A JOINT RESOLUTION, Proposing and submitting to the electors at the next general election an
amendment to Article XIII, sections 20 and 21 of the Constitution of the State of South Dakota,
relating to the trust fund created from the proceeds of the state cement enterprise sales.
BE IT RESOLVED BY THE HOUSE OF REPRESENTATIVES OF THE STATE OF SOUTH
DAKOTA, THE SENATE CONCURRING THEREIN:
Section 1. That at the next general election held in the state, the following amendment to Article
XIII, sections 20 and 21 of the Constitution of the State of South Dakota, as set forth in sections 2
and 3 of this Joint Resolution, which is hereby agreed to, shall be submitted to the electors of the
state for approval.
Section 2. That Article XIII, section 20 of the Constitution of the State of South Dakota, be
amended to read as follows:
§ 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.
Section 3. That Article XIII, section 21 of the Constitution of the State of South Dakota, be
amended to read as follows:
§ 21. The Legislature shall transfer from the trust fund to the state general fund four percent of
the lesser 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 as of December thirty-first of that
year and dividing that sum by sixteen, or the market value of the trust fund at the end of that calendar
year for the support of education in South Dakota. The transfer shall be made prior to June thirtieth
of the subsequent calendar year.
Proposing and submitting to the electors at the next general election an amendment to Article XIII,
sections 20 and 21 of the Constitution of the State of South Dakota, relating to the trust fund created
from the proceeds of the state cement enterprise sales.
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I certify that the attached
Resolution originated in the
HOUSE as Joint Resolution No.
1006
____________________________
Chief Clerk
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____________________________
Speaker of the House
____________________________
Chief Clerk
____________________________
President of the Senate
____________________________
Secretary of the Senate
House Joint Resolution No. 1006
File No. ____
Chapter No. ______
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STATE OF SOUTH DAKOTA,
ss.
Office of the Secretary of State
Filed ____________ , 20___
at _________ o'clock __ M.
____________________________
Secretary of State
By _________________________
Asst. Secretary of State
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