SDLRC - Codified Law 0N-13 - PUBLIC INDEBTEDNESS 0N-13 PUBLIC INDEBTEDNESS

ARTICLE XIII

PUBLIC INDEBTEDNESS

1.      State enterprises--Legislative vote required--Defense of state--Rural credits--Maximum indebtedness.
2.      Maximum state debt--Irrepealable tax to repay.
3.      State debt as in addition to territorial debt.
4.      Debt limitations for municipalities and political subdivisions.
5.      Irrepealable tax to repay debt of municipality or political subdivision.
6.      Adjustment of debts and liabilities of territory of Dakota.
7.      Obligation of state to pay proportion of territorial debt.
8.      Refunding bond issue authorized for territorial debt payment.
9.      Road construction and coal supply by state.
10.      State cement enterprises.
11.      State pledge to fund cement enterprises.
12.      State electric power enterprises.
13.      State pledge to fund electric power enterprises.
14.      State coal mining enterprises.
15.      State pledge to fund coal enterprises.
16.      Works of internal improvement--State indebtedness.
17.      Home loans by state--Debt limitation inapplicable.
18.      Compensation of military and war relief personnel--Maximum indebtedness.
19.      Bonus paid to veterans and deceased veterans' dependents.
20.      Trust fund created with proceeds from sale of state cement enterprises--Investment.
21.      Transfers from trust fund to general fund in support of education.

SDLRC - Codified Law 0N-13 - PUBLIC INDEBTEDNESS 0N-13-1 State enterprises--Legislative vote required--Defense of state--Rural credits--Maximum ind... § 1. State enterprises--Legislative vote required--Defense of state--Rural credits--Maximum indebtedness. For the purpose of developing the resources and improving the economic facilities of South Dakota, the state may engage in works of internal improvement, may own and conduct proper business enterprises, may loan or give its credit to, or in aid of, any association, or corporation, organized for such purposes. But any such association or corporation shall be subject to regulation and control by the state as may be provided by law. No money of the state shall be appropriated, or indebtedness incurred for any of the purposes of this section, except by the vote of two-thirds of the members of each branch of the Legislature. The state may also assume or pay any debt or liability incurred in time of war for the defense of the state. The state may establish and maintain a system of rural credits and thereby loan and extend credit to the people of the state upon real estate security in such manner and upon such terms and conditions as may be prescribed by general law. The limit of indebtedness contained in § 2 of this article shall not apply to the provisions of this section, but the indebtedness of the state for the purposes contained in this section shall never exceed one-half of one percent of the assessed valuation of the property of the state, provided however, that nothing contained in this section shall affect the refinancing or refunding of the present outstanding indebtedness of this state.

History: Amendment proposed by SL 1915, ch 233, approved Nov., 1916; amendment proposed by SL 1917, ch 163, approved Nov., 1918; amendment proposed by SL 1933, ch 127, rejected Nov., 1934; amendment proposed by SL 1935, ch 139, approved Nov., 1936.

SDLRC - Codified Law 0N-13 - PUBLIC INDEBTEDNESS 0N-13-2 Maximum state debt--Irrepealable tax to repay. § 2. Maximum state debt--Irrepealable tax to repay. For the purpose of defraying extraordinary expenses and making public improvements, or to meet casual deficits or failure in revenue, the state may contract debts never to exceed with previous debts in the aggregate one hundred thousand dollars, and no greater indebtedness shall be incurred except for the purpose of repelling invasion, suppressing insurrection, or defending the state or the United States in war and provision shall be made by law for the payment of the interest annually, and the principal when due, by tax levied for the purpose or from other sources of revenue; which law providing for the payment of such interest and principal by such tax or otherwise shall be irrepealable until such debt is paid: provided, however, the state of South Dakota shall have the power to refund the territorial debt assumed by the state of South Dakota, by bonds of the state of South Dakota.

History: Amendment proposed by SL 1890, ch 43, rejected Nov., 1890.

SDLRC - Codified Law 0N-13 - PUBLIC INDEBTEDNESS 0N-13-3 State debt as in addition to territorial debt. § 3. State debt as in addition to territorial debt. That the indebtedness of the state of South Dakota limited by § 2 of this article shall be in addition to the debt of the territory of Dakota assumed by and agreed to be paid by South Dakota.

