Section 5-12-57 - Establishment of permanent tobacco settlement development trust fund--Funds to bedeposited identified. - South Dakota Statutes

5-12-57. Establishment of permanent tobacco settlement development trust fund--Funds to be deposited identified. The permanent tobacco settlement development trust fund is hereby established in the state treasury as a special trust fund. That portion of the net proceeds of sale of tobacco settlement revenues which is derived from the net proceeds of bonds shall be deposited in the permanent tobacco settlement development trust fund. In addition, any residual interest in tobacco settlement revenues shall, upon receipt by the state, be deposited in the tobacco settlement residual fund. The principal of the permanent tobacco settlement development trust fund may not be expended except for costs and expenses incurred in investing or otherwise administering the permanent tobacco settlement development trust and its assets or as otherwise provided by law. The amounts in the permanent tobacco settlement development trust fund shall be state public funds within the meaning of chapter 4-4 and shall be invested in permitted investments and otherwise in accordance with §§ 4-5-23 and 4-5-26. All investment earnings from the permanent tobacco settlement development trust fund shall be transferred to and deposited in the tobacco development interest fund, or to such other fund or account as shall otherwise be provided by law, on a periodic basis no less frequently than annually.

Source: SL 2001, ch 27, § 10.