South Dakota Building Authority
to provide for improvements to Custer State Park.
It is in the public interest that the South Dakota Building Authority contract for the
construction, reconstruction, renovation, and modernization of facilities and related infrastructure
at Custer State Park including buildings, fixtures, plumbing, water, sewer, electric facilities,
domestic water treatment systems, asbestos removal, electrical upgrades, architectural, engineering,
and bonding services, site preparation, construction of facilities and improvements to the outside
of the facilities, and landscaping the grounds of the facilities. The construction, reconstruction,
renovation, and modernization of facilities and related infrastructure shall address priority needs
identified in the Custer State Park Concession Facility Assessment prepared in 2005 and other
needs and revenue enhancement opportunities in Custer State Park. The Building Authority may
finance this project, including the issuance of revenue bonds not to exceed twelve million dollars,
in accordance with this Act and chapter 5-12.
There is hereby created within the state treasury the Custer State Park improvement
fund. The sole purpose of this fund is to facilitate the provisions of this Act.
There is hereby appropriated from the
fund an amount not to exceed twelve
million dollars ($
), or so much thereof as may be necessary, to the Custer State Park
improvement fund for the expenditures authorized by this Act. The Custer state park improvement
fund shall be invested through the State Investment Council as part of the state cash flow fund.
There is hereby appropriated to the Department of Game, Fish and Parks, twelve million dollars
), or so much thereof as may be necessary, of
fund expenditure authority for
expenditures authorized by this Act.
The entire amount appropriated pursuant to section 3 of this Act, shall be repaid,
with interest, to the general fund. The repayment to the general fund shall take no longer than four
years from the date of the appropriation of monies from the general fund to the Custer State Park
improvement fund as provided in section 3 of this Act, and the interest rate used to calculate the
annual repayment amount shall equal the average interest rate earned by the state cash flow fund
over the last four quarters as supplied by the Bureau of Finance and Management. Starting on
January 1, 2009, the Department of Game, Fish and Parks shall make annual payments to the
general fund based upon a twenty year amortization schedule for the outstanding balance due to
the general fund.
Section 5. To minimize the length of time required to fully reimburse the general fund for the amounts appropriated to the Custer State Park improvement fund, the Department of Game, Fish and Parks shall work with the Building Authority and other departments and agencies of the state to take advantage of every future opportunity to issue tax exempt bonds, up to the maximum amount allowed under § § 103 and 140 to 150, inclusive, of the Internal Revenue Code for each bond issue. Any additional funds generated from each tax exempt bond issue not required or dedicated to be used by any such other department or agency of the state shall be used to repay the
general fund until the total amount appropriated from the general fund pursuant to section 3 of this
Act, has been repaid with interest.
Pursuant to section 4 of this Act, if the Building Authority and the Department of
Game, Fish and Parks determine tax exempt bonding opportunities and other sources of repayment
are insufficient to repay the total amount appropriated from the general fund, the Department of
Game, Fish and Parks shall work with the Building Authority to issue bonds in an amount
sufficient to fully repay the remaining amount required to fully restore the general fund.
If at any point in time before the general fund has been fully repaid, the Legislature
determines that the need exists to fully restore the amounts appropriated from the general fund to
the Custer State Park improvement fund as provided in section 3 of this Act, then the Department
of Game, Fish and Parks shall work with the Building Authority to issue bonds in an amount great
enough to fully restore the amounts appropriated from the general fund.
No indebtedness, bond, or obligation incurred or created under authority of this Act
may be or may become a lien, charge, or liability against the State of South Dakota, nor against the
property or funds of the State of South Dakota within the meaning of the Constitution or statutes
of South Dakota.
The Building Authority may accept any funds obtained from gifts, contributions, or
other sources for the purposes stated in section 1 of this Act.
The Department of Game, Fish and Parks may make and enter in a lease agreement
with the Building Authority and make rental payments under the terms thereof, pursuant to chapter
5-12, from appropriations to be made by the Legislature for the payment of rent to support the
construction, completion, furnishing, equipping, payment of revenue bonds issued pursuant to this
Act, and repayment of construction costs paid through the funds appropriated from the general
fund pursuant to section 3 of this Act. The Custer State Park bond redemption fund as created in
41-17-22.5 shall pay lease rental amounts to the Building Authority or to restore the general
fund, as applicable.
Upon receipt of payment of the balance of rental payments made under the terms
of any lease entered into pursuant to section 10 of this Act, the Building Authority shall convey
the leased property improvements in Custer State Park to the Department of Game, Fish and Parks
The design and construction of improvements shall be under the general charge and
supervision of the Bureau of Administration as provided in
Except as provided in section 3 of this Act, no money from the general fund nor
any money appropriated for statewide maintenance and repair may be used to finance the
maintenance and repair of the facilities specified in this Act.
The secretary of the Department of Game, Fish and Parks shall approve vouchers
and the state auditor shall draw warrants to pay expenditures authorized by this Act.
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 its passage and approval.