SDLRC - Codified Law 0N-13 - PUBLIC INDEBTEDNESS 0N-13-4 Debt limitations for municipalities and political subdivisions. § 4. Debt limitations for municipalities and political subdivisions. The debt of any county, city, town or civil township shall never exceed five per centum upon the assessed valuation of the taxable property therein, for the year preceding that in which said indebtedness is incurred. The debt of any school district shall never exceed ten per centum upon the assessed valuation of the taxable property therein, for the year preceding that in which said indebtedness is incurred. In estimating the amount of the indebtedness which a municipality or subdivision may incur, the amount of indebtedness contracted prior to the adoption of the Constitution shall be included.

Provided, that any county, municipal corporation, civil township, district, or other subdivision may incur an additional indebtedness, not exceeding ten per centum upon the assessed valuation of the taxable property therein, for the year preceding that in which said indebtedness is incurred, for the purpose of providing water and sewerage, for irrigation, domestic uses, sewerage and other purposes; and

Provided, further, that in a city where the population is eight thousand or more, such city may incur an indebtedness not exceeding eight per centum upon the assessed valuation of the taxable property therein for the year next preceding that in which said indebtedness is incurred for the purpose of constructing street railways, electric lights or other lighting plants.

Provided, further, that no county, municipal corporation, civil township, district or subdivision shall be included within such district or subdivision without a majority vote in favor thereof of the electors of the county, municipal corporation, civil township, district or other subdivision, as the case may be, which is proposed to be included therein, and no such debt shall ever be incurred for any of the purposes in this section provided, unless authorized by a vote in favor thereof by a majority of the electors of such county, municipal corporation, civil township, district or subdivision incurring the same.

History: Amendment proposed by SL 1895, ch 35, approved Nov., 1896; amendment proposed by SL 1901, ch 89, approved Nov., 1902; amendment proposed by SL 1909, ch 139, rejected Nov., 1910; amendment proposed by SL 1920 (SS), ch 34, rejected Nov., 1920; amendment proposed by SL 1949, ch 238, rejected Nov., 1950; amendment proposed by SL 1953, ch 312, approved Nov., 1954.

SDLRC - Codified Law 0N-13 - PUBLIC INDEBTEDNESS 0N-13-5 Irrepealable tax to repay debt of municipality or political subdivision. § 5. Irrepealable tax to repay debt of municipality or political subdivision. Any city, county, town, school district or any other subdivision incurring indebtedness shall, at or before the time of so doing, provide for the collection of an annual tax sufficient to pay the interest and also the principal thereof when due, and all laws or ordinances providing for the payment of the interest or principal of any debt shall be irrepealable until such debt be paid.

SDLRC - Codified Law 0N-13 - PUBLIC INDEBTEDNESS 0N-13-6 Adjustment of debts and liabilities of territory of Dakota. § 6. Adjustment of debts and liabilities of territory of Dakota. In order that payment of the debts and liabilities contracted or incurred by and in behalf of the territory of Dakota may be justly and equitably provided for and made, and in pursuance of the requirements of an act of Congress approved February 22, 1889, entitled "An act to provide for the division of Dakota into two states and to enable the people of North Dakota, South Dakota, Montana and Washington to form Constitutions and state governments and to be admitted into the union on an equal footing with the original states, and to make donations of public lands to such states" the states of North Dakota and South Dakota, by proceedings of a joint commission, duly appointed under said act, the sessions whereof were held at Bismarck in said state of North Dakota, from July 16, 1889, to July 31, 1889, inclusive, have agreed to the following adjustment of the amounts of the debts and liabilities of the territory of Dakota which shall be assumed and paid by each of the states of North Dakota and South Dakota, respectively, to wit:

1. This agreement shall take effect and be in force from and after the admission into the union, as one of the United States of America, of either the state of North Dakota or the state of South Dakota.

2. The words "state of North Dakota" wherever used in this agreement, shall be taken to mean the territory of North Dakota, in case the state of South Dakota shall be admitted into the union prior to the admission into the union of the state of North Dakota; and the words "state of South Dakota," wherever used in this agreement, shall be taken to mean the territory of South Dakota in case the state of North Dakota shall be admitted into the union prior to the admission into the union of the state of South Dakota.

3. The said state of North Dakota shall assume and pay all bonds issued by the territory of Dakota to provide funds for the purchase, construction, repairs or maintenance of such public institutions, grounds or buildings as are located within the boundaries of North Dakota, and shall pay all warrants issued under and by virtue of that certain act of the legislative assembly of the territory of Dakota, approved March 3, 1889, entitled an act to provide for the refunding of outstanding warrants drawn on the capitol building fund.

