0N-13 PUBLIC INDEBTEDNESS

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\r\nARTICLE XIII\r\n\r\n

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\r\nPUBLIC INDEBTEDNESS\r\n\r\n

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\r\n\r\n\r\n 1.\r\n    \r\nState enterprises--Legislative vote required--Defense of state--Rural credits--Maximum indebtedness.\r\n\r\n
\r\n\r\n\r\n 2.\r\n    \r\nMaximum state debt--Irrepealable tax to repay.\r\n\r\n
\r\n\r\n\r\n 3.\r\n    \r\nState debt as in addition to territorial debt.\r\n\r\n
\r\n\r\n\r\n 4.\r\n    \r\nDebt limitations for municipalities and political subdivisions.\r\n\r\n
\r\n\r\n\r\n 5.\r\n    \r\nIrrepealable tax to repay debt of municipality or political subdivision.\r\n\r\n
\r\n\r\n\r\n 6.\r\n    \r\nAdjustment of debts and liabilities of territory of Dakota.\r\n\r\n
\r\n\r\n\r\n 7.\r\n    \r\nObligation of state to pay proportion of territorial debt.\r\n\r\n
\r\n\r\n\r\n 8.\r\n    \r\nRefunding bond issue authorized for territorial debt payment.\r\n\r\n
\r\n\r\n\r\n 9.\r\n    \r\nRoad construction and coal supply by state.\r\n\r\n
\r\n\r\n\r\n10.\r\n    \r\nState cement enterprises.\r\n\r\n
\r\n\r\n\r\n11.\r\n    \r\nState pledge to fund cement enterprises.\r\n\r\n
\r\n\r\n\r\n12.\r\n    \r\nState electric power enterprises.\r\n\r\n
\r\n\r\n\r\n13.\r\n    \r\nState pledge to fund electric power enterprises.\r\n\r\n
\r\n\r\n\r\n14.\r\n    \r\nState coal mining enterprises.\r\n\r\n
\r\n\r\n\r\n15.\r\n    \r\nState pledge to fund coal enterprises.\r\n\r\n
\r\n\r\n\r\n16.\r\n    \r\nWorks of internal improvement--State indebtedness.\r\n\r\n
\r\n\r\n\r\n17.\r\n    \r\nHome loans by state--Debt limitation inapplicable.\r\n\r\n
\r\n\r\n\r\n18.\r\n    \r\nCompensation of military and war relief personnel--Maximum indebtedness.\r\n\r\n
\r\n\r\n\r\n19.\r\n    \r\nBonus paid to veterans and deceased veterans' dependents.\r\n\r\n
\r\n\r\n\r\n20.\r\n    \r\nTrust fund created with proceeds from sale of state cement enterprises--Investment.\r\n\r\n
\r\n\r\n\r\n21.\r\n    \r\nTransfers from trust fund to general fund in support of education.\r\n\r\n

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\r\n\r\n\r\n\r\n\r\n\r\n\r\n \r\n§ 1.\r\n \r\n\r\n\r\nState enterprises--Legislative vote required--Defense of state--Rural credits--Maximum indebtedness.\r\n \r\nFor the purpose of developing the resources and improving the\r\neconomic facilities of South Dakota, the state may engage in works of internal improvement,\r\nmay own and conduct proper business enterprises, may loan or give its credit to, or in aid of, any\r\nassociation, or corporation, organized for such purposes. But any such association or corporation\r\nshall be subject to regulation and control by the state as may be provided by law. No money of\r\nthe state shall be appropriated, or indebtedness incurred for any of the purposes of this section,\r\nexcept by the vote of two-thirds of the members of each branch of the Legislature. The state may\r\nalso assume or pay any debt or liability incurred in time of war for the defense of the state. The\r\nstate may establish and maintain a system of rural credits and thereby loan and extend credit to\r\nthe people of the state upon real estate security in such manner and upon such terms and\r\nconditions as may be prescribed by general law. The limit of indebtedness contained in § 2 of this\r\narticle shall not apply to the provisions of this section, but the indebtedness of the state for the\r\npurposes contained in this section shall never exceed one-half of one percent of the assessed\r\nvaluation of the property of the state, provided however, that nothing contained in this section\r\nshall affect the refinancing or refunding of the present outstanding indebtedness of this state.
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\r\n\r\n\r\n History: Amendment proposed by SL 1915, ch 233, approved Nov., 1916; amendment proposed\r\nby SL 1917, ch 163, approved Nov., 1918; amendment proposed by SL 1933, ch 127, rejected\r\nNov., 1934; amendment proposed by SL 1935, ch 139, approved Nov., 1936.\r\n\r\n

