21.743.11 96th Legislative Session 190
Introduced by: Representative Karr
A JOINT RESOLUTION, Proposing and submitting to the voters at the 2022 general election a new section to Article XII of the Constitution of the State of South Dakota, relating to the creation and administration of the South Dakota forever trust fund.
Section 1. That at the 2022 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.South Dakota trust fund--Established--Investment--Appropriation.
There is hereby created in the state treasury a trust fund named the South Dakota forever trust fund.
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 2024, and each fiscal year thereafter, the state treasurer shall make a distribution from the interest and income of the South Dakota forever trust fund 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 South Dakota forever trust fund may not be invaded, unless approved by a three-fourths vote of all the members-elect of each house of the Legislature.
Catchlines are not law. (§ 2-16-13.1) Underscores indicate new language.
indicate deleted language.