4. The said state of South Dakota shall assume and pay all bonds issued by the territory of Dakota to provide funds for the purchase, construction, repairs or maintenance of such public institutions, grounds or buildings as are located within the boundaries of South Dakota.

5. That is to say: The state of North Dakota shall assume and pay the following bonds and indebtedness, to wit: Bonds issued on account of the hospital for insane at Jamestown, North Dakota, the face aggregate of which is two hundred and sixty-six thousand dollars; also, bonds issued on account of the North Dakota University at Grand Forks, North Dakota, the face aggregate of which is ninety-six thousand seven hundred dollars; also, bonds issued on account of the penitentiary at Bismarck, North Dakota, the face aggregate of which is ninety-three thousand six hundred dollars; also, refunding capitol building warrants dated April 1, 1889, eighty-three thousand five hundred and seven dollars and forty-six cents.

And the state of South Dakota shall assume and pay the following bonds and indebtedness, to wit: Bonds issued on account of the hospital for the insane at Yankton, South Dakota, the face aggregate of which is two hundred and ten thousand dollars; also, bonds issued on account of the school for deaf mutes, at Sioux Falls, South Dakota, the face aggregate of which is fifty-one thousand dollars; also, bonds issued on account of the university at Vermillion, South Dakota, the face aggregate of which is seventy-five thousand dollars; also, bonds issued on account of the penitentiary at Sioux Falls, South Dakota, the face aggregate of which is ninety-four thousand three hundred dollars; also, bonds issued on account of agricultural college at Brookings, South Dakota, the face aggregate of which is ninety-seven thousand five hundred dollars; also, bonds issued on account of the normal school at Madison, South Dakota, the face aggregate of which is forty-nine thousand four hundred dollars; also, bonds issued on account of school of mines at Rapid City, South Dakota, the face aggregate of which is thirty-three thousand dollars; also, bonds issued on account of the reform school at Plankinton, South Dakota, the face aggregate of which is thirty thousand dollars; also, bonds issued on account of the normal school at Spearfish, South Dakota, the face aggregate of which is twenty-five thousand dollars; also, bonds issued on account of the soldiers' home at Hot Springs, South Dakota, the face aggregate of which is forty-five thousand dollars.

6. The states of North Dakota and South Dakota shall pay one-half each of all liabilities now existing or hereafter and prior to the taking effect of this agreement incurred, except those heretofore and hereafter incurred on account of public institutions, grounds or buildings, except as otherwise herein specifically provided.

7. The state of South Dakota shall pay to the state of North Dakota forty-six thousand five hundred dollars on account of the excess of territorial appropriations for the permanent improvement of territorial institutions which under this agreement will go to South Dakota, and in full of the undivided one-half interest of North Dakota in the territorial library and in full settlement of unbalanced accounts, and of all claims against the territory, of whatever nature, legal or equitable, arising out of the alleged erroneous or unlawful taxation of the Northern Pacific Railroad lands, and the payment of said amount shall discharge and exempt the state of South Dakota from all liability for or on account of the several matters hereinbefore referred to; nor shall either state be called upon to pay or answer to any portion of liability hereafter arising or accruing on account of transactions heretofore had, which liability would be a liability of the territory of Dakota had such territory remained in existence, and which liability shall grow out of matters connected with any public institution, grounds or buildings of the territory situated or located within the boundaries of the other state.

