South Dakota State Cement Enterprise Sales Trust Fund, Amendment L (2010)
The South Dakota State Cement Enterprise Sales Trust Fund Amendment also known as Amendment L, was on the November 2, 2010 ballot in South Dakota as a legislatively-referred constitutional amendment, where it was defeated.
The measure, also known as HJR 1004, would have repealed the automatic annual transfer of $12 million from the trust fund to the state general fund. Additionally, the measure would have transferred $11 million from the trust fund to the state general fund in FY 2012, $10 million in FY 2013, $9 million in FY 2014 and $8 million in FY 2015. In years thereafter, the legislature would have been allowed to transfer up to 4 percent of the trust funds value to the general fund.
- See also: 2010 ballot measure election results
|South Dakota Amendment L (2010)|
Text of measure
|“||An Amendment to Article XIII of the South Dakota Constitution relating to the trust fund created from the proceeds of the state cement enterprise sales.||”|
|“||Constitutional Amendment L changes annual distribution amounts made from the cement plant trust fund to the State’s general fund. The cement plant trust fund holds the proceeds from the sale of the state cement plant to benefit South Dakota citizens. The proposed amendment reduces the current $12 million mandatory annual transfer to $8 million over a four year period. Thereafter, the mandatory transfer is eliminated and the Legislature may transfer up to four percent of the trust fund to the State’s general fund as long as the transfers do not cause the trust fund to fall below its original principal amount.
The amendment also eliminates a distribution from the trust fund to support education.
A vote “Yes” is for changing the annual distributions from the cement plant trust fund.
| Text of Section 20 and 21:
§ 20. 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.
Media editorial positions
- The Argus Leader (Sioux Falls) supported Amendment L. The newspaper's editorial cited their support over the reduced allocation of $4 million dollars that would be made to the trust fund. The newspaper further argued that trust funds under the state's management must be protected in tough economic times..
- The Daily Republic (Mitchell) said, "We back Amendment L. We believe all caution should be made to keep state savings accounts strong and viable, and feel that limiting the annual payout from the cement plant trust fund is a step in that direction."
- The Rapid City Journal supported Amendment L. The editorial board of one of South Dakota's largest newspapers argued that voter approval of Amendment L would prevent unnecessary withdrawals of the trust fund.
There was no opposition from editorial boards towards Measure L.
- See also: Polls, 2010 ballot measures
- An October 20-21, 2010 poll by Mason-Dixon Polling & Research for KELOLAND-TV and the Argus Leader revealed that of the 800 polled registered voters, 27% supported Amendment L, while 38% were opposed and 35% remained undecided..
|Date of Poll||Pollster||In favor||Opposed||Undecided||Number polled|
|Oct. 20-21, 2010||Mason-Dixon Polling & Research||27%||38%||35%||800|
Path to the ballot
The House approved the measure for the ballot with a vote of 56 to 14 on February 22, 2010. The Senate approved the measure 28 to 6 on March 8. The bill was signed by the House Speaker and Senate President on March 10, after which the measure was referred to the secretary of state for placement on the statewide ballot.
- South Dakota 2010 ballot measures
- 2010 ballot measures
- List of South Dakota ballot measures
- History of Initiative & Referendum in South Dakota
- South Dakotans say no to medical marijuana and yes to smoking ban
- 2010 official ballot titles set by South Dakota Attorney General
- South Dakota Political Almanac, South Dakota Constitutional Amendments, Initiatives and Referendums 1970-2010
- South Dakota Secretary of State, 2010 Ballot Question Text
- South Dakota Political Almanac, "South Dakota Constitutional Amendments, Initiatives and Referendums 1970-2010," accessed August 28, 2014
- South Dakota Secretary of State, "Historical Election Data," accessed August 28, 2014
- South Dakota Secretary of State,"2010 Ballot Question Text," accessed August 28, 2014
- Note: This text is quoted verbatim from the original source. Any inconsistencies are attributed to the original source.
- Argus Leader, "Editorial: Our call on other ballot issues," October 29, 2010
- The Daily Republic,"Editorial: Vote in favor of ‘L’ to keep fund healthy for rainy day," October 20, 2010
- Rapid City Journal, "Amendment L curbs trust fund depletion," October 30, 2010
- Argus Leader, "Many voters undecided on cement plant fund amendment, Argus Leader/KELO-TV poll shows," October 27, 2010
- South Dakota Legislature,"House Joint Resolution 1004 bill history," accessed March 29, 2010
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