4-5-30. Pooling of cash accounts--Certification by Appropriations Committee--Prorating of income--Transfer of money to investment council expense account.
The state investment officer, utilizing the facilities of the state budgetary accounting system, shall pool cash accounts within the funds enumerated in §4-5-23. The Appropriations Committee of the Legislature, upon recommendations from the commissioner of finance and management, shall certify those funds which are to participate in the interest income of the pooled investments. The state investment officer shall credit the gain or interest due as a result of investments made pursuant to §4-5-29 on a pro rata basis to the participating funds in the same ratio as the average daily cash balance of each fund bears to the total average cash balance of all funds.
If requested by the state investment officer during each fiscal year, the state treasurer shall transfer money from the South Dakota retirement fund, health care trust fund, education enhancement trust fund, the trust fund derived from the sale of state cement enterprises, the general fund portion of the pooled income account for the permanent school and other educational fund provided for in S.D. Const., Art. VIII, and any other specific fund approved by the Bureau of Finance and Management, other than the state pooled fund, to the investment council expense account in an amount not to exceed the ratio of the average assets in each fund for the previous fiscal year to the total average assets managed by the investment council, other than the state pooled fund, for the previous fiscal year multiplied by the difference between the budget of the investment council for each fiscal year and the total of the current fiscal year beginning cash balance in the investment council expense account plus two hundredths of a percent of the prior fiscal year's average assets in the state pooled fund. If requested by the state investment officer during each fiscal year, the state treasurer shall transfer money from the pooled income account to the investment council expense account in an amount not to exceed two hundredths of a percent of the prior fiscal year's average assets in the state pooled fund. The state investment officer may make multiple transfer requests during the fiscal year, with each request being proportionate among the funds, provided that the total transfers do not exceed the amounts provided by this section.
Source: SL 1971, ch 27, §16; SL 1976, ch 50; SL 1977, ch 35, §1; SL 1978, ch 36, §1; SL 1986, ch 49; SL 1987, ch 44, §1; SL 1998, ch 25, §1; SL 2002, ch 26, §1; SL 2015, ch 36, §1.
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.