of South Dakota, be amended to read as follows:
§ 20. The net proceeds derived from the sale of state cement enterprises shall be deposited by the South Dakota Cement Commission in a trust fund hereby created to benefit the citizens
of South Dakota. The South Dakota Investment Council or its successor shall invest the trust
fund in stocks, bonds, mutual funds, and other financial instruments as provided by law.
Each
Except as provided in Article XIII, section 22 of the Constitution of the State of South Dakota,
each
fiscal year beginning in fiscal year 2001, a transfer of twelve million dollars shall be made
from the trust fund to the state general fund as provided by law.
However, if money is returned
to the trust fund pursuant to Article XIII, section 22 of the Constitution of the State of South
Dakota, no such transfer to the general fund may be made unless the value of the trust fund is
greater than or equal to two hundred fifty million dollars.
Section
3.
That Article XIII, section 21 of the Constitution of the State of South Dakota, be
amended to read as follows:
§ 21.
Except as provided in Article XIII,
section 20
sections 20 and 22
of the Constitution
of the State of South Dakota, the original principal of the trust fund shall forever remain
inviolate. However,
except as provided in Article XIII, section 22 of the Constitution of the
State of South Dakota,
the Legislature shall, by appropriation, make distributions from the
difference between the twelve million dollar annual general fund transfer and five percent of the
market value of the trust fund for the support of education, but not for the replacement of state
aid to general education or special education, if the increase in the market value of the trust fund
in that fiscal year was sufficient to maintain the original principal of the trust fund after such
distributions.
Beginning
However, if money is returned to the trust fund pursuant to Article XIII,
section 22 of the Constitution of the State of South Dakota, no such distribution may be made
unless the value of the trust fund is greater than or equal to two hundred fifty million dollars.
Except as provided in Article XIII, section 22 of the Constitution of the State of South Dakota,
beginning
with fiscal year 2006, the market value of the trust fund shall be determined by
adding the market value of the trust fund at the end of the sixteen most recent calendar quarters,
and dividing that sum by sixteen.
Section
4.
That Article XIII of the Constitution of the State of South Dakota, be amended
by adopting a new section to read as follows:
§ 22.
The Legislature shall, by appropriation, transfer any money in the trust fund created
pursuant to Article XIII, section 20 of the Constitution of the State of South Dakota to a special
fund created by the Legislature for use by any entity that is established by the Legislature to
provide for the financing, construction, development, maintenance, and operation of new or
upgraded energy transmission facilities. Money transferred from the trust fund to the special
fund may only be used for such purposes and for costs associated with such purposes or for the
support of education as provided in this section. The money shall be transferred upon the request
of the entity. Money in the special fund shall be invested in stocks, bonds, mutual funds, and
other financial instruments as provided by law. The proportion of any profits that result from
the operation of any such energy transmission facility that is derived from the money expended
from the trust fund for the facility in relation to the total cost of the facility shall be appropriated
by the Legislature for the support of education.
pursuant to is not expended or obligated for the purposes specified in this section within ten years after the effective date of this section, this section is repealed and the remaining unobligated funds shall revert to the trust fund.