Changes to Existing Law
HB1204 — Create the South Dakota school construction fund, provide for the transfer of moneys to the fund, and make an appropriation therefor.
1 section modified+689-0
View:
§ 13-24
New Section+689
NEW SECTION added to Chapter 13-24
There is created the South Dakota school construction loan fund, to be administered by the Department of Education, for the purpose of making loans to school districts to construct or expand a school building, as provided in section of this Act. Any interest earned on moneys in the fund must remain in the fund. Any repayment of the principal amount of a loan must be deposited into the fund and used for making new loans. Money in the fund designated for loans is continuously appropriated for the purposes provided in section of this Act. The secretary of the department shall approve vouchers, and the state auditor shall draw warrants to pay expenditures authorized from this fund. 13