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South Dakota Statutes, Title 4

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South Dakota/Statutes

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Title 4, PUBLIC FISCAL ADMINISTRATION

16 chapters · 298 sections in this title.

All chapters in Title 4298 Ch 5, CUSTODY AND INVESTMENT OF STATE FUNDS62 Ch 7, PREPARATION AND ADOPTION OF STATE BUDGET50 Ch 9, DISBURSEMENT OF FUNDS29 Ch 8, AUTHORITY FOR STATE EXPENDITURES25 Ch 11, POST-AUDIT OF ACCOUNTS24 Ch 3, REVENUES AND RECEIPTS23 Ch 6A, INSURANCE OF PUBLIC DEPOSITS20 Ch 2, DEPARTMENT OF LEGISLATIVE AUDIT16 Ch 4, STATE PUBLIC FUND STRUCTURE13 Ch 8A, INTERIM TRANSFERS AND APPROPRIATIONS13 Ch 10, ACCOUNTS AND RECORDS11 Ch 6, DEPOSITORIES OF PUBLIC FUNDS6 Ch 1, STATE BOARD OF FINANCE4 Ch 8B, COORDINATION OF FEDERALLY AIDED PROGRAMS2

62 sections·Filtered byTitle 4✕Ch 5✕

SDCL § 4-5-1 State treasurer not to profit from use of funds--Felony--Civil liability
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The making of profit, directly or indirectly, by the state treasurer, out of any money in the state treasury belonging to the state, with the custody of which the state treasurer is charged, by loaning or otherwise using it, or the removal by the state treasurer, or by his consen…
SDCL § 4-5-10 Application for redemption of securities
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The governing bodies of such counties, municipalities, townships, and school districts shall, either at the time of purchase or at any other time, direct the time and manner of making application for redemption of such securities. Source: SL 1945, ch 359 , § 2; SDC Supp 1960, § 4…
SDCL § 4-5-11 Supplemental authority for investment of public funds
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Sections 4-5-5 to 4-5-10 , inclusive, are supplemental to any other laws relating to the investment, deposit, or administration of the public funds therein specified, and shall supersede the provisions thereof only to the extent that such other laws may restrict or prohibit inves…
SDCL § 4-5-12 State Investment Council continued
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The State Investment Council is hereby continued. Source: SL 1971, ch 27 , § 1; SL 1974, ch 38 , § 1.

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SDCL § 4-5-12.1 Regulations and reports provided to state treasurer

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For the purposes of S.D. Const., Art. IV, § 8, the State Investment Council and Division of Investment are allocated to the Office of the State Treasurer for reporting purposes only. For the purposes of this section, reporting purposes shall mean that the State Investment Council…

SDCL § 4-5-13 Appointment and terms of investment council members

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The State Investment Council shall consist of eight voting members. Five members of the council shall be appointed by the Executive Board of the Legislative Research Council and the executive board may appoint persons holding public office, appointive or elective, provided that n…

SDCL § 4-5-14.1 Exceptions to § 4-5-14

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The provisions of §§ 4-5-14 and 4-5-14.1 , inclusive, do not prohibit a transaction that: (1) Affects the public generally, and the council member's personal interest is only affected by virtue of being a member of the general public; or (2) Affects participants in the South Dako…

SDCL § 4-5-16 Removal of council member from office--Filling of vacancies

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A member of the State Investment Council appointed by the Executive Board of the Legislative Research Council may be removed from office by the Executive Board of the Legislative Research Council, for cause, upon notice and opportunity to be heard at a public hearing. Any vacancy…

SDCL § 4-5-17 Election of chairman

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The chairman and presiding officer of the State Investment Council shall be elected by majority vote of the council. Source: SL 1971, ch 27 , § 6.

SDCL § 4-5-18 Division of investment continued--Immediate supervision

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The division of investment is hereby continued, to conduct the daily operations of the State Investment Council and the division shall be under the immediate supervision and direction of a person who shall be designated the "state investment officer." Source: SL 1971, ch 27 , § 8…

SDCL § 4-5-19 Appointment of state investment officer--Removal--Qualifications

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The state investment officer shall be appointed by the State Investment Council upon a majority vote and shall serve without term, but he may be removed from office upon a majority vote of the State Investment Council. He shall be a person qualified, by training and investment ex…

SDCL § 4-5-2 Incidental funds established for state institutions--Initial warrant

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A permanent incidental fund is hereby established at each of the institutions under the control of the State Board of Regents and of the executive branch. To provide the money for such fund, the state auditor may issue and deliver a warrant not in excess of five thousand dollars …

SDCL § 4-5-20 Investment officer to devote full time--Salary

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The state investment officer shall devote his entire time and attention to the duties of his office, shall not be engaged in any other occupation or profession, nor shall he hold any other public office, appointive or elective. The salary of the state investment officer shall be …

SDCL § 4-5-21 State employees' blanket bond coverage--Premium

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Before the state investment officer, or other responsible employee of the Division of Investment shall enter upon his duties, he shall be included under the state employees' blanket bond, for an amount and for coverage as deemed best to protect the state's interest. The premium t…

