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An Amendment to Article XIII of the South Dakota Constitution Relating to the Trust Fund Created from the Proceeds of the State Cement Enterprise Sales

South Dakota Ballot Measure - Constitutional Amendment L

Election: Nov. 2, 2010 (General)

Outcome: Failed

Categories:

Infrastructure
Constitution
Government Budget and Spending

Arguments For

Arguments Against

Summary

    Constitutional Amendment L changes annual distribution amounts made from the cement plant trust fund to the State's general fund. The cement plant trust fund holds the proceeds from the sale of the state cement plant to benefit South Dakota citizens. The proposed amendment reduces the current $12 million mandatory annual transfer to $8 million over a four year period. Thereafter, the mandatory transfer is eliminated and the Legislature may transfer up to four percent of the trust fund to the State's general fund as long as the transfers do not cause the trust fund to fall below its original principal amount.

    The amendment also eliminates a distribution from the trust fund to support education.

    A vote "Yes" is for changing the annual distributions from the cement plant trust fund.

    A vote "No" is against the constitutional amendment.

    Resources

    Official Summary

    Source
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