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26.852.9 101st Legislative Session 225
2026 South Dakota Legislature
Senate Bill 225
Introduced by: Senator Lapka
Underscores indicate new language.
Overstrikes indicate deleted language.
An Act to apportion interest earnings from the unclaimed property trust fund to 1
school districts. 2
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA: 3
Section 1. That § 13-13-1 be AMENDED: 4
13-13-1. The commissioner of school and public lands, after any adjustments that 5
have been made pursuant to § 5-10-18.3, shall apportion the school funds as follows:the: 6
(1) The commissioner shall ascertain from the division of education the total number 7
of resident pupils students in average daily membership , as defined in § 13-13-8
1.1, in each school district and the total number of pupils students in average daily 9
membership in all school districts, and on that basis of the school population, the; 10
and 11
(2) The commissioner shall apportion to each school district, pro rata, such share, as 12
its population of resident pupils students in average daily membership in the school 13
district bears to the total number of pupils students in average daily membership 14
in all school districts. 15
The funds to be apportioned include funds derived from the lease of school lands, the 16
lease of public lands not apportioned to any educational, penal, or charitable institution, 17
the interest, dividends, and other income on invested funds derived from the sale of school 18
lands and public lands not apportioned to any such institution of these institutions , and 19
the interest, dividends, and other income on invested funds derived from the five percent 20
paid by the United States on the sale of public lands within the state, and the distribution 21
amount from the unclaimed property trust fund, pursuant to § 43-41B-24.5. 22
Section 2. That § 43-41B-24.4 be AMENDED: 23
26.852.9 2 225
Underscores indicate new language.
Overstrikes indicate deleted language.
43-41B-24.4. There is created in the state treasury the trust fund for unclaimed 1
property. The fund consists of any net receipts from unclaimed property that exceed the 2
maximum deposit requirements of § 43-41B-24.3. 3
The state treasurer shall administer the fund. The purpose of the fund is to provide 4
for the return of unclaimed property, provide for the payment of audit expenses, and 5
deposit into the general fund the distribution amount, in accordance with § 43-41B-24.5. 6
Distribution amounts from the fund must be budgeted through the general appropriation 7
bill, as provided for in § 43-41B-24.5, or expended by special appropriation. Moneys 8
comprising the principal amount in the trust fund for unclaimed property may not be 9
appropriated by the general appropriation bill or by special appropriation. 10
Section 3. That § 43-41B-24.5 be AMENDED: 11
43-41B-24.5. Beginning in fiscal year 2026 and each fiscal year thereafter, the 12
state treasurer shall, after paying from the unclaimed property operating fund all claims 13
and any administrative costs associated with the sale of unclaimed property, deposit into 14
the general fund the net receipts from unclaimed property, up to the general fund 15
contribution limit, as established in § 43-41B-24.3. 16
Any net receipts from unclaimed property that exceed the general fund contribution 17
limit as defined in § 43-41B-24.3, must be deposited into the trust fund for unclaimed 18
property. 19
The state investment officer shall calculate an amount equal to four percent of the 20
market value of the trust fund for unclaimed property, without invading principal, as 21
eligible for distribution to the general fund commissioner of school and public lands for 22
apportionment pursuant to § 13-13-1. Until fiscal year 2031, the distribution must be 23
based on the market value as of each December thirty -first, beginning with the market 24
value as of December 31, 2025. Beginning with the distribution in fiscal year 2031, the 25
market value must be determined by adding the market value of the trust fund at the end 26
of the sixteen most recent calendar quarters as of December thirty-first, and dividing the 27
sum by sixteen. Upon notice of the amount by the state investment officer, the state 28
treasurer shall transfer the distribution amount from the trust fund to the general fund 29
commissioner of school and public lands, as soon as practicable after July first of the next 30
fiscal year. 31