8. A final adjustment of accounts shall be made upon the following basis: North Dakota shall be charged with all sums paid on account of the public institutions, grounds or buildings located within its boundaries on account of the current appropriations since March 8, 1889; and South Dakota shall be charged with all sums paid on account of public institutions, grounds or buildings located within its boundaries on the same account and during the same time. Each state shall be charged with one-half of all other expenses of the territorial government during the same time. All moneys paid into the treasury during the period from March 8, 1889, to the time of taking effect of this agreement by any county, municipality or person within the limits of the proposed state of North Dakota shall be credited to the state of North Dakota; and all sums paid into said treasury within the same time by any county, municipality or person within the limits of the proposed state of South Dakota shall be credited to the state of South Dakota; except that any and all taxes on gross earnings paid into said treasury by railroad corporations since the eighth day of March 1889, based upon earnings of years prior to 1888, under and by virtue of the act of the legislative assembly of the territory of Dakota, approved March 7, 1889, and entitled "An act providing for the levy and collection of taxes upon property of railroad companies in this territory," being chapter 107 of the Session Laws of 1889 (that is, the part of such sum going to the territory) shall be equally divided between the states of North Dakota and South Dakota; and all taxes heretofore or hereafter paid into said treasury under and by virtue of the act last mentioned, based on the gross earnings of the year 1888, shall be distributed as already provided by law, except that so much thereof as goes to the territorial treasury shall be divided as follows: North Dakota shall have so (much) thereof as shall be or has been paid by railroads within the limits of the proposed state of North Dakota and South Dakota so much thereof as shall be or has been paid by railroads within the limits of the proposed state of South Dakota. Each state shall be credited also with all balances of appropriations made by the seventeenth legislative assembly of the territory of Dakota for the account of public institutions, grounds or buildings situated within its limits, remaining unexpended on March 8, 1889. If there be any indebtedness except the indebtedness represented by the bonds and refunding warrants hereinbefore mentioned, each state shall at the time of such final adjustment of accounts, assume its share of said indebtedness as determined by the amount paid on account of the public institutions, grounds or buildings of such state in excess of the receipts from counties, municipalities, railroad corporations or persons within the limits of said state as provided in this article; and if there should be a surplus at the time of such final adjustment, each state shall be entitled to the amounts received from counties, municipalities, railroad corporations or persons within its limits over and above the amount charged to it.

SDLRC - Codified Law 0N-13 - PUBLIC INDEBTEDNESS 0N-13-7 Obligation of state to pay proportion of territorial debt. § 7. Obligation of state to pay proportion of territorial debt. And the state of South Dakota hereby obligates itself to pay such part of the debts and liabilities of the territory of Dakota as is declared by the foregoing agreement to be its proportion thereof, the same as if such proportion had been originally created by said state of South Dakota as its own debt or liability.

SDLRC - Codified Law 0N-13 - PUBLIC INDEBTEDNESS 0N-13-8 Refunding bond issue authorized for territorial debt payment. § 8. Refunding bond issue authorized for territorial debt payment. The territorial treasurer is hereby authorized and empowered to issue refunding bonds to the amount of one hundred seven thousand five hundred dollars, bearing interest not to exceed the rate of four percent per annum, for the purpose of refunding the following described indebtedness of the territory of Dakota, to wit:

Seventy-seven thousand five hundred dollars, five percent bonds, dated May 1, 1883, issued for the construction of the west wing of the insane hospital at Yankton and thirty thousand dollars, six percent bonds dated May 1, 1883, issued for permanent improvements [of the] Dakota penitentiary, at Sioux Falls, such refunding bonds, if issued, to run for not more than twenty years, and shall be executed by the Governor and treasurer of the territory, and shall be attested by the secretary under the great seal of the territory.

In case such bonds are issued by the territorial treasurer as hereinbefore set forth, before the first day of October, 1889, then upon the admission of South Dakota as a state it shall assume and pay said bonds in lieu of the aforesaid territorial indebtedness.

SDLRC - Codified Law 0N-13 - PUBLIC INDEBTEDNESS 0N-13-9 Road construction and coal supply by state. § 9. Road construction and coal supply by state. The construction and maintenance of good roads and the supplying of coal to the people of the state from the lands belonging to the state are works of necessity and importance in which the state may engage but no expenditure of money for the same shall be made except by the vote of a two-thirds majority of the Legislature.

History: Section proposed by SL 1916 (SS), ch 2, adopted Nov., 1916.

SDLRC - Codified Law 0N-13 - PUBLIC INDEBTEDNESS 0N-13-10 State cement enterprises. § 10. State cement enterprises. The manufacture, distribution and sale of cement and cement products are hereby declared to be works of public necessity and importance in which the state may engage, and suitable laws may be enacted by the Legislature to empower the state to acquire, by purchase or appropriation, all lands, easements, rights of way, tracks, structures, equipment, cars, motive power, implements, facilities, instrumentalities and material, incident or necessary to carry the provisions of this section into effect: provided, however, that no expenditure of money for the purposes enumerated in this section shall be made, except upon a vote of two-thirds of the members elect of each branch of the Legislature.

History: Section proposed by SL 1918 (SS), ch 32, adopted Nov., 1918.

