South Dakota Use State Funds to buy Stocks (2000)

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South Dakota Amendment E permits investment of the permanent school funds in certain stocks, bonds, mutual funds, and other financial instruments and to use a certain portion of the interest and income to increase the principal in the fund. It was on the 2000 election ballot in South Dakota where it passed with 168,896 votes in favor.

Text of measure

Legislative Constitutional Amendment

Attorney General Explanation: The South Dakota Investment Council invests the state permanent school fund, and other educational and charitable funds. Losses resulting from these investments must be reimbursed by the Legislature. The Investment Council is prohibited from investing these funds in stocks or similar investments.

In addition to the investments currently authorized, Amendment E would allow the Investment Council to invest these funds into stocks and similar investments. Amendment E would limit reimbursement to losses incurred through any unconstitutional act.

In addition, all interest and income earned from the investment of the state permanent school fund is currently required to be annually disbursed to the public school districts. Under Amendment E, only interest and income earned in excess of the inflation rate would be disbursed to the school districts. The remaining interest and income would become part of the permanent school fund.

Supporters

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Opposition

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