An Act to index a certain level of municipal proceeds regarding the disbursements from the Gaming Commission fund to an inflation index.
Be it enacted by the Legislature of the State of South Dakota:
Section 1. That 42-7B-48.1 be AMENDED:
42-7B-48.1.
Disbursements from
the Gaming Commission fund shall be as set forth in 42-7B-48
until such time as the net municipal proceeds paid to the City of
Deadwood equals
six
seven million
eight hundred thousand
dollars for each year,
adjusted annually according to an index factor effective July 1,
2022, and after
payment of commission expenses pursuant to subdivision 42-7B-48(2),
and after payment of one hundred thousand dollars to the
State Historical Preservation Grant and Loan
historical preservation loan and grant
fund pursuant to subdivision 42-7B-48(3).
Thereafter, all remaining funds shall be distributed as follows:
(1) Seventy percent to the state general fund;
(2) Ten percent to be distributed to municipalities in Lawrence County, except the City of Deadwood, pro rata according to their population;
(3) Ten percent to be distributed
to school districts, pro rata based upon the previous year's average
daily membership, located in whole or in part, in Lawrence County.
For any school district located only partly in Lawrence County, only
that portion of the district's average daily attendance
which
that represents
students residing in Lawrence County
shall
may be
considered in calculating the proration required by this subdivision;
and
(4) Ten percent to the City of Deadwood for deposit in the historic restoration and preservation fund.
The index factor is the annual percentage change in the consumer price index for urban wage earners and clerical workers as computed by the Bureau of Labor Statistics of the United States Department of Labor for the year before the year immediately preceding the year of adjustment.