ENTITLED, An Act to transfer the value added agriculture subfund from the Governor's Office of
Economic Development to the Department of Agriculture.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. That § 1-16G-24 be amended to read as follows:
1-16G-24. Earnings on the revolving economic development and initiative fund may be used for
the administrative costs of the Division of Finance of the Governor's Office of Economic
Development. Such earnings shall be expended in accordance with the provisions of Title 4 on
warrants drawn by the state auditor on vouchers approved by the commissioner of the Governor's
Office of Economic Development. Eligible expenses may not exceed total interest earnings during
the previous fiscal year prior to the deduction of loan losses for the same fiscal year.
Section 2. Earnings on the value added agriculture subfund may be used by the South Dakota
Department of Agriculture for the administrative costs of this program. Such earnings shall be
expended in accordance with the provisions of Title 4 on warrants drawn by the state auditor on
vouchers approved by the secretary of agriculture. Eligible expenses may not exceed total interest
earnings during the previous fiscal year prior to the deduction of loan losses for the same fiscal year.
Section 3. That § 1-16G-25 be repealed.
Section 4. There is created within the rural rehabilitation fund created in § 38-6-1, the value
added agriculture subfund. The purpose of the subfund created by this section is to make grants or
loans for agricultural development, feasibility studies, or marketing.
Section 5. That § 1-16G-26 be repealed.
Section 6. That § 1-16G-27 be repealed.
Section 7. The Value Added Finance Authority shall administer the value added agriculture
subfund, and make grants or loans from the value added agriculture subfund. The value added
agriculture subfund shall be used to develop and promote value added agriculture in South Dakota
including the initial or subsequent production, use, or processing of any form of agricultural
commodity, product, or by-product in this state.
Section 8. That § 1-16G-28 be repealed.
Section 9. In connection with the administration of the value added agriculture subfund, the
Value Added Finance Authority may, pursuant to chapter 1-26, promulgate such rules as it deems
necessary to implement the purposes of this Act, including:
(1) Setting the application procedures for those who apply for loans or grants from the value
added agriculture subfund;
(2) Establishing criteria to determine which applicants will receive such loans or grants;
(3) Governing the use of proceeds of such loans or grants;
(4) Establishing criteria for the terms and conditions upon which such loans or grants shall
be made, including the terms of security given, if any, to secure such loans; and
(5) Governing the use of proceeds by lenders of funds advanced to the lenders by the Value
Added Finance Authority including the terms and conditions upon which the proceeds
shall be loaned to borrowers for the purposes described in this Act.
Section 10. That § 10-47B-149 be amended to read as follows:
10-47B-149. At the beginning of each month, the secretary shall make adjustments to the motor
fuel tax fund balance in the following manner:
(1) Each July transfer an amount to the snowmobile trails' fund equal to the product of
multiplying the number of licensed snowmobiles as of July first, times one hundred
twenty-five gallons, times the rate of tax provided for motor fuel under this chapter;
(2) Each July transfer from the amount of motor fuel tax collected from the motor fuel used
for nonhighway purposes to the value added agriculture subfund created in section 4 of
this Act one hundred thirty-five thousand dollars;
(3) Each July transfer from the amount of motor fuel tax collected from the motor fuel used
for nonhighway purposes to the Department of Agriculture seventy-five thousand dollars
to be used for a grant to the Northern Crops Institute;
(4) Transfer to the motor fuel tax administration account two percent of the deposits made
to the motor fuel tax fund during the preceding month to cover the expenses incurred in
administering all motor fuel and special fuel tax laws of this state. On or about August
first of each year, the preceding year's remaining motor fuel tax administration account
balance, less an amount to provide cash flow within the account, shall be transferred to
the state highway fund. The remaining balance is to be calculated by subtracting from the
total of monthly deposits, the amount of corresponding expenses. The expense of
administering the chapters relating to motor and special fuel taxation shall be paid out of
appropriations made by the Legislature;
(5) Each July transfer from the amount of motor fuel tax collected from the motor fuel used
for nonhighway purposes to the coordinated natural resources conservation fund five
hundred thousand dollars;
(6) Each July transfer to the parks and recreation fund an amount equal to the product of
multiplying the number of licensed motorized boats as of the previous December thirty-first, times one hundred forty gallons, times the rate of tax provided for motor fuels under
this chapter;
(7) Each July distribute to counties and townships as provided in § 10-47B-149.1 seven
hundred thousand dollars;
(8) Transfer to the member jurisdictions taxes collected under the provisions of the
international fuel tax agreement; and
(9) Transfer the remaining cash balance to the state highway fund.
An Act to transfer the value added agriculture subfund from the Governor's Office of Economic
Development to the Department of Agriculture.
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I certify that the attached Act
originated in the
HOUSE as Bill No. 1049
____________________________
Chief Clerk
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____________________________
Speaker of the House
____________________________
Chief Clerk
____________________________
President of the Senate
____________________________
Secretary of the Senate
House Bill No. 1049
File No. ____
Chapter No. ______
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Received at this Executive Office
this _____ day of _____________ ,
20____ at ____________ M.
By _________________________
for the Governor
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The attached Act is hereby
approved this ________ day of
______________ , A.D., 20___
____________________________
Governor
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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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