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\r\n\r\n\r\n\r\n\r\n\r\n\r\n \r\n§ 2.\r\n \r\n\r\n\r\nMaximum state debt--Irrepealable tax to repay.\r\n \r\nFor the purpose of defraying\r\nextraordinary expenses and making public improvements, or to meet casual deficits or failure in\r\nrevenue, the state may contract debts never to exceed with previous debts in the aggregate one\r\nhundred thousand dollars, and no greater indebtedness shall be incurred except for the purpose of\r\nrepelling invasion, suppressing insurrection, or defending the state or the United States in war\r\nand provision shall be made by law for the payment of the interest annually, and the principal\r\nwhen due, by tax levied for the purpose or from other sources of revenue; which law providing\r\nfor the payment of such interest and principal by such tax or otherwise shall be irrepealable until\r\nsuch debt is paid: provided, however, the state of South Dakota shall have the power to refund\r\nthe territorial debt assumed by the state of South Dakota, by bonds of the state of South Dakota.
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\r\n\r\n\r\n History: Amendment proposed by SL 1890, ch 43, rejected Nov., 1890.\r\n\r\n

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\r\n\r\n\r\n\r\n\r\n\r\n\r\n \r\n§ 3.\r\n \r\n\r\n\r\nState debt as in addition to territorial debt.\r\n \r\nThat the indebtedness of the state of South\r\nDakota limited by § 2 of this article shall be in addition to the debt of the territory of Dakota\r\nassumed by and agreed to be paid by South Dakota.

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\r\n\r\n\r\n\r\n\r\n\r\n\r\n \r\n§ 4.\r\n \r\n\r\n\r\nDebt limitations for municipalities and political subdivisions.\r\n \r\nThe debt of any county,\r\ncity, town or civil township shall never exceed five per centum upon the assessed valuation of the\r\ntaxable property therein, for the year preceding that in which said indebtedness is incurred. The\r\ndebt of any school district shall never exceed ten per centum upon the assessed valuation of the\r\ntaxable property therein, for the year preceding that in which said indebtedness is incurred. In\r\nestimating the amount of the indebtedness which a municipality or subdivision may incur, the\r\namount of indebtedness contracted prior to the adoption of the Constitution shall be included.
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\r\nProvided, that any county, municipal corporation, civil township, district, or other subdivision\r\nmay incur an additional indebtedness, not exceeding ten per centum upon the assessed valuation of\r\nthe taxable property therein, for the year preceding that in which said indebtedness is incurred, for\r\nthe purpose of providing water and sewerage, for irrigation, domestic uses, sewerage and other\r\npurposes; and
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\r\nProvided, further, that in a city where the population is eight thousand or more, such city may\r\nincur an indebtedness not exceeding eight per centum upon the assessed valuation of the taxable\r\nproperty therein for the year next preceding that in which said indebtedness is incurred for the\r\npurpose of constructing street railways, electric lights or other lighting plants.
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\r\nProvided, further, that no county, municipal corporation, civil township, district or subdivision\r\nshall be included within such district or subdivision without a majority vote in favor thereof of the\r\nelectors of the county, municipal corporation, civil township, district or other subdivision, as the case\r\nmay be, which is proposed to be included therein, and no such debt shall ever be incurred for any of\r\nthe purposes in this section provided, unless authorized by a vote in favor thereof by a majority of\r\nthe electors of such county, municipal corporation, civil township, district or subdivision incurring\r\nthe same.
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\r\n\r\n\r\n History: Amendment proposed by SL 1895, ch 35, approved Nov., 1896; amendment proposed by\r\nSL 1901, ch 89, approved Nov., 1902; amendment proposed by SL 1909, ch 139, rejected Nov.,\r\n1910; amendment proposed by SL 1920 (SS), ch 34, rejected Nov., 1920; amendment proposed by\r\nSL 1949, ch 238, rejected Nov., 1950; amendment proposed by SL 1953, ch 312, approved Nov.,\r\n1954.\r\n\r\n

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\r\n\r\n\r\n\r\n\r\n\r\n\r\n \r\n§ 5.\r\n \r\n\r\n\r\nIrrepealable tax to repay debt of municipality or political subdivision.\r\n \r\nAny city,\r\ncounty, town, school district or any other subdivision incurring indebtedness shall, at or before\r\nthe time of so doing, provide for the collection of an annual tax sufficient to pay the interest and\r\nalso the principal thereof when due, and all laws or ordinances providing for the payment of the\r\ninterest or principal of any debt shall be irrepealable until such debt be paid.

