S.D. Codified Laws § 4-6A-1 — SD Code / Title 4 / Chapter 6A / Section 4-6A-1
Definitions
Status: in_force

Terms as used in this chapter mean:

(1) "Commission," the South Dakota Public Deposit Protection Commission created under § 4-6A-2 ;

(2) "Deposit insurance," insurance provided by the Federal Deposit Insurance Corporation or the National Credit Union Administration;

(3) "Eligible collateral," collateral which is eligible as security for public deposits pursuant to §§ 51A-10-9 , 51A-4-25 , and 51A-4-26 and also includes certificates of deposit that are owned by the qualified public depository and that are fully insured by deposit insurance, and that portion of loans which are unconditionally guaranteed by a United States government agency including Government National Mortgage Association (GNMA), the Veterans' Administration (VA), the Federal Housing Administration (FHA), the Farmers Home Administration (FmHA), the Export-Import Bank (EXIMBANK), the Overseas Private Investment Corporation (OPIC), the Commodity Credit Corporation (CCC), and the Small Business Administration (SBA). Further, in lieu of pledging eligible securities, a qualified public depository may furnish to a public depositor irrevocable standby letters of credit issued by Federal Home Loan Banks to the public depositor accompanied by a written evidence of that bank's public debt rating which may not be less than "AA" or better by Moody's Investors Service, Inc., or Standard & Poor's Corporation, or a qualified public depository may furnish to a public depositor a corporate surety bond of a corporation authorized to do business in South Dakota;

(4) "Loss," issuance of an order of supervisory authority restraining a qualified public depository from making payments of deposit liabilities or the appointment of a receiver for a qualified public depository;

(5) "Maximum liability," a sum equal to one hundred percent of the public deposit accounts which exceed deposit insurance, which are held by the qualified public depository;

(6) "Public deposit," all general, special, and other funds held or administered by this state or any political subdivision thereof, including counties, municipalities, townships, and school districts, or by any officer, commission, board, bureau, or agency of the state or political subdivision or any tribal government funds, and which public deposit is insured, in whole or in part, by deposit insurance;

(7) "Qualified public depository," a state bank, national bank, federal savings and loan association, or a federally chartered credit union located in this state which receives or holds public deposits; and segregates eligible collateral for public deposits as described in § 4-6A-3 ;

(8) "Treasurer," the state treasurer, a county treasurer, a treasurer of any other municipal corporation, or the custodian of any public funds.

Source: SL 1974, ch 39, § 2; SL 1982, ch 45, § 1; SL 1986, ch 44, § 1; SL 1986, ch 45, § 2; SL 1986, ch 400, § 16; SL 1987, ch 45, § 1; SL 1991, ch 39; SL 1997, ch 273, § 4; SL 2002, ch 221, § 3; SL 2015, ch 38, § 1; SL 2020, ch 4, § 24.
S.D. Codified Laws § 4-9-20 — SD Code / Title 4 / Chapter 9 / Section 4-9-20
Cancellation of warrants not presented for payment--Record
Status: in_force

Any warrant that has not been presented for payment at any time within the one hundred eighty - day period from the date on which the warrant was issued by the holder or owner of such warrant shall be canceled by the state auditor and a record kept showing that the original has been canceled.

Source: SL 1941, ch 327, § 3; SL 1953, ch 291, § 2; SDC Supp 1960, § 55.2507; SL 1970, ch 31, § 4; SL 1985, ch 33, § 2; SL 1988, ch 47, § 4.
S.D. Codified Laws § 4-8A-9 — SD Code / Title 4 / Chapter 8A / Section 4-8A-9
Contingency fund request--Governor's recommendation to special committee
Status: in_force

All requests by an agency for moneys from any general contingency funds appropriated in the general appropriation bill or any special appropriation bill must be submitted in writing to the Governor, the Bureau of Finance and Management, and the chair or chairs of the special committee, setting forth the proposed usage and necessity for the moneys. If the Governor deems the request to be in the public interest and of sufficient necessity, the Governor must submit a recommendation to the special committee, for its consideration and disposition.

Source: SL 1974, ch 44, § 4; SL 2023, ch 3, § 25; SL 2025, ch 33, § 6.
S.D. Codified Laws § 4-1-5 — SD Code / Title 4 / Chapter 1 / Section 4-1-5
Disqualification of member of board--Selection of replacement
Status: in_force

If any member of the Board of Finance determines himself disqualified from acting on any matter considered under the provisions of this chapter, he shall notify the board of his determination in writing. Upon receipt of the determination of disqualification, the remaining members of the Board of Finance shall select, by a majority vote, a replacement. The individual selected to replace a disqualified member of the Board of Finance shall have all the powers and duties of a regular member of the board with respect to the matter before the board that caused the regular member to disqualify himself.

Source: SL 1982, ch 43.
S.D. Codified Laws § 4-5-28 — SD Code / Title 4 / Chapter 5 / Section 4-5-28
Policy regulations and restrictions formulated by council
Status: in_force

The State Investment Council shall formulate investment policy regulations pertaining to the kind or nature of investment of any of the moneys, and any restrictions upon the methods for investment, which shall govern the state investment officer.

Source: SL 1971, ch 27, § 17.
S.D. Codified Laws § 4-6-26 — SD Code / Title 4 / Chapter 6 / Section 4-6-26
Borrowing on daily basis for management of state deposits--Repayment
Status: in_force

For the purpose of managing deposits of state moneys, the state treasurer may, on a daily basis only, borrow moneys from any depository to cover advances made by a depository of the state on uncollected deposits. The state treasurer may pay interest on such borrowed moneys at a rate to be negotiated by him and the lending depository and may take such measures as are necessary to implement this section. All such moneys shall be repaid, with interest, before the end of the fiscal year in which they were borrowed. The state is not liable to repay such moneys from revenues of any later fiscal year.

Source: SL 1983, ch 3, § 1.
S.D. Codified Laws § 4-11-15 — SD Code / Title 4 / Chapter 11 / Section 4-11-15
Notice to attorney general of civil actions--Compromise of actions
Status: in_force

The attorney general shall be notified at the beginning of any action, and kept fully advised of the progress thereof, and it shall not be lawful for any board of county commissioners or board of other taxing district to make a settlement or compromise of any claim exceeding the sum of three hundred dollars, or of any civil action or controversy arising out of such malfeasance, misfeasance or neglect of duty so reported, nor for any court to enter any compromise or settlement of such civil action, without giving notice thereof to the attorney general and allowing him to be heard in the matter.

Source: SL 1943, ch 258, § 9; SDC Supp 1960, § 55.2909.
S.D. Codified Laws § 4-7-7.1 — SD Code / Title 4 / Chapter 7 / Section 4-7-7.1
Plan of goals and activities submitted with budget request
Status: in_force

All budget units shall submit to the Bureau of Finance and Management with their budget request a detailed plan of their goals and program activities.

Source: SL 1972, ch 26, § 1; SL 1985, ch 33, § 26.
S.D. Codified Laws § 4-7-17 — SD Code / Title 4 / Chapter 7 / Section 4-7-17
Assistance to Legislature provided by bureau
Status: in_force

The Bureau of Finance and Management, at the direction and under the control of the Governor, and subject to the provisions of this chapter, shall provide such assistance as the Legislature may request and be available to assist its appropriations committees with any needed information or material.

Source: SL 1963, ch 353, § 4 (6).
S.D. Codified Laws § 4-3-29 — SD Code / Title 4 / Chapter 3 / Section 4-3-29
State of South Dakota endowment fund--Administration by South Dakota Community Foundation
Status: in_force

The State of South Dakota endowment fund may be established within the South Dakota Community Foundation. The purpose of the endowment fund is to provide a fund for any person who wishes to contribute to the endowment fund to further the excellent quality of life which is unique to this state. This fund shall be administered by the South Dakota Community Foundation. Any funds received by the state from the State of South Dakota endowment fund shall be appropriated by the South Dakota Legislature.

Source: SL 2011, ch 25, § 1.
S.D. Codified Laws § 4-8B-10.1 — SD Code / Title 4 / Chapter 8B / Section 4-8B-10.1
Full-time equivalent positions included in review--Approval of position level
Status: in_force

The review, pursuant to § 4-8B-10 , of moneys received shall include the number of full - time equivalent positions to be hired as a result of the acceptance of additional moneys. The special committee created by chapter 4-8A shall approve the number of full - time equivalent positions to be hired. No budget unit shall exceed the full - time equivalent position level established without specific approval of the special committee.

Source: SL 1977, ch 44.
S.D. Codified Laws § 4-5-49 — SD Code / Title 4 / Chapter 5 / Section 4-5-49
Identification of holdings in scrutinized companies
Status: in_force

Within ninety days following July 1, 2010, the State Investment Council shall make its best efforts to identify all scrutinized companies in which it has direct holdings. These efforts shall include, as appropriate:

(1) Reviewing and relying, as appropriate, on publicly available information regarding companies with business operations in Iran, including information provided by nonprofit organizations, research firms, international organizations, and government entities;

(2) Contacting asset managers contracting with the State Investment Council who invest in companies with business operations in Iran; and

(3) Contacting other institutional investors that have divested from or engaged with companies with business operations in Iran.

Source: SL 2010, ch 27, § 2.
S.D. Codified Laws § 4-8-15 — SD Code / Title 4 / Chapter 8 / Section 4-8-15
Restoration of fund from which loan made--Treasurer's books to show status of funds
Status: in_force

Any fund temporarily depleted by virtue of § 4-8-14 shall be fully restored within the time frame specified and approved by the state auditor.

The books of the state treasurer shall at all times show the true amount of moneys in any particular fund, as well as any temporary withdrawal therefrom.

Source: SDC 1939, § 55.2006; SL 1964, ch 157, § 1; SL 1997, ch 35, § 3; SL 1998, ch 27, § 1.
S.D. Codified Laws § 4-6A-8 — SD Code / Title 4 / Chapter 6A / Section 4-6A-8
Treasurer not liable for loss from authorized deposits
Status: in_force

When deposits are made in accordance with this chapter, a treasurer shall not be liable for any loss thereof resulting from the failure or default of any depository without fault or neglect on his part or on the part of his assistants or clerks.

Source: SL 1909, ch 229, § 2; SL 1911, ch 234, § 2; RC 1919, § 6873; SL 1923, ch 282; SL 1927, ch 200, § 1; SL 1929, ch 233; SDC 1939, § 55.2401; SL 1939, ch 208, § 1; SL 1949, ch 218; SDCL, § 4-6-15 ; SL 1974, ch 39, § 12.
S.D. Codified Laws § 4-5-30 — SD Code / Title 4 / Chapter 5 / Section 4-5-30
Pooling of cash accounts--Certification by Appropriations Committee--Prorating of income--Transfer of money to investment council expense account
Status: in_force

The state investment officer, utilizing the facilities of the state budgetary accounting system, shall pool cash accounts within the funds enumerated in § 4-5-23 . The Appropriations Committee of the Legislature, upon recommendations from the commissioner of finance and management, shall certify those funds which are to participate in the interest income of the pooled investments. The state investment officer shall credit the gain or interest due as a result of investments made pursuant to § 4-5-29 on a pro rata basis to the participating funds in the same ratio as the average daily cash balance of each fund bears to the total average cash balance of all funds.

If requested by the state investment officer during each fiscal year, the state treasurer shall transfer money from the South Dakota retirement fund, health care trust fund, education enhancement trust fund, the trust fund derived from the sale of state cement enterprises, the general fund portion of the pooled income account for the permanent school and other educational fund provided for in S.D. Const., Art. VIII, and any other specific fund approved by the Bureau of Finance and Management, other than the state pooled fund, to the investment council expense account in an amount not to exceed the ratio of the average assets in each fund for the previous fiscal year to the total average assets managed by the investment council, other than the state pooled fund, for the previous fiscal year multiplied by the difference between the budget of the investment council for each fiscal year and the total of the current fiscal year beginning cash balance in the investment council expense account plus two hundredths of a percent of the prior fiscal year's average assets in the state pooled fund. If requested by the state investment officer during each fiscal year, the state treasurer shall transfer money from the pooled income account to the investment council expense account in an amount not to exceed two hundredths of a percent of the prior fiscal year's average assets in the state pooled fund. The state investment officer may make multiple transfer requests during the fiscal year, with each request being proportionate among the funds, provided that the total transfers do not exceed the amounts provided by this section.

Source: SL 1971, ch 27, § 16; SL 1976, ch 50; SL 1977, ch 35, § 1; SL 1978, ch 36, § 1; SL 1986, ch 49; SL 1987, ch 44, § 1; SL 1998, ch 25, § 1; SL 2002, ch 26, § 1; SL 2015, ch 36, § 1.
S.D. Codified Laws § 4-10-5 — SD Code / Title 4 / Chapter 10 / Section 4-10-5
Reconciliation of auditor's and treasurer's accounts--Adjustments and transfers
Status: in_force

The state auditor is hereby authorized and required to make a complete reconciliation of all outstanding warrants of his office and records of same with the balance, funds, books, and records of the state treasurer's office, and to continue such reconciliation when completed as an office practice. And in making such reconciliation, the state auditor shall have authority to make proper adjustments, transfer balances to the proper fund or to a trust fund and to do any and all acts necessary to effectuate a proper reconciliation of said offices, and records thereof.

