CHAPTER 27

(HB 1195)

Budget reserve fund, amount transferred to be increased.

         ENTITLED, An Act to  increase the amount transferred to the budget reserve fund.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:

     Section  1.  That § 4-7-32 be amended to read as follows:

     4-7-32.   On July first of each fiscal year or at such time that the prior fiscal year general fund ending unobligated cash balance is determined, the commissioner of the Bureau of Finance and Management shall transfer all prior year unobligated cash up to an amount equal to five ten percent of the general fund appropriations from the general appropriation act for the prior fiscal year or twenty million dollars in fiscal year 1992 into the budget reserve fund. In no event shall the cash balance in the budget reserve fund be greater than five ten percent of the general fund appropriations from the general appropriation act for the prior fiscal year or twenty million dollars in fiscal year 1992 .

     Expenditures out of the budget reserve fund shall only be by special appropriation of the Legislature and shall only redress such unforeseen expenditure obligations or such unforeseen revenue shortfalls as may constitute an emergency pursuant to section 1, Article III of the Constitution.

     Signed February 27, 2002.

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