4-5-29.2. Education enhancement trust fund--Calculation of amount eligible for distribution--Transfer to general fund--Postsecondary scholarship grant programs.
Pursuant to S.D. Const., Art. XII, §6, the state investment officer shall determine the market value of the education enhancement trust fund as of December 31, 2003, and each calendar year thereafter less the investment expenses transferred pursuant to §4-5-30. The state investment officer shall calculate an amount equal to four percent of that market value, without invading principal, as eligible for distribution. For the purpose of this section, the term, principal, means the sum of all contributions to the fund. Beginning with the distribution in fiscal year 2008, the market value shall be 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, and dividing the sum by sixteen. Upon notice of that amount by the state investment officer, the state treasurer shall transfer the amount from the education enhancement trust fund to the state general fund as soon as practicable after July first of the next fiscal year. For fiscal year 2017, the portion of the transfer to the general fund for the postsecondary scholarship grant programs shall be $126,707.35. Beginning in fiscal year 2018, the portion of the transfer to the general fund for the postsecondary scholarship grant programs, shall be calculated by the state investment officer based on the relative share of the contributions made to the postsecondary scholarship grant fund created pursuant to §13-55A-14 to the most recently calculated total fair value of the education enhancement fund including the contribution. The calculation shall be updated monthly to reflect any additional contributions to the education enhancement trust fund and the portion of the transfer to the general fund for the postsecondary scholarship grant programs shall be based on the average of the monthly calculation as of December thirty-first, using the months available for the first forty-eight months and then the most recent forty-eight calendar months thereafter.
Source: SL 2002, ch 26, §4; SL 2004, ch 62, §2, eff. Mar. 3, 2004; SL 2006, ch 23, §2, eff. Mar. 10, 2006; SL 2013, ch 91, §11, eff. Mar. 20, 2013; SL 2013, ch 92, §13, eff. Mar. 12, 2013; SL 2016, ch 101, §2, eff. Mar. 22, 2016.
Structure South Dakota Codified Laws
Title 4 - Public Fiscal Administration
Chapter 05 - Custody And Investment Of State Funds
Section 4-5-1 - State treasurer not to profit from use of funds--Felony--Civil liability.
Section 4-5-2 - Incidental funds established for state institutions--Initial warrant.
Section 4-5-3 - Purposes for which institution incidental funds may be used.
Section 4-5-4 - Accounting for disbursements and reimbursement of institution incidental funds.
Section 4-5-5 - Investment of political subdivision funds--Funds subject to provisions.
Section 4-5-6.1 - Investment of public funds not needed for current operating expenses--Conditions.
Section 4-5-8 - Investment policies for local funds determined by governing board.
Section 4-5-9 - Custody or deposit of investments--Exception--Credit of interest earned.
Section 4-5-10 - Application for redemption of securities.
Section 4-5-11 - Supplemental authority for investment of public funds.
Section 4-5-12 - State Investment Council continued.
Section 4-5-12.1 - Regulations and reports provided to state treasurer.
Section 4-5-13 - Appointment and terms of investment council members.
Section 4-5-14 - Council members--Qualifications--Restrictions.
Section 4-5-14.1 - Exceptions to §4-5-14.
Section 4-5-16 - Removal of council member from office--Filling of vacancies.
Section 4-5-17 - Election of chairman.
Section 4-5-18 - Division of investment continued--Immediate supervision.
Section 4-5-19 - Appointment of state investment officer--Removal--Qualifications.
Section 4-5-20 - Investment officer to devote full time--Salary.
Section 4-5-21 - State employees' blanket bond coverage--Premium.
Section 4-5-22 - Annual budget for division--Appointment of employees.
Section 4-5-25 - Monthly reports to investment officer of state transactions.
Section 4-5-26 - Classes of investments approved.
Section 4-5-27 - Prudent-person standard required in investments.
Section 4-5-28 - Policy regulations and restrictions formulated by council.
Section 4-5-29.3 - Indemnity provision--Authorization.
Section 4-5-31 - Physical custody of securities purchased--Deposit with fiscal agent.
Section 4-5-32 - Monthly report to investment council--Contents--Public inspection.
Section 4-5-33 - Meetings of investment council--Access to records--Inspection and review.
Section 4-5-35 - Post-audit of investment transactions--Annual report of auditor-general.
Section 4-5-36 - Reports to Legislature by investment council.
Section 4-5-37 - Conflicts with other laws.
Section 4-5-38 - Severability of provisions.
Section 4-5-41 - School district eligibility--Determination and certification.
Section 4-5-42 - Prudent investment defined--Liability.
Section 4-5-43 - Obligation to purchase--Enforceability.
Section 4-5-44 - Cost of participation.
Section 4-5-47 - Investment of trust fund containing proceeds from sale of state cement enterprises.
Section 4-5-49 - Identification of holdings in scrutinized companies.
Section 4-5-50 - List of scrutinized companies.
Section 4-5-51 - Updating scrutinized companies list.
Section 4-5-52 - Procedures with respect to companies on scrutinized companies list.
Section 4-5-53 - Divestiture of securities in companies with scrutinized business operations.
Section 4-5-55 - Exemption from divestiture requirements.
Section 4-5-56 - Inapplicability to certain investments.
Section 4-5-57 - Indirect holdings in actively managed investment funds.
Section 4-5-58 - Report to Legislative Research Council Executive Board.
Section 4-5-59 - Circumstances under which §§4-5-48 to 4-5-60, inclusive, become inoperative.