P - Present
Roll Call
OTHERS PRESENT: See Original Minutes
The meeting was called to order by Senator Barbara Everist, Chair
MOTION:
TO APPROVE THE MINUTES OF WEDNESDAY, JANUARY 23, 2002
E - Excused
A - Absent
P Brosz
P Daugaard
P Hutmacher
P Munson
P Sutton (Dan)
P Symens
E Whiting
P Brown (Arnold), Vice-Chair
P Everist, Chair
Moved by: Brown (Arnold)
Second by: Brosz
Action: Prevailed by voice vote.
MOTION:
CONFIRM APPOINTMENT OF R. JAMES CLIFFT, MINNEHAHA COUNTY,
SIOUX FALLS, SOUTH DAKOTA, TO THE ASSISTANT ADJUTANT
GENERAL, AIR
Moved by: Brown (Arnold)
Second by: Hutmacher
Action: Prevailed by roll call vote.(8-0-1-0)
Voting Yes: Brosz, Daugaard, Hutmacher, Munson, Sutton (Dan), Symens, Brown (Arnold),
Everist
Excused: Whiting
SB 40: allocate expenses of the investment council to certain trust funds and to
provide provisions for the investment and the distribution of certain trust funds.
"
Section 2. That
§
4-5-26
be amended to read as follows:
4-5-26.
Money made available for investment may be invested in the following classes of
securities and investments and, except as provided by
§
3-12-117, chapter 3-13, the South Dakota
Cement Plant retirement fund,
and
the permanent trust fund containing the net proceeds from the sale
of state cement enterprises
, the health care trust fund as provided in S.D. Const., Art. XII,
§
5, and
the education enhancement trust fund as provided in S.D., Art. XII,
§
6
, not otherwise:
contributions to the fund. Beginning with the distribution in fiscal year 2006, a four year average
market value shall be used to calculate the distribution. Upon notice of that amount by the state
investment officer, the state treasurer shall transfer the amount from the health care trust fund to the
state general fund.
Section 4. Pursuant to S.D. Const., Art. XII,
§
6, the state investment officer shall determine the
market value of the education enhancement trust fund as of June thirtieth each year less the
investment expenses transferred pursuant to
§
4-5-30. As soon as practicable after July first the state
investment officer shall calculate an amount equal to four percent of that market value, without
invading principal, as eligible for distribution. For the purpose of this section, the term, principal,
means the sum of all contributions to the fund. Beginning with the distribution in fiscal year 2006,
a four year average market value shall be used to calculate the distribution. Upon notice of that
amount by the state investment officer, the state treasurer shall transfer the amount from the
education enhancement trust fund to the state general fund. ".
Moved by: Daugaard
Second by: Brosz
Action: Prevailed by voice vote.
MOTION:
DO PASS SB 40 AS AMENDED
Moved by: Daugaard
Second by: Brown (Arnold)
Action: Prevailed by roll call vote.(8-0-1-0)
Voting Yes: Brosz, Daugaard, Hutmacher, Munson, Sutton (Dan), Symens, Brown (Arnold),
Everist
Excused: Whiting
MOTION:
TO AMEND TITLE OF SB 40
Moved by: Symens
Second by: Hutmacher
Action: Prevailed by voice vote.
Moved by: Symens
Second by: Hutmacher
Action: Failed by roll call vote.(3-5-1-0)
Voting Yes: Hutmacher, Sutton (Dan), Symens
Voting No: Brosz, Daugaard, Munson, Brown (Arnold), Everist
Excused: Whiting
HCR 1001: Requesting the United States Congress not to attempt to repeal or rescind
any of the tax relief legislation passed by the United States Congress in May 2001.
Presented By: Senator Everist
MOTION:
THAT HCR 1001 BE CONCURRED IN
Moved by: Daugaard
Action: Died for a lack of a second
MOTION:
AMEND HCR 1001
Moved by: Hutmacher
Second by: Symens
Action: Prevailed by voice vote.
MOTION:
PLACE HCR 1001 ON CONSENT CALENDAR
Alice Christensen
Moved by: Brosz
Second by: Daugaard
Action: Prevailed by voice vote.
MOTION:
ADJOURN
Moved by: Daugaard
Second by: Munson
Action: Prevailed by voice vote.
Committee Secretary
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