SDLRC - Codified Law 0N-13 - PUBLIC INDEBTEDNESS 0N-13-11 State pledge to fund cement enterprises. § 11. State pledge to fund cement enterprises. The state may pledge such cement plants and all of the accessories thereto, and may pledge the credit of the state, to provide funds for the purposes enumerated in § 10 of this article, any provision in this Constitution to the contrary notwithstanding.

History: Section proposed by SL 1918 (SS), ch 32, adopted Nov., 1918.

SDLRC - Codified Law 0N-13 - PUBLIC INDEBTEDNESS 0N-13-12 State electric power enterprises. § 12. State electric power enterprises. The manufacture, distribution and sale of electric current for heating, lighting and power purposes are hereby declared to be works of public necessity and importance in which the state may engage, and suitable laws may be enacted by the Legislature to empower the state to acquire, by purchase or appropriation all lands, easements, rights of way, tracks, structures, equipment, cars, motive power, implements, facilities, instrumentalities and material incident or necessary to the acquisition, ownership, control, development and operation of the water powers of this state, and to carry this provision into effect: provided, however, that no expenditure of money for the purposes enumerated in this section shall be made except by a vote of two-thirds of the members elect of each branch of the Legislature.

History: Section proposed by SL 1918 (SS), ch 33, adopted Nov., 1918.

SDLRC - Codified Law 0N-13 - PUBLIC INDEBTEDNESS 0N-13-13 State pledge to fund electric power enterprises. § 13. State pledge to fund electric power enterprises. The state may pledge such plants and all of the accessories thereto, and may pledge the credit of the state, to provide funds for the purposes enumerated in § 12 of this article, any provision in this Constitution to the contrary notwithstanding.

History: Section proposed by SL 1918 (SS), ch 33, adopted Nov., 1918.

SDLRC - Codified Law 0N-13 - PUBLIC INDEBTEDNESS 0N-13-14 State coal mining enterprises. § 14. State coal mining enterprises. The mining, distribution and sale of coal are hereby declared to be works of public necessity and importance in which the state may engage, and the Legislature may enact suitable laws to carry this provision into effect and to empower the state to acquire, by purchase or appropriation, all lands, structures, easements, tracks, rights of way, equipment, cars, motive power, and all other facilities, implements, instrumentalities, and materials necessary or incidental to the acquisition, mining, manufacturing and distribution of coal for fuel purposes: provided, however, that no expenditure of money for the purposes enumerated in this section shall be made except upon a vote of two-thirds of the members elect of each branch of the Legislature.

History: Section proposed by SL 1918 (SS), ch 34, adopted Nov., 1918.

SDLRC - Codified Law 0N-13 - PUBLIC INDEBTEDNESS 0N-13-15 State pledge to fund coal enterprises. § 15. State pledge to fund coal enterprises. The state may pledge such plants and all of the accessories thereto, as well as the credit of this state, to provide funds for the purposes enumerated in § 14 of this article, any provision in this Constitution to the contrary notwithstanding.

History: Section proposed by SL 1918 (SS), ch 34, adopted Nov., 1918.

SDLRC - Codified Law 0N-13 - PUBLIC INDEBTEDNESS 0N-13-16 Works of internal improvement--State indebtedness. § 16. Works of internal improvement--State indebtedness. The state may engage in works of internal improvement, any provision in this Constitution, or limitation in § 2 of this article, to the contrary notwithstanding. The indebtedness of the state for the purposes contained in this section shall never exceed one-half of one percent of the assessed valuation of all property in this state and no such indebtedness shall be incurred nor money expended, except upon a two-thirds vote of the members elect in each branch of the Legislature.

History: Section proposed by SL 1918 (SS), ch 35, adopted Nov., 1918.

SDLRC - Codified Law 0N-13 - PUBLIC INDEBTEDNESS 0N-13-17 Home loans by state--Debt limitation inapplicable. § 17. Home loans by state--Debt limitation inapplicable. The state may establish and maintain a system of credits for assisting in the building of homes by the people of the state, and therefor may loan money and extend credit to the people of the state upon real estate security in such manner and upon such terms and conditions as may be prescribed by general law. The limitations and provisions regarding the incurring of indebtedness elsewhere found in the Constitution shall not apply to this section, but the Legislature shall, at the time of incurring any indebtedness hereunder, provide for discharging same.

History: Section proposed by SL 1920 (SS), ch 35, adopted Nov., 1920.

