Section 42-7B-48 - South Dakota Gaming Commission fund established--Disbursements. - South Dakota Statutes

42-7B-48. South Dakota Gaming Commission fund established--Disbursements. There is established within the state treasury the South Dakota Gaming Commission fund, into which shall be deposited the proceeds from the gaming tax, license stamp fees, license fees, application fees, the net proceeds generated by the operation of the five-cent slot machines, and the initial fund is continuously appropriated for the purposes specified in this section. All funds received by the commission shall be set forth in an informational budget as described in § 4-7-7.2 and be annually reviewed by the Legislature. Any disbursement from the Gaming Commission fund shall be by authorization of the executive secretary for any of the following purposes:
(1) Forty percent of the gaming tax collected shall be transferred to the tourism promotion fund created in § 1-42-31, and ten percent of the gaming tax collected shall be paid to Lawrence County;
(2) The expenses of the commission for administration and operation including litigation and enforcement of this chapter and chapter 42-7 and for grants as provided by § 42-7B-48.3; and
(3) All funds remaining after the payments provided in subdivisions (1) and (2), less one hundred thousand dollars which shall be transferred to the historical preservation loan and grant fund created in § 1-19A-13.1 constitute the net municipal proceeds and shall be disbursed at least quarterly to the City of Deadwood for deposit in the historic restoration and preservation fund.

Source: SL 1989, ch 374, § 43; SL 1991, ch 349, § 38; SL 1993, ch 320, § 12 rejected by referendum held September 14, 1993; SL 1994, ch 332, § 1; SL 2006, ch 222, § 2.