2001 Text of the
Amendments as Passed
The following amendments to the State Constitution were approved
by the voters at the April 10, 2001 special election.
Article XII, § 5. (Effective July 1, 2001) 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.
Article XII, § 6. (Effective July 1, 2001) There is 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.
Article XIII, § 20. The net proceeds derived from the sale
of state cement enterprises shall be deposited by the South Dakota Cement
Commission in a trust fund hereby created to benefit the citizens of South
Dakota. The South Dakota Investment Council or its successor shall invest the
trust fund in stocks, bonds, mutual funds, and other financial instruments as
provided by law. Each fiscal year beginning in fiscal year 2001, a transfer of
twelve million dollars shall be made from the trust fund to the state general
fund as provided by law.
Article XIII, § 21. Except as provided in Article XIII,
section 20 of the Constitution of the State of South Dakota, the original
principal of the trust fund shall forever remain inviolate. However, the
Legislature shall, by appropriation, make distributions from the difference
between the twelve million dollar annual general fund transfer and five percent
of the market value of the trust fund for the support of education, but not for
the replacement of state aid to general education or special education, if the
increase in the market value of the trust fund in that fiscal year was
sufficient to maintain the original principal of the trust fund after such
distributions. Beginning with fiscal year 2006, the market value of the trust
fund shall be determined by adding the market value of the trust fund at the end
of the sixteen most recent calendar quarters, and dividing that sum by sixteen.