SDLRC - Codified Law 0N-13 - PUBLIC INDEBTEDNESS 0N-13-18 Compensation of military and war relief personnel--Maximum indebtedness. § 18. Compensation of military and war relief personnel--Maximum indebtedness. The Legislature shall be authorized to provide by law for compensating honorably discharged soldiers, sailors, marines, and others, who have served with the armed forces of the United States, or who have engaged in war relief work in the World's War, or other wars of the United States, including former American citizens, who served in allied armies against the central powers in the World's War and who have been honorably discharged and repatriated; such compensation not to exceed the sum of fifteen dollars per month for the period of such service. For this purpose the Legislature may use the credit of the state, and any indebtedness created for this purpose shall not be a part of the indebtedness authorized or limited by other provisions of the Constitution; provided, that the amount of all indebtedness created by the state for the purposes specified in this section shall not exceed six million dollars.

History: Section proposed by SL 1920 (SS), ch 36, adopted Nov., 1920.

SDLRC - Codified Law 0N-13 - PUBLIC INDEBTEDNESS 0N-13-19 Bonus paid to veterans and deceased veterans' dependents. § 19. Bonus paid to veterans and deceased veterans' dependents. [1.] The Legislature shall be authorized to provide by law for compensating and paying a bonus in money to veterans and to dependents of deceased veterans, who were legal residents of the state of South Dakota for a period of not less than six months immediately preceding entry into the armed forces of the United States and who have served for ninety or more days in the armed forces of the United States between the period beginning December 7, 1941 and ending September 2, 1945 and who are still in the armed forces or were discharged therefrom under conditions other than dishonorable. Such bonus to be paid in cash, at the rate of fifty cents per day for each day of service in the armed forces within continental United States and at the rate of seventy-five cents per day for each day of service in the armed forces outside of continental United States, provided that any such person who served wholly within continental United States shall be entitled to receive not to exceed a bonus or total sum of five hundred dollars, and any such person who has served wholly outside of continental United States, or partly within and partly without, shall be entitled to receive not to exceed a bonus payment in the total sum of six hundred fifty dollars; such bonus to be paid on or before the thirty-first day of December 1950. For this purpose the Legislature may use credit of the state and any indebtedness created for this purpose shall not be a part of the indebtedness authorized or limited by other provisions of the Constitution; provided that the amount of indebtedness created by the state for the purpose specified in this section shall not exceed thirty million dollars. If upon computation the amount of thirty million dollars shall be inadequate to make the specified payments as stated in this section, the Legislature shall have the power to apportion the amount.

2. The term "armed forces" shall mean and include the following: United States Army, Army of the United States, United States Navy, United States Naval Reserves, United States Marine Corps, United States Marine Corps Reserve, United States Coast Guard, United States Coast Guard Reserve which shall be construed to include the United States Guard Temporary Reserve, Women's Army Corps, United States Navy Women's Reserve, United States Marine Corps Women's Reserve, United States Coast Guard Women's Reserve, Army Nurse Corps and Navy Nurse Corps.

History: Section proposed by SL 1947, ch 249, adopted Nov., 1948.

SDLRC - Codified Law 0N-13 - PUBLIC INDEBTEDNESS

§ 20. Trust fund created with proceeds from sale of state cement enterprises--Investment. 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.

History: Section proposed by SL 2000 (SS) ch 1, approved April 10, 2001. Amendment proposed by SL 2010, ch 2, § 2, rejected Nov. 2, 2010. Amendment proposed by SL 2012, ch 266, § 2 approved Nov. 6, 2012.

SDLRC - Codified Law 0N-13 - PUBLIC INDEBTEDNESS 0N-13-21 Transfers from trust fund to general fund in support of education.

§ 21. Transfers from trust fund to general fund in support of education. The Legislature shall transfer from the trust fund to the state general fund four percent of the lesser of the average market value of the trust fund determined by adding the market value of the trust fund at the end of the sixteen most recent calendar quarters as of December thirty-first of that year and dividing that sum by sixteen, or the market value of the trust fund at the end of that calendar year for the support of education in South Dakota. The transfer shall be made prior to June thirtieth of the subsequent calendar year.

History: Section proposed by SL 2000 (SS) ch 1, approved April 10, 2001. Amendment proposed by SL 2010, ch 2, § 3, rejected Nov. 2, 2010. Amendment proposed by SL 2012, ch 266, § 3 approved Nov. 6, 2012.