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\r\n\r\n\r\n\r\n\r\n\r\n\r\n \r\n§ 6.\r\n \r\n\r\n\r\nAdjustment of debts and liabilities of territory of Dakota.\r\n \r\nIn order that payment of the\r\ndebts and liabilities contracted or incurred by and in behalf of the territory of Dakota may be\r\njustly and equitably provided for and made, and in pursuance of the requirements of an act of\r\nCongress approved February 22, 1889, entitled "An act to provide for the division of Dakota into\r\ntwo states and to enable the people of North Dakota, South Dakota, Montana and Washington to\r\nform Constitutions and state governments and to be admitted into the union on an equal footing\r\nwith the original states, and to make donations of public lands to such states" the states of North\r\nDakota and South Dakota, by proceedings of a joint commission, duly appointed under said act,\r\nthe sessions whereof were held at Bismarck in said state of North Dakota, from July 16, 1889, to\r\nJuly 31, 1889, inclusive, have agreed to the following adjustment of the amounts of the debts and\r\nliabilities of the territory of Dakota which shall be assumed and paid by each of the states of\r\nNorth Dakota and South Dakota, respectively, to wit:
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\r\n1. This agreement shall take effect and be in force from and after the admission into the union,\r\nas one of the United States of America, of either the state of North Dakota or the state of South\r\nDakota.
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\r\n2. The words "state of North Dakota" wherever used in this agreement, shall be taken to mean\r\nthe territory of North Dakota, in case the state of South Dakota shall be admitted into the union prior\r\nto the admission into the union of the state of North Dakota; and the words "state of South Dakota,"\r\nwherever used in this agreement, shall be taken to mean the territory of South Dakota in case the\r\nstate of North Dakota shall be admitted into the union prior to the admission into the union of the\r\nstate of South Dakota.
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\r\n3. The said state of North Dakota shall assume and pay all bonds issued by the territory of Dakota\r\nto provide funds for the purchase, construction, repairs or maintenance of such public institutions,\r\ngrounds or buildings as are located within the boundaries of North Dakota, and shall pay all warrants\r\nissued under and by virtue of that certain act of the legislative assembly of the territory of Dakota,\r\napproved March 3, 1889, entitled an act to provide for the refunding of outstanding warrants drawn\r\non the capitol building fund.
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\r\n4. The said state of South Dakota shall assume and pay all bonds issued by the territory of Dakota\r\nto provide funds for the purchase, construction, repairs or maintenance of such public institutions,\r\ngrounds or buildings as are located within the boundaries of South Dakota.
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\r\n5. That is to say: The state of North Dakota shall assume and pay the following bonds and\r\nindebtedness, to wit: Bonds issued on account of the hospital for insane at Jamestown, North Dakota,\r\nthe face aggregate of which is two hundred and sixty-six thousand dollars; also, bonds issued on\r\naccount of the North Dakota University at Grand Forks, North Dakota, the face aggregate of which\r\nis ninety-six thousand seven hundred dollars; also, bonds issued on account of the penitentiary at\r\nBismarck, North Dakota, the face aggregate of which is ninety-three thousand six hundred dollars;\r\nalso, refunding capitol building warrants dated April 1, 1889, eighty-three thousand five hundred and\r\nseven dollars and forty-six cents.
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\r\nAnd the state of South Dakota shall assume and pay the following bonds and indebtedness, to\r\nwit: Bonds issued on account of the hospital for the insane at Yankton, South Dakota, the face\r\naggregate of which is two hundred and ten thousand dollars; also, bonds issued on account of the\r\nschool for deaf mutes, at Sioux Falls, South Dakota, the face aggregate of which is fifty-one\r\nthousand dollars; also, bonds issued on account of the university at Vermillion, South Dakota, the\r\nface aggregate of which is seventy-five thousand dollars; also, bonds issued on account of the\r\npenitentiary at Sioux Falls, South Dakota, the face aggregate of which is ninety-four thousand three\r\nhundred dollars; also, bonds issued on account of agricultural college at Brookings, South Dakota,\r\nthe face aggregate of which is ninety-seven thousand five hundred dollars; also, bonds issued on\r\naccount of the normal school at Madison, South Dakota, the face aggregate of which is forty-nine\r\nthousand four hundred dollars; also, bonds issued on account of school of mines at Rapid City, South\r\nDakota, the face aggregate of which is thirty-three thousand dollars; also, bonds issued on account\r\nof the reform school at Plankinton, South Dakota, the face aggregate of which is thirty thousand\r\ndollars; also, bonds issued on account of the normal school at Spearfish, South Dakota, the face\r\naggregate of which is twenty-five thousand dollars; also, bonds issued on account of the soldiers'\r\nhome at Hot Springs, South Dakota, the face aggregate of which is forty-five thousand dollars.
