0N-12-5 Health care trust fund established--Investment--Appropriations.
Health care trust fund established--Investment--Appropriations.
There is hereby
created in the state treasury a trust fund named the health care trust fund. The state treasurer shall
deposit into the health care trust fund any funds on deposit in the intergovernmental transfer fund
as of July 1, 2001, and thereafter any funds appropriated to the health care trust fund as provided
by law. The South Dakota Investment Council or its successor shall invest the health care trust
fund in stocks, bonds, mutual funds, and other financial instruments as provided by law.
Beginning in fiscal year 2003, and each year thereafter, the state treasurer shall make a
distribution from the health care trust fund into the state general fund to be appropriated by law
for health care related programs. The calculation of the distribution shall be defined by law and
may promote growth of the fund and a steadily growing distribution amount. The health care
trust fund may not be diverted for other purposes nor may the principal be invaded unless
appropriated by a three-fourths vote of all the members-elect of each house of the Legislature.
History: Section proposed by SL 2001, ch 1, approved April 10, 2001.