This bill amends existing laws to allocate interest earnings from the unclaimed property trust fund directly to school districts in South Dakota. Specifically, it modifies Section 13-13-1 to change the terminology from "pupils" to "students" and introduces a new provision that allows the commissioner of school and public lands to apportion funds based on the average daily membership of students in each school district. The funds to be apportioned will now include not only those derived from the lease of school and public lands but also the distribution amount from the unclaimed property trust fund, as specified in the new Section 43-41B-24.5.

Additionally, the bill revises the management of the unclaimed property trust fund, ensuring that any net receipts exceeding the general fund contribution limit are deposited into the trust fund. It establishes that four percent of the market value of the trust fund will be calculated for distribution to the commissioner of school and public lands for apportionment to school districts, rather than being allocated to the general fund. The bill outlines a new method for determining the market value for distribution purposes, transitioning to a quarterly average starting in fiscal year 2031. Overall, the legislation aims to enhance funding for education by utilizing unclaimed property earnings.

Statutes affected:
Introduced, 02/04/2026: 13-13-1, 43-41B-24.4, 43-41B-24.5