Title 4 — PUBLIC FISCAL ADMINISTRATION

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.

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…

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.

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 …

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…

Repealed by SL 1985, ch 33 , § 35.

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 Art…

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…

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 …

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…

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…

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…

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…

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…

"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…

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.

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

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…

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 …

The State Investment Council may not acquire securities of companies on the scrutinized companies list that have scrutinized business operations, except as provided in §§ 4-5-48 to 4-5-60 , inclusive. Source: SL 2010, ch 27 , § 7.

If the federal government excludes a company from its present or any future federal sanctions relating to Iran, that company is exempt from the divestment requirements and the investment prohibitions in §§ 4-5-48 to 4-5-60 , inclusive. Source: SL 2010, ch 27 , § 8.

The provisions of §§ 4-5-48 to 4-5-60 , inclusive, do not apply to any of the following: (1) Investments in a company that is primarily engaged in supplying goods or services intended to relieve human suffering in Iran; (2) Investments in a company that is primarily engaged in pr…

The provisions of §§ 4-5-48 to 4-5-60 , inclusive, do not apply to indirect holdings in actively managed investment funds. The State Investment Council shall submit letters to the managers of investment funds containing companies with scrutinized active business operations reques…

By January fifteenth of each calendar year, the State Investment Council shall submit a report to the Executive Board of the Legislative Research Council. The report shall include: (1) A copy of the most recent list of scrutinized companies; (2) A summary of correspondence with c…

The provisions of §§ 4-5-48 to 4-5-60 , inclusive, cease to be operative if either of the following occurs: (1) Iran is removed from the United States Department of State's list of countries that have been determined to repeatedly provide support for acts of international terrori…

Any public funds which will not be needed for current operating expenses may be invested in: (a) securities of the United States and securities guaranteed by the United States government either directly or indirectly including, without limitation, United States treasury bills, no…

In lieu of or in addition to other statutory authorization for the investment of public funds, any public funds that are not needed for current operating expenses may be invested in accordance with the following conditions: (1) The public funds shall initially be placed by the pu…

The State Investment Council is exempt from any statutory or common law obligations that conflict with actions taken in compliance with §§ 4-5-48 to 4-5-59 , inclusive, including all good faith determinations regarding companies as required by §§ 4-5-48 to 4-5-59 , inclusive, inc…

Superseded.

Investments of public funds as defined in § 4-5-5 shall be made only after the adoption of a proper resolution by the governing board of such county, municipality, township, or school district. Such resolution shall state the investment policies to be followed by the treasurer th…

Except for investments authorized by subdivision 4-5-6(c), all investments made pursuant to §§ 4-5-5 , 4-5-6 , 4-5-8 , 4-5-23 , and 4-5-28 shall be in the physical custody of the political subdivision or may be deposited in a safekeeping account with any bank or trust company des…

Repealed by SL 1984, ch 30 , § 66.

Repealed by SL 1984, ch 30 , § 67.

Repealed by SL 1974, ch 39 , § 17.

The state treasurer shall prepare specifications and select successful bidders for a period not to exceed three years to act as active depositories for the collection of drafts, checks, certificates of deposit, or coupons that may be received by the state treasurer on account of …

Any state or national bank located in South Dakota, may be designated as the official depository of public moneys, notwithstanding the fact that a public officer, official, or employee may have a direct or an indirect interest in said bank either as an officer, director, stockhol…

The state treasurer shall account to the state for all money and funds directly or indirectly received by him by virtue of his office, or as interest or compensation for the use, deposit, or forbearance of any state money in his hands or under his control. The total interest paid…

Every state depository at the end of each month and oftener when required by the state treasurer, shall file with the state treasurer a sworn statement of the amount of state money deposited with it, and of all payments of state money during the month, together with a computation…

Any state treasurer who shall intentionally fail or refuse at any time to do or perform any act required of him by this chapter shall be guilty of a Class 2 misdemeanor. Source: SL 1909, ch 229 , § 3; SL 1911, ch 234 , § 3; RC 1919, § 6874; SDC 1939, § 55.9916; SL 1980, ch 24 , §…

Repealed by SL 1976, ch 158 , § 12A-11.

For the purpose of managing deposits of state moneys, the state treasurer may, on a daily basis only, borrow moneys from any depository to cover advances made by a depository of the state on uncollected deposits. The state treasurer may pay interest on such borrowed moneys at a r…

Terms as used in this chapter mean: (1) "Commission," the South Dakota Public Deposit Protection Commission created under § 4-6A-2 ; (2) "Deposit insurance," insurance provided by the Federal Deposit Insurance Corporation or the National Credit Union Administration; (3) "Eligible…

When the Public Deposit Protection Commission determines that a loss has occurred, the commission shall, as soon as possible, make payment to the proper public officers of all funds subject to such loss, pursuant to the procedures set forth in §§ 4-6A-11 to 4-6A-15 , inclusive. S…

For the purposes of determining the sums to be paid pursuant to § 4-6A-10 , the Public Deposit Protection Commission shall, within twenty days after issuance of a restraining order or the taking of possession of any qualified public depository, ascertain the amount of public fund…

Within ten days after receipt of certification pursuant to § 4-6A-11 , each public depositor shall furnish to the Public Deposit Protection Commission verified statements of its deposits in the depository as disclosed by its records. Source: SL 1974, ch 39 , § 9 (2).

If a loss occurs in a qualified public depository, upon receipt of statements furnished pursuant to § 4-6A-12 , the Public Deposit Protection Commission shall ascertain and fix the amount of such public deposit accounts net after deduction of deposit insurance and assess the same…

Assessments made by the Public Deposit Protection Commission pursuant to § 4-6A-13 shall be payable on the second business day following demand, and in case of the failure of any qualified public depository so to pay, the commission shall forthwith take possession of the securiti…

Upon receipt of assessment payments under § 4-6A-14 , the Public Deposit Protection Commission shall reimburse the public depositors of the qualified public depository in which the loss occurred to the extent of the depository's net deposit liability to them. Source: SL 1974, ch …

The Public Deposit Protection Commission shall have the power to take such action as the commission deems best for the protection, collection, compromise, or settlement of any claim arising in case of loss. Source: SL 1974, ch 39 , § 5 (3).

The Public Deposit Protection Commission may fix the official date on which any loss is considered to have occurred for purposes of this chapter taking into consideration the orders, rules, and regulations of supervisory authority as they affect the failure or inability of a qual…