A JOINT RESOLUTION, Proposing and submitting to the voters at the 2022 primary general election a new section to Article XII of the Constitution of the State of South Dakota, relating to the creation and administration of a trust fund using the net receipts from unclaimed property.

Section 1. That at the 2022 primary general election held in the state, the following amendment to Article XII of the Constitution of the State of South Dakota, as set forth in section 2 of this Joint Resolution, which is hereby agreed to, shall be submitted to the electors of the state for approval.

Section 2. That Article XII of the Constitution of the State of South Dakota, be amended by adding a NEW SECTION to read:

§.8.Trust fund for unclaimed property--Established

There is hereby created in the state treasury a trust fund named the trust fund for unclaimed property. Upon the conclusion of fiscal year 2023, and upon the conclusion of each fiscal year thereafter, the state treasurer shall, after paying all claims and any reasonable administrative costs associated with the sale of unclaimed property, deposit into the general fund the net receipts from unclaimed property, up to a maximum of forty million dollars or an amount lower as determined by the Legislature.

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.

Beginning in fiscal year 2025, and each fiscal year thereafter, the state treasurer shall make a distribution from the interest and income of the trust fund for unclaimed property into the state general fund. The calculation of the distribution shall be defined by law and may promote growth of the fund and a steadily growing distribution amount. The distribution shall be appropriated as determined by the Legislature.

The principal of trust fund for unclaimed property may not be invaded, unless approved by a three-fourths vote of all the members-elect of each house of the Legislature or unless the state treasurer determines that such amounts are necessary for the payment of claims.