(SB 100)
Public fund distribution revised and
condition statements to be provided to Legislature.
Section
1.
That
§
4-5-29.1
be amended to read as follows:
4-5-29.1.
Pursuant to S.D. Const., Art. XII, § 5, the state investment officer shall determine the
market value of the health care trust fund as of December 31, 2003, and each calendar year
thereafter less the investment expenses transferred pursuant to § 4-5-30. The state investment
officer shall calculate an amount equal to four percent of that market value, without invading
principal, as eligible for distribution. For the purpose of this section, the term, principal, means the
sum of all contributions to the fund. Beginning with the distribution in fiscal year
2007
2008
, the
market value shall be 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, and dividing the sum by sixteen.
Upon notice of that amount by the state investment officer, the state treasurer shall transfer the
amount from the health care trust fund to the state general fund as soon as practicable after July
first of the next fiscal year.
Section
2.
That
§
4-5-29.2
be amended to read as follows:
4-5-29.2.
Pursuant to S.D. Const., Art. XII, § 6, the state investment officer shall determine the
market value of the education enhancement trust fund as of December 31, 2003, and each calendar
year thereafter less the investment expenses transferred pursuant to § 4-5-30. The state investment
officer shall calculate an amount equal to four percent of that market value, without invading
principal, as eligible for distribution. For the purpose of this section, the term, principal, means the
sum of all contributions to the fund. Beginning with the distribution in fiscal year
2007
2008
, the
market value shall be 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, and dividing the sum by sixteen.
Upon notice of that amount by the state investment officer, the state treasurer shall transfer the
amount from the education enhancement trust fund to the state general fund as soon as practicable
after July first of the next fiscal year.
Section
3.
That
§
4-7-40
be amended to read as follows:
4-7-40.
The commissioner of the Bureau of Finance and Management shall report, upon
request, a condition statement for any fund
that receives funding from the federal government
in
the state treasury
. The commissioner of the Bureau of Finance and Management shall provide
condition statements when requested by a legislative committee or a legislative committee chair.