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State of South Dakota
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NINETY-SECOND SESSION LEGISLATIVE ASSEMBLY, 2017 |
| 546Y0430 | HOUSE BILL NO. 1172 |
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Introduced by: Representatives Hawley, Ahlers, Bartling, Kettwig, and Lust and Senators
Cronin, Heinert, Partridge, Peters, and Sutton
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FOR AN ACT ENTITLED, An Act to revise certain provisions to maintain funding for the
building South Dakota fund.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. That § 4-7-44 be amended to read:
4-7-44. If the collective BSDF cash balance is less than one half percent of the general fund appropriations in the general appropriations act for the previous fiscal year, the commissioner shall transfer an amount of money from the general revenue replacement fund to the building South Dakota fund so that the total of the amount deposited pursuant to this section and § 4-7-43 does not exceed one half percent of the general fund appropriations in the general appropriations act for the previous fiscal year. However, the combined cash balance may not be reduced to less than ten percent of the general fund appropriations from the general appropriations act for the prior year by any transfer made to the building South Dakota fund pursuant to this section.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. That § 4-7-44 be amended to read:
4-7-44. If the collective BSDF cash balance is less than one half percent of the general fund appropriations in the general appropriations act for the previous fiscal year, the commissioner shall transfer an amount of money from the general revenue replacement fund to the building South Dakota fund so that the total of the amount deposited pursuant to this section and § 4-7-43 does not exceed one half percent of the general fund appropriations in the general appropriations act for the previous fiscal year. However, the combined cash balance may not be reduced to less than ten percent of the general fund appropriations from the general appropriations act for the prior year by any transfer made to the building South Dakota fund pursuant to this section.
If the commissioner is unable to transfer sufficient funds from the general revenue
replacement fund to the building South Dakota fund pursuant to this section so that the total
amount in the building South Dakota fund is at least one half percent of the general fund appropriations in the general appropriations act for the previous fiscal year, the commissioner shall transfer funds from the revolving economic development and initiative fund to the building South Dakota fund so that the minimum balance is one half percent of the general fund appropriations from the general appropriations act for the prior year.
