0N-12-6 Education enhancement trust fund established--Investment--Appropriations.
Education enhancement trust fund established--Investment--Appropriations.
hereby created in the state treasury a trust fund named the education enhancement trust fund. The
state treasurer shall deposit into the education enhancement trust fund any funds received as of
July 1, 2001, and funds received thereafter by the state pursuant to the Master Settlement
Agreement entered into on November 23, 1998, by the State of South Dakota and major United
States tobacco product manufacturers or the net proceeds of any sale or securitization of rights to
receive payments pursuant to the Master Settlement Agreement, any funds in the youth-at-risk
trust fund as of July 1, 2001, and thereafter any funds appropriated to the education enhancement
trust fund as provided by law. The South Dakota Investment Council or its successor shall invest
the education enhancement 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 education enhancement trust fund into the state
general fund to be appropriated by law for education enhancement 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 education enhancement 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.