CHAPTER 25
(SB 229)
Cement plant sale, proceeds to be invested by the investment council.
ENTITLED, An Act to
provide direction to the South Dakota Investment Council in the
investment of the net proceeds derived from the sale of state cement enterprises and to declare
an emergency.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section
1.
The provisions of this Act apply only upon adoption by the people of Senate Joint
Resolution No. 1 adopted by the Seventy-fifth Legislature meeting in special session amending
Article XIII of the State Constitution relating to creation and administration of a trust fund to
contain net proceeds from the sale of state cement enterprises.
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,
and
the South
Dakota Cement Plant retirement fund,
and the permanent trust fund containing the net proceeds
from the sale of state cement enterprises,
not otherwise:
(1)
Direct and indirect obligations of the United States government;
(2)
Agencies and instrumentalities of the United States government;
(3)
Direct obligations of the State of South Dakota and any of its political subdivisions;
(4)
Obligations consisting of notes, bonds, debentures, and certificates which are direct
obligations of a solvent corporation or trust existing under the laws of the United States
or any state thereof, provided that such investments shall be rated in the four highest
classifications established by at least two standard rating services;
or
(5)
Savings accounts, share accounts, certificates of deposit of banks, savings and loan
associations, building and loan associations
,
and bankers' acceptances.
Section
3.
That chapter
5-17
be amended by adding thereto a NEW SECTION to read as
follows:
The State Investment Council as provided in
§
4-5-12 is responsible for the investment of the
trust fund containing the net proceeds from the sale of state cement enterprises. The investment of
such funds is not restricted by the provisions of
§
4-5-26, but is governed by the provisions of
§
4-
5-27.
Section
4.
Whereas, this Act is necessary for the support of the state government and its
existing public institutions, an emergency is hereby declared to exist, and this Act shall be in full
force and effect from and after the date provided for in section 1 of this Act.