Employer’s investment in South Dakota’s future fund--Promulgation of rules

The Governor's Office of Economic Development shall promulgate rules, pursuant to chapter 1-26 , establishing: (1) The process by which an industry is determined to be a key industry for the purposes of subdivision 61-5-29.1 (1); (2) The process by which an individual or entity applies for an award from the employer's investment in South Dakota's future fund; (3) The methods for assessing or estimating the economic impact, including the potential investment-to-impact ratio, that a research project or economic development opportunity will have on the state; (4) The contractual provisions that must be included in the agreement signed by the applicant and the Governor's Office of Economic Development, including: (a) Performance expectations; (b) A schedule for providing performance progress reports to the Governor's Office of Economic Development; (c) A conflict-of-interest policy; and (d) Other contractual provisions that provide for the general terms and conditions of the agreement; (5) The criteria for determining how a research project or economic development opportunity is recommended to the Governor for an award from the fund; (6) Any requirements that the individual or entity applying for an award must meet in order to receive the award; (7) If the award from the fund exceeds one million dollars, the documentation required to demonstrate proof of payment for all expenditures for which the applicant seeks reimbursement; (8) The process by which an award is disbursed; and (9) The process by which any moneys awarded from the fund are returned to the fund in the event of a change in the project's circumstances, the applicant's failure to meet the established performance expectations, or the project's failure or relocation outside of the state. Source: SL 2026, ch 205 , § 6. 61-5-30. Repealed by SL 2005, ch 280 , § 3. 61-5-31 . Interest on negative balance in employer's experience rating account. Any employer whose experience rating account, as determined pursuant to § 61-5-25 , has a negative reserve shall, in addition to the contribution rate, pay interest on the negative balance in the employer's experience rating account, excluding any negative balance existing on December 31, 2006. Following December 31, 2008, and each year thereafter, the department shall determine the interest due and owing on each negative balance account. Interest shall be owed only if the employer had a negative account balance on the computation date used for the annual interest calculation and a negative account balance on the ending date of each of the seven preceding calendar quarters. The interest rate shall be the average of the quarterly interest rates paid by the United States Treasury on unemployment insurance trust fund reserves in the calendar year ending on the interest calculation date. The interest rate so determined will be applied to the amount by which the negative account increased from December 31, 2006, or from the date the employer became subject to this title if later, to the computation date used for the interest calculation date for the year. Interest due and owing shall be paid in equal quarterly payments during the year following the computation date, with each payment due on the last day of each quarter. The computation date and experience rating account balance used to determine contribution rates shall be used in the application of this section. Any interest payments shall be credited to the experience rating account of the employer. The terms and conditions of this title which apply to the payment and collection of contributions also apply to the payment and collection of the negative account interest assessments. Source: SL 2006, ch 267 , § 4; SL 2011, ch 226 , § 1; SDCL § 61-5-18.16 ; SL 2012, ch 252 , § 59.