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\r\n6. The states of North Dakota and South Dakota shall pay one-half each of all liabilities now\r\nexisting or hereafter and prior to the taking effect of this agreement incurred, except those heretofore\r\nand hereafter incurred on account of public institutions, grounds or buildings, except as otherwise\r\nherein specifically provided.
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\r\n7. The state of South Dakota shall pay to the state of North Dakota forty-six thousand five\r\nhundred dollars on account of the excess of territorial appropriations for the permanent improvement\r\nof territorial institutions which under this agreement will go to South Dakota, and in full of the\r\nundivided one-half interest of North Dakota in the territorial library and in full settlement of\r\nunbalanced accounts, and of all claims against the territory, of whatever nature, legal or equitable,\r\narising out of the alleged erroneous or unlawful taxation of the Northern Pacific Railroad lands, and\r\nthe payment of said amount shall discharge and exempt the state of South Dakota from all liability\r\nfor or on account of the several matters hereinbefore referred to; nor shall either state be called upon\r\nto pay or answer to any portion of liability hereafter arising or accruing on account of transactions\r\nheretofore had, which liability would be a liability of the territory of Dakota had such territory\r\nremained in existence, and which liability shall grow out of matters connected with any public\r\ninstitution, grounds or buildings of the territory situated or located within the boundaries of the other\r\nstate.
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\r\n8. A final adjustment of accounts shall be made upon the following basis: North Dakota shall be\r\ncharged with all sums paid on account of the public institutions, grounds or buildings located within\r\nits boundaries on account of the current appropriations since March 8, 1889; and South Dakota shall\r\nbe charged with all sums paid on account of public institutions, grounds or buildings located within\r\nits boundaries on the same account and during the same time. Each state shall be charged with\r\none-half of all other expenses of the territorial government during the same time. All moneys paid\r\ninto the treasury during the period from March 8, 1889, to the time of taking effect of this agreement\r\nby any county, municipality or person within the limits of the proposed state of North Dakota shall\r\nbe credited to the state of North Dakota; and all sums paid into said treasury within the same time\r\nby any county, municipality or person within the limits of the proposed state of South Dakota shall\r\nbe credited to the state of South Dakota; except that any and all taxes on gross earnings paid into said\r\ntreasury by railroad corporations since the eighth day of March 1889, based upon earnings of years\r\nprior to 1888, under and by virtue of the act of the legislative assembly of the territory of Dakota,\r\napproved March 7, 1889, and entitled "An act providing for the levy and collection of taxes upon\r\nproperty of railroad companies in this territory," being chapter 107 of the Session Laws of 1889 (that\r\nis, the part of such sum going to the territory) shall be equally divided between the states of North\r\nDakota and South Dakota; and all taxes heretofore or hereafter paid into said treasury under and by\r\nvirtue of the act last mentioned, based on the gross earnings of the year 1888, shall be distributed as\r\nalready provided by law, except that so much thereof as goes to the territorial treasury shall be\r\ndivided as follows: North Dakota shall have so (much) thereof as shall be or has been paid by\r\nrailroads within the limits of the proposed state of North Dakota and South Dakota so much thereof\r\nas shall be or has been paid by railroads within the limits of the proposed state of South Dakota.\r\nEach state shall be credited also with all balances of appropriations made by the seventeenth\r\nlegislative assembly of the territory of Dakota for the account of public institutions, grounds or\r\nbuildings situated within its limits, remaining unexpended on March 8, 1889. If there be any\r\nindebtedness except the indebtedness represented by the bonds and refunding warrants hereinbefore\r\nmentioned, each state shall at the time of such final adjustment of accounts, assume its share of said\r\nindebtedness as determined by the amount paid on account of the public institutions, grounds or\r\nbuildings of such state in excess of the receipts from counties, municipalities, railroad corporations\r\nor persons within the limits of said state as provided in this article; and if there should be a surplus\r\nat the time of such final adjustment, each state shall be entitled to the amounts received from\r\ncounties, municipalities, railroad corporations or persons within its limits over and above the amount\r\ncharged to it.

