5-10-1. Assignment of receipts from leases, interest, and land sales to income and permanent funds.

The income from the leased lands of each class of school and public lands and the interest on the permanent fund of that class shall be assigned by the state treasurer to a fund to be known as the interest and income fund of such class. However, the income from any commercial lease made by the commissioner of school and public lands pursuant to SL 2017, ch 51, §§ 1 to 3, inclusive, as amended by SL 2018, ch 111, §§ 1 to 3, inclusive, shall be continuously appropriated to the endowed institution for use in maintaining the property and supporting the operations of the endowed institution. The principal of money derived from the sale of each class of lands granted to the state for educational and charitable purposes shall be assigned by the state treasurer to a fund to be known as the permanent fund of such class.

Source: SL 1911, ch 224, § 39; RC 1919, § 5663; SDC 1939, § 15.0601; SL 1957, ch 45; SL 2018, ch 111, § 9, eff. Feb. 8, 2018.



SDLRC - Codified Law 5-10-1 - Assignment of receipts from leases, interest, and land sales to income and permanent funds.

5-10-1.1. Board of Regents endowed institution interest and income fund created.

There is hereby created in the state treasury a fund called the Board of Regents endowed institution interest and income fund to be administered by the commissioner of school and public lands. Any investments of money in the fund shall be made by the State Investment Council. No allocations or expenditures may be made from the fund except as provided in § 5-10-1.2. The fund shall be declared a participating fund and it shall be credited for all interest, dividends, and other income earned on fund balances, in accordance with the provisions of § 5-10-18.3.

Source: SL 1989, ch 50, § 1; SL 1997, ch 37, § 2; SL 2001, ch 26, § 4.



SDLRC - Codified Law 5-10-1 - Assignment of receipts from leases, interest, and land sales to income and permanent funds.

5-10-1.2. Endowed institution interest and income fund--Allocation.

The commissioner of school and public lands shall deposit revenue collected for state endowed institutions under the control of the Board of Regents, pursuant to § 5-10-1 and chapters 10-4 and 10-6, in the Board of Regents endowed institution interest and income fund, created by § 5-10-1.1, and credit the appropriate institutional account within the fund. On a periodic basis, the commissioner shall allocate the money to the appropriate institutions.

The total allocation for an institution for a fiscal year is the lesser of that institution's revenue for the fiscal year plus the beginning cash balance of the institution's account or:

$ 236,041 for the University of South Dakota;

$ 548,451 for South Dakota State University;

$ 133,022 for South Dakota School of Mines and Technology;

$ 183,393 for Northern State University;

$ 173,360 for Dakota State University;

$ 173,360 for Black Hills State University;

$ 97,959 for South Dakota Services for the Deaf;

$ 94,712 for the School for the Blind and the Visually Impaired; and

$ 77,745 for the agricultural experiment station.

Revenue in excess of the allocation shall be credited to the corresponding institutional account. If the cash balance of any institutional account exceeds fifty percent of the maximum allocation for that institution at the end of the fiscal year, the commissioner shall allocate the portion over fifty percent to the institution in the next fiscal year in addition to the normal allocation.

Source: SL 1989, ch 50, § 2; SL 1989, ch 170, §§ 1-3; SL 1990, ch 44; SL 1998, ch 110, § 4; SL 1999, ch 25, § 3; SL 2023, ch 62, § 2.