SDCL § 4-5-22 Annual budget for division--Appointment of employees

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The state investment officer shall annually prepare a budget which shall be reviewed and approved by the State Investment Council and the Executive Board of the Legislative Research Council, prior to submission to the Bureau of Finance and Management. Subject to the appropriate r…

SDCL § 4-5-23 Public funds to be invested by investment officer--Functions transferred--Agreements with risk - sharing entities

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The state investment officer is responsible for the investment of the state public funds as defined in chapter 4-4 . All functions, powers, and duties presently vested by law in any officer, official, employee, agency, or commission which relates to the investment of the state pu…

SDCL § 4-5-25 Monthly reports to investment officer of state transactions

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It shall be the duty of the state treasurer and the state auditor to report monthly, or more often as determined by the state investment officer, to the state investment officer as to receipts, expenditures, and warrants paid, so that the state investment officer may be informed …

SDCL § 4-5-26 Classes of investments approved

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State public funds made available for investment may be invested in the following classes of securities and investments and, except as provided by § 3-12C-223 ; chapter 3-13 ; chapter 13-63 ; the permanent school and other educational and charitable trust funds as provided in S.D…

SDCL § 4-5-27 Prudent - person standard required in investments

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Any investments under the provisions of §§ 4-5-12 to 4-5-39 , inclusive, shall be made with the exercise of that degree of judgment and care, under circumstances then prevailing, which persons of prudence, discretion, and intelligence exercise in the management of their own affai…

SDCL § 4-5-28 Policy regulations and restrictions formulated by council

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The State Investment Council shall formulate investment policy regulations pertaining to the kind or nature of investment of any of the moneys, and any restrictions upon the methods for investment, which shall govern the state investment officer. Source: SL 1971, ch 27 , § 17.

SDCL § 4-5-29 Investment officer authorized to make transactions--Duty to protect state interests

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Subject to any limitations, conditions, and restrictions contained in policy making regulations approved by the State Investment Council or contained in state law or the State Constitution, the state investment officer may make purchases, sales, exchanges, and investments, for or…

SDCL § 4-5-29.1 Health care trust fund--Investment officer to calculate amount eligible for distribution--Transfer to state general fund

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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 offi…

SDCL § 4-5-29.2 Education enhancement trust fund--Calculation of amount eligible for distribution--Transfer to general fund--Postsecondary scholarship grant programs

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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 inves…

SDCL § 4-5-29.3 Indemnity provision--Authorization

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Notwithstanding the provisions of § 3-21-13 , the state investment officer may include an indemnity provision in any contract, agreement, or court document related to an investment that involves custody, management, purchase, sale, exchange, or research if the state investment of…

SDCL § 4-5-3 Purposes for which institution incidental funds may be used

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Such permanent incidental fund shall be kept and used by the proper officer of the respective institutions, for the advanced payment of freight, express, periodicals, books, postage, gate money, all United States postal supplies and refund of tuition and student fees, utility bil…

SDCL § 4-5-30 Pooling of cash accounts--Certification by Appropriations Committee--Prorating of income--Transfer of money to investment council expense account

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The state investment officer, utilizing the facilities of the state budgetary accounting system, shall pool cash accounts within the funds enumerated in § 4-5-23 . The Appropriations Committee of the Legislature, upon recommendations from the commissioner of finance and managemen…

SDCL § 4-5-31 Physical custody of securities purchased--Deposit with fiscal agent

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All securities purchased shall be in the physical custody of the state treasurer who may, with the approval of the State Investment Council, deposit with a fiscal agent the securities as he shall consider advisable to be held in safekeeping by said agent for collection of princip…

SDCL § 4-5-32 Monthly report to investment council--Contents--Public inspection

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Not later than fifteen days after the close of each month, the state investment officer shall submit to the State Investment Council a report of the operations of the Division of Investments during the month. Each report shall include a detailed summary of investment, reinvestmen…

SDCL § 4-5-33 Meetings of investment council--Access to records--Inspection and review

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The State Investment Council shall meet at times as it shall deem necessary to carry out the provisions of §§ 4-5-12 to 4-5-39 , inclusive, but at least quarterly during the year, to consult with the state investment officer with respect to the work of the Division of Investment.…

SDCL § 4-5-34 Proceedings to collect principal or interest on investments--Refunding of securities held

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In the event of default in the payment of principal of, or interest on, any investment made, the investment council is authorized to institute the proper proceedings to collect the matured principal or interest and may accept for exchange purposes refunding bonds or other evidenc…

SDCL § 4-5-35 Post - audit of investment transactions--Annual report of auditor - general

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The state auditor - general shall be responsible for conducting a continuous post - audit of the investment transactions of the state, and shall submit annually a special report on his findings to the State Investment Council and to the appropriate legislative committee. Source: …

SDCL § 4-5-36 Reports to Legislature by investment council

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On or before February first of each year, and at other times as it may deem in the public interest, the State Investment Council shall report to the Legislature with respect to its review of the work of the Division of Investment. Source: SL 1971, ch 27 , § 26.