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\r\n\r\n\r\n\r\n\r\n\r\n\r\n \r\n§ 7.\r\n \r\n\r\n\r\nObligation of state to pay proportion of territorial debt.\r\n \r\nAnd the state of South Dakota\r\nhereby obligates itself to pay such part of the debts and liabilities of the territory of Dakota as is\r\ndeclared by the foregoing agreement to be its proportion thereof, the same as if such proportion\r\nhad been originally created by said state of South Dakota as its own debt or liability.

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\r\n\r\n\r\n\r\n\r\n\r\n\r\n \r\n§ 8.\r\n \r\n\r\n\r\nRefunding bond issue authorized for territorial debt payment.\r\n \r\nThe territorial treasurer\r\nis hereby authorized and empowered to issue refunding bonds to the amount of one hundred\r\nseven thousand five hundred dollars, bearing interest not to exceed the rate of four percent per\r\nannum, for the purpose of refunding the following described indebtedness of the territory of\r\nDakota, to wit:
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\r\nSeventy-seven thousand five hundred dollars, five percent bonds, dated May 1, 1883, issued for\r\nthe construction of the west wing of the insane hospital at Yankton and thirty thousand dollars, six\r\npercent bonds dated May 1, 1883, issued for permanent improvements [of the] Dakota penitentiary,\r\nat Sioux Falls, such refunding bonds, if issued, to run for not more than twenty years, and shall be\r\nexecuted by the Governor and treasurer of the territory, and shall be attested by the secretary under\r\nthe great seal of the territory.
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\r\nIn case such bonds are issued by the territorial treasurer as hereinbefore set forth, before the first\r\nday of October, 1889, then upon the admission of South Dakota as a state it shall assume and pay\r\nsaid bonds in lieu of the aforesaid territorial indebtedness.

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\r\n\r\n\r\n\r\n\r\n\r\n\r\n \r\n§ 9.\r\n \r\n\r\n\r\nRoad construction and coal supply by state.\r\n \r\nThe construction and maintenance of\r\ngood roads and the supplying of coal to the people of the state from the lands belonging to the\r\nstate are works of necessity and importance in which the state may engage but no expenditure of\r\nmoney for the same shall be made except by the vote of a two-thirds majority of the Legislature.
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\r\n\r\n\r\n History: Section proposed by SL 1916 (SS), ch 2, adopted Nov., 1916.\r\n\r\n

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\r\n\r\n\r\n\r\n\r\n\r\n\r\n \r\n§ 10.\r\n \r\n\r\n\r\nState cement enterprises.\r\n \r\nThe manufacture, distribution and sale of cement and\r\ncement products are hereby declared to be works of public necessity and importance in which the\r\nstate may engage, and suitable laws may be enacted by the Legislature to empower the state to\r\nacquire, by purchase or appropriation, all lands, easements, rights of way, tracks, structures,\r\nequipment, cars, motive power, implements, facilities, instrumentalities and material, incident or\r\nnecessary to carry the provisions of this section into effect: provided, however, that no\r\nexpenditure of money for the purposes enumerated in this section shall be made, except upon a\r\nvote of two-thirds of the members elect of each branch of the Legislature.
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\r\n\r\n\r\n History: Section proposed by SL 1918 (SS), ch 32, adopted Nov., 1918.\r\n\r\n

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\r\n\r\n\r\n\r\n\r\n\r\n\r\n \r\n§ 11.\r\n \r\n\r\n\r\nState pledge to fund cement enterprises.\r\n \r\nThe state may pledge such cement plants\r\nand all of the accessories thereto, and may pledge the credit of the state, to provide funds for the\r\npurposes enumerated in § 10 of this article, any provision in this Constitution to the contrary\r\nnotwithstanding.
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\r\n\r\n\r\n History: Section proposed by SL 1918 (SS), ch 32, adopted Nov., 1918.\r\n\r\n

