South Dakota Amendment L (2010), constitutional text changes

Back to South Dakota State Cement Enterprise Sales Trust Fund, Amendment L (2010)

South Dakota Constitution
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Amendment L amended Sections 20 and 21 of Article XIII of the South Dakota Constitution.

Section 20 would be amended to read:

Text of Section 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. Each fiscal year beginning in fiscal year 2001, a transfer of twelve million dollars shall be made from the trust fund to the state general fund as provided by law.

Section 21 be amended as follows:

Text of Section 21: Except as provided in Article XIII, section 20 of the Constitution of the State of South Dakota, the The original principal of the trust fund created in Article XIII, section 20 shall forever remain inviolate. However Provided however, a transfer shall be made from the trust fund to the state general fund as provided by law, in FY2012 for eleven million dollars, in FY2013 for ten million dollars, in FY2014 for nine million dollars, and in FY2015 for eight million dollars without regard to any contrary provisions of law. Each fiscal year beginning in FY2016, the Legislature shall, by appropriation, make distributions from the difference between the twelve million dollar annual general fund transfer and five percent of the market value of the trust fund for the support of education, but not for the replacement of state aid to general education or special education, if the increase in the market value of the trust fund in that transfer from the trust fund to the state general fund an amount up to four percent of the average market value of the trust fund determined by adding the market value of the trust fund at the end of the sixteen most recent calendar quarters and dividing that sum by sixteen, if the market value of the trust fund at the end of that fiscal year was sufficient to maintain the original principal of the trust fund after such distributions. Beginning with fiscal year 2006, the market value of the trust fund shall be determined by adding the market value of the trust fund at the end of the sixteen most recent calendar quarters, and dividing that sum by sixteen: