South Dakota Constitution Article 28 - County Investment of Permanent School and Endowment Funds.
South Dakota Constitution – Article 28: County Investment of Permanent School and Endowment Funds
Summary:
Article 28 governs how counties in South Dakota may invest their permanent school funds and endowment funds. This article provides guidelines to ensure these public funds are invested prudently to generate income that supports education and other public purposes.
🔑 Key Provisions of Article 28:
Authority to Invest:
Counties are authorized to invest permanent school funds and other endowment funds in certain types of safe and productive investments.
Permitted Investments:
Investments must be in bonds, notes, or securities that are considered safe and reliable.
The exact types of permitted investments are typically defined by law or regulations to ensure preservation of principal.
Income Use:
Income generated from these investments is to be used solely for the benefit of the schools or other designated public purposes.
Safeguarding Principal:
The principal amount of these funds must be preserved intact, protecting the permanent nature of the school and endowment funds.
Accountability and Reporting:
Counties must maintain accurate records and provide reports on investments and income.
This ensures transparency and public trust in fund management.
🎯 Purpose:
To protect and grow the financial resources dedicated to education.
To ensure counties manage public funds responsibly and transparently.
To maximize benefits for South Dakota’s public schools and communities.
RELATED Blog
0 comments