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\r\n\r\n\r\n\r\n\r\n\r\n\r\n \r\n§ 12.\r\n \r\n\r\n\r\nState electric power enterprises.\r\n \r\nThe manufacture, distribution and sale of electric\r\ncurrent for heating, lighting and power purposes are hereby declared to be works of public\r\nnecessity and importance in which the state may engage, and suitable laws may be enacted by the\r\nLegislature to empower the state to acquire, by purchase or appropriation all lands, easements,\r\nrights of way, tracks, structures, equipment, cars, motive power, implements, facilities,\r\ninstrumentalities and material incident or necessary to the acquisition, ownership, control,\r\ndevelopment and operation of the water powers of this state, and to carry this provision into\r\neffect: provided, however, that no expenditure of money for the purposes enumerated in this\r\nsection shall be made except by a vote of two-thirds of the members elect of each branch of the\r\nLegislature.
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\r\n\r\n\r\n History: Section proposed by SL 1918 (SS), ch 33, adopted Nov., 1918.\r\n\r\n

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\r\n\r\n\r\n\r\n\r\n\r\n\r\n \r\n§ 13.\r\n \r\n\r\n\r\nState pledge to fund electric power enterprises.\r\n \r\nThe state may pledge such plants\r\nand all of the accessories thereto, and may pledge the credit of the state, to provide funds for the\r\npurposes enumerated in § 12 of this article, any provision in this Constitution to the contrary\r\nnotwithstanding.
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\r\n\r\n\r\n History: Section proposed by SL 1918 (SS), ch 33, adopted Nov., 1918.\r\n\r\n

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\r\n\r\n\r\n\r\n\r\n\r\n\r\n \r\n§ 14.\r\n \r\n\r\n\r\nState coal mining enterprises.\r\n \r\nThe mining, distribution and sale of coal are hereby\r\ndeclared to be works of public necessity and importance in which the state may engage, and the\r\nLegislature may enact suitable laws to carry this provision into effect and to empower the state to\r\nacquire, by purchase or appropriation, all lands, structures, easements, tracks, rights of way,\r\nequipment, cars, motive power, and all other facilities, implements, instrumentalities, and\r\nmaterials necessary or incidental to the acquisition, mining, manufacturing and distribution of\r\ncoal for fuel purposes: provided, however, that no expenditure of money for the purposes\r\nenumerated in this section shall be made except upon a vote of two-thirds of the members elect\r\nof each branch of the Legislature.
\r\n

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

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\r\n\r\n\r\n\r\n\r\n\r\n\r\n \r\n§ 15.\r\n \r\n\r\n\r\nState pledge to fund coal enterprises.\r\n \r\nThe state may pledge such plants and all of the\r\naccessories thereto, as well as the credit of this state, to provide funds for the purposes\r\nenumerated in § 14 of this article, any provision in this Constitution to the contrary\r\nnotwithstanding.
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\r\n\r\n\r\n History: Section proposed by SL 1918 (SS), ch 34, adopted Nov., 1918.\r\n\r\n

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\r\n\r\n\r\n\r\n\r\n\r\n\r\n \r\n§ 16.\r\n \r\n\r\n\r\nWorks of internal improvement--State indebtedness.\r\n \r\nThe state may engage in works\r\nof internal improvement, any provision in this Constitution, or limitation in § 2 of this article, to\r\nthe contrary notwithstanding. The indebtedness of the state for the purposes contained in this\r\nsection shall never exceed one-half of one percent of the assessed valuation of all property in this\r\nstate and no such indebtedness shall be incurred nor money expended, except upon a two-thirds\r\nvote of the members elect in each branch of the Legislature.
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\r\n\r\n\r\n History: Section proposed by SL 1918 (SS), ch 35, adopted Nov., 1918.\r\n\r\n

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\r\n\r\n\r\n\r\n\r\n\r\n\r\n \r\n§ 17.\r\n \r\n\r\n\r\nHome loans by state--Debt limitation inapplicable.\r\n \r\nThe state may establish and\r\nmaintain a system of credits for assisting in the building of homes by the people of the state, and\r\ntherefor may loan money and extend credit to the people of the state upon real estate security in\r\nsuch manner and upon such terms and conditions as may be prescribed by general law. The\r\nlimitations and provisions regarding the incurring of indebtedness elsewhere found in the\r\nConstitution shall not apply to this section, but the Legislature shall, at the time of incurring any\r\nindebtedness hereunder, provide for discharging same.
\r\n