SDCL § 4-5-37 Conflicts with other laws

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To the extent that the provisions of §§ 4-5-12 to 4-5-39 , inclusive, are inconsistent with the provisions of any other law, the provisions of said sections shall be controlling. Source: SL 1971, ch 27 , § 27.

SDCL § 4-5-38 Severability of provisions

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If any part of §§ 4-5-12 to 4-5-39 , inclusive, is invalid, all valid parts that are severable from the invalid part remain in effect. If a part of said sections is invalid in one or more of its applications, the part remains in effect in all valid applications that are severable…

SDCL § 4-5-39 Short title

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Sections 4-5-12 to 4-5-39 , inclusive, may be cited as the "Investment of State Funds Law." Source: SL 1971, ch 27 , § 29.

SDCL § 4-5-4 Accounting for disbursements and reimbursement of institution incidental funds

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In each case, where such a payment is made, the amount thereof shall be returned to said permanent incidental fund immediately upon receipt of the state auditor's warrant drawn on the proper fund or appropriation covering the bill for which said payment was advanced and for that …

SDCL § 4-5-4.1 Limitation of warrants on institutions' funds--Diversion of other funds prohibited--Proration of income

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No warrants shall be drawn in excess of the funds made available in the institutions' funds by the Board of Regents and at no time shall any money from other funds be diverted to the use of the institutions' funds. The state investment officer shall prorate all income to the inst…

SDCL § 4-5-40 Agreement to purchase general obligation funding bonds--Certification and approval required--Bonds to bear interest, mature, etc

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. Notwithstanding the provisions of §§ 4-5-23 , 4-5-29 , and 4-5-37 , upon receipt of the certification of the Health and Educational Facilities Authority as described in § 4-5-41 and receipt of evidence that the Governor has not disapproved of the investment as contemplated by A…

SDCL § 4-5-41 School district eligibility--Determination and certification

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A school district is an eligible school district for the purposes of §§ 4-5-40 to 4-5-44 , inclusive, if the Health and Educational Facilities Authority determines and certifies to the State Investment Council and the Governor that the school district is: (1) Expected to have suf…

SDCL § 4-5-42 Prudent investment defined--Liability

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The state investment officer and the State Investment Council is entitled to conclusively rely, without any duty or obligation for further inquiry, diligence, or investigation, upon the certification of the Health and Educational Facilities Authority as described in § 4-5-41 and …

SDCL § 4-5-43 Obligation to purchase--Enforceability

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The obligation of the State Investment Council to purchase any general obligation funding bonds pursuant to any agreement or arrangement described in § 4-5-40 is not enforceable to the extent that the principal amount of such general obligation funding bonds would cause an eligib…

SDCL § 4-5-44 Cost of participation

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The participation of the State Investment Council and the state investment officer in the tax anticipation note program of the Health and Educational Facilities Authority established under § 1-16A-75 is hereby determined to be in the public interest and for the benefit and mainte…

SDCL § 4-5-47 Investment of trust fund containing proceeds from sale of state cement enterprises

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The State Investment Council as provided in § 4-5-12 is responsible for the investment of the trust fund containing the net proceeds from the sale of state cement enterprises. The investment of such funds is not restricted by the provisions of § 4-5-26 , but is governed by the pr…

SDCL § 4-5-48 Definition of terms related to investments in companies liable under Iran Sanctions Act

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Terms used in §§ 4-5-48 to 4-5-60 , inclusive, mean: (1) "Active business operations," all business operations that are not inactive business operations; (2) "Company," any sole proprietorship, organization, association, corporation, partnership, joint venture, limited partnershi…

SDCL § 4-5-49 Identification of holdings in scrutinized companies

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Within ninety days following July 1, 2010, the State Investment Council shall make its best efforts to identify all scrutinized companies in which it has direct holdings. These efforts shall include, as appropriate: (1) Reviewing and relying, as appropriate, on publicly available…

SDCL § 4-5-5 Investment of political subdivision funds--Funds subject to provisions

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"Public funds" in §§ 4-5-6 to 4-5-11 , inclusive, shall include all general, special, and other funds, regardless of source or purpose, that may now or hereafter be owned, held, or administered by any political subdivision of this state, including counties, municipalities, townsh…

SDCL § 4-5-50 List of scrutinized companies

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At the first meeting of the State Investment Council after it has completed the requirements of § 4-5-49 , the State Investment Council shall assemble a list of scrutinized companies in which it has direct holdings. Source: SL 2010, ch 27 , § 3.

SDCL § 4-5-51 Updating scrutinized companies list

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The State Investment Council shall update the scrutinized companies list each quarter based on continuing information. Source: SL 2010, ch 27 , § 4.

SDCL § 4-5-52 Procedures with respect to companies on scrutinized companies list

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The State Investment Council shall use the following procedures with respect to companies on the scrutinized companies list: (1) For each company newly identified with scrutinized business operations, the State Investment Council shall, within ninety days following its assembly o…

SDCL § 4-5-53 Divestiture of securities in companies with scrutinized business operations

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If, after ninety days following the State Investment Council's first engagement with a company pursuant to § 4-5-52 , the company continues to have scrutinized business operations, and only while the company continues to have scrutinized business operations, the State Investment …