ENTITLED An Act to revise the purposes for which a school district's capital outlay fund may be used.
Be it enacted by the Legislature of the State of South Dakota:
Section 1. That 13-16-6 be AMENDED:
13-16-6. Capital outlay fund--Definition--Uses--Levy.
The capital outlay fund of the school district is a fund provided by law to meet expenditures which result in the acquisition or lease of or additions to real property, plant, or equipment. Such an expenditure shall be for land, existing facilities, improvement of grounds, construction of facilities, additions to facilities, remodeling of facilities, or for the purchase or lease of equipment. It may also be used for installment or lease-purchase payments for the purchase of real property, plant, or equipment, which have a contracted terminal date not exceeding twenty years from the date of the installment contract or lease-purchase and for the payment of the principal of and interest on capital outlay certificates issued pursuant to 13-16-6.2.
Any purchase of one thousand dollars or less may be paid out of the general fund. The total accumulated unpaid principal balances of such installment contracts and lease-purchase and the outstanding principal amounts of such capital outlay certificates may not exceed three percent of the taxable valuation. The school district shall provide a sufficient levy each year under the provisions of 13-16-7 to meet the annual installment contract, lease-purchase, and capital outlay certificate payments, including interest.
A school district which contracts its student transportation may expend from the capital outlay fund an amount not to exceed fifteen percent of the contract amount. In addition, a school district which reimburses for mileage instead of providing transportation pursuant to 13-30-3, may use the capital outlay fund to pay for fifteen percent of its mileage reimbursement costs.
The capital outlay fund may be used to purchase textbooks and to purchase or renew instructional software.
The capital outlay fund may be used to purchase warranties on capital assets if the warranties do not include supplies.
A school district may transfer from its capital outlay fund to its general fund an amount not to exceed forty-five percent of the total tax revenues deposited in that fund during the current school fiscal year.
An Act to revise the purposes for which a school district's capital outlay fund may be used.
I certify that the attached Act originated in the:
Secretary of the Senate
President of the Senate
Attest:
Secretary of the Senate
Speaker of the House
Attest:
Chief Clerk
Senate Bill No. 174 File No. ____ Chapter No. ______
|
Received at this Executive Office this _____ day of _____________,
2020 at ____________M.
By for the Governor
The attached Act is hereby approved this ________ day of ______________, A.D., 2020
ss. Office of the Secretary of State
Filed ____________, 2020 at _________ o'clock __M.
Secretary of State
By Asst. Secretary of State
|