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

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\r\n\r\n\r\n\r\n\r\n\r\n\r\n \r\n§ 18.\r\n \r\n\r\n\r\nCompensation of military and war relief personnel--Maximum indebtedness.\r\n \r\nThe\r\nLegislature shall be authorized to provide by law for compensating honorably discharged\r\nsoldiers, sailors, marines, and others, who have served with the armed forces of the United\r\nStates, or who have engaged in war relief work in the World's War, or other wars of the United\r\nStates, including former American citizens, who served in allied armies against the central\r\npowers in the World's War and who have been honorably discharged and repatriated; such\r\ncompensation not to exceed the sum of fifteen dollars per month for the period of such service.\r\nFor this purpose the Legislature may use the credit of the state, and any indebtedness created for\r\nthis purpose shall not be a part of the indebtedness authorized or limited by other provisions of\r\nthe Constitution; provided, that the amount of all indebtedness created by the state for the\r\npurposes specified in this section shall not exceed six million dollars.
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\r\n\r\n\r\n History: Section proposed by SL 1920 (SS), ch 36, adopted Nov., 1920.\r\n\r\n

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\r\n\r\n\r\n\r\n\r\n\r\n\r\n \r\n§ 19.\r\n \r\n\r\n\r\nBonus paid to veterans and deceased veterans' dependents.\r\n \r\n[1.] The Legislature shall\r\nbe authorized to provide by law for compensating and paying a bonus in money to veterans and\r\nto dependents of deceased veterans, who were legal residents of the state of South Dakota for a\r\nperiod of not less than six months immediately preceding entry into the armed forces of the\r\nUnited States and who have served for ninety or more days in the armed forces of the United\r\nStates between the period beginning December 7, 1941 and ending September 2, 1945 and who\r\nare still in the armed forces or were discharged therefrom under conditions other than\r\ndishonorable. Such bonus to be paid in cash, at the rate of fifty cents per day for each day of\r\nservice in the armed forces within continental United States and at the rate of seventy-five cents\r\nper day for each day of service in the armed forces outside of continental United States, provided\r\nthat any such person who served wholly within continental United States shall be entitled to\r\nreceive not to exceed a bonus or total sum of five hundred dollars, and any such person who has\r\nserved wholly outside of continental United States, or partly within and partly without, shall be\r\nentitled to receive not to exceed a bonus payment in the total sum of six hundred fifty dollars;\r\nsuch bonus to be paid on or before the thirty-first day of December 1950. For this purpose the\r\nLegislature may use credit of the state and any indebtedness created for this purpose shall not be\r\na part of the indebtedness authorized or limited by other provisions of the Constitution; provided\r\nthat the amount of indebtedness created by the state for the purpose specified in this section shall\r\nnot exceed thirty million dollars. If upon computation the amount of thirty million dollars shall\r\nbe inadequate to make the specified payments as stated in this section, the Legislature shall have\r\nthe power to apportion the amount.
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\r\n2. The term "armed forces" shall mean and include the following: United States Army, Army of\r\nthe United States, United States Navy, United States Naval Reserves, United States Marine Corps,\r\nUnited States Marine Corps Reserve, United States Coast Guard, United States Coast Guard Reserve\r\nwhich shall be construed to include the United States Guard Temporary Reserve, Women's Army\r\nCorps, United States Navy Women's Reserve, United States Marine Corps Women's Reserve, United\r\nStates Coast Guard Women's Reserve, Army Nurse Corps and Navy Nurse Corps.
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\r\n\r\n\r\n History: Section proposed by SL 1947, ch 249, adopted Nov., 1948.\r\n\r\n

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§ 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.

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\r\n \r\n§ 21.\r\n \r\n\r\n\r\nTransfers from trust fund to general fund in support of education.\r\n \r\nThe Legislature shall\r\ntransfer from the trust fund to the state general fund four percent of the lesser of the average market\r\nvalue of the trust fund determined by adding the market value of the trust fund at the end of the\r\nsixteen most recent calendar quarters as of December thirty-first of that year and dividing that sum\r\nby sixteen, or the market value of the trust fund at the end of that calendar year for the support of\r\neducation in South Dakota. The transfer shall be made prior to June thirtieth of the subsequent\r\ncalendar year.
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\r\n\r\n\r\n History: Section proposed by SL 2000 (SS) ch 1, approved April 10, 2001. Amendment proposed\r\nby SL 2010, ch 2, § 3, rejected Nov. 2, 2010. Amendment proposed by SL 2012, ch 266, § 3\r\napproved Nov. 6, 2012.\r\n\r\n

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