Source: SL 1941, ch 317, § 1; SDC Supp 1960, § 55.1311.
S.D. Codified Laws § 4-4-6 — SD Code / Title 4 / Chapter 4 / Section 4-4-6
Annual financial statements
Status: in_force

The Bureau of Finance and Management shall annually prepare financial statements for the State of South Dakota. The financial statements shall be prepared in accordance with generally accepted accounting principles.

Source: SL 1987, ch 43; SL 2001, ch 23, § 3.
S.D. Codified Laws § 4-9-10 — SD Code / Title 4 / Chapter 9 / Section 4-9-10
Apportionment of money due other public agencies--Warrant and notice of amount
Status: in_force

The apportionment of all money paid into the state treasury, any part of which is required by law to be paid to the several counties, to municipal corporations, or to Indian tribes, or any part of which is to be rebated in compliance with any intergovernmental agreement pursuant to chapter 1-24 , shall be made by the auditor and treasurer. The auditor shall, and he is authorized to, draw his warrants on the state treasury for the amount found due each county, corporation, Indian tribe, or other public agency and forward the same to the treasurer of such county, corporation, Indian tribe, or other public agency, and at the same time send a written notice to the auditor of such county, corporation, Indian tribe, or other public agency stating the amount so apportioned.

Source: SL 1891, ch 113, § 9; RPolC 1903, § 328; RC 1919, § 6941; SDC 1939, § 55.2313; SL 1974, ch 42.
S.D. Codified Laws § 4-9-6 — SD Code / Title 4 / Chapter 9 / Section 4-9-6
Notice to attorney general and state's attorney of false affidavits to obtain money from treasury
Status: in_force

It shall be the duty of the state auditor upon receiving knowledge that any person has made any false affidavit to secure money from the state treasury, to forthwith notify the attorney general, and also the state's attorney of any county in which such oath was made, of such fact and it shall be the duty of the attorney general and of such state's attorney to prosecute such person.

Source: SL 1911, ch 4, § 4; RC 1919, § 5346; SDC 1939, § 55.1305.
S.D. Codified Laws § 4-5-16 — SD Code / Title 4 / Chapter 5 / Section 4-5-16
Removal of council member from office--Filling of vacancies
Status: in_force

A member of the State Investment Council appointed by the Executive Board of the Legislative Research Council may be removed from office by the Executive Board of the Legislative Research Council, for cause, upon notice and opportunity to be heard at a public hearing. Any vacancy in the membership of the council occurring other than by expiration of term shall be filled in the same manner as the original appointment, but for the unexpired term only.

Source: SL 1971, ch 27, § 5; SL 1981, ch 28, § 2.
S.D. Codified Laws § 4-6-16 — SD Code / Title 4 / Chapter 6 / Section 4-6-16
Active depositories for collection of instruments--Interest paid
Status: in_force

The state treasurer shall prepare specifications and select successful bidders for a period not to exceed three years to act as active depositories for the collection of drafts, checks, certificates of deposit, or coupons that may be received by the state treasurer on account of claims due the state, in which may be maintained active checking accounts. The state treasurer may negotiate with the successful bidder to continue such depositories for two years beyond the initial three. The state treasurer, on receipt of any draft, check, or certificate of deposit on account of state dues, may place the same in such active depository for collection and the active depository may collect the same without delay. The interest to be paid by such active depository shall be fixed by the state treasurer.

Source: SL 1909, ch 229, §§ 6, 8; SL 1911, ch 234, §§ 6, 8; RC 1919, §§ 6877, 6879; SL 1921, ch 368; SL 1931, ch 229, § 1; SL 1937, ch 234; SDC 1939, § 55.2404; SL 1939, ch 208, § 3; SL 1984, ch 30, § 68; SL 1994, ch 42.
S.D. Codified Laws § 4-11-21 — SD Code / Title 4 / Chapter 11 / Section 4-11-21
Confidential identity of person supplying information to department
Status: in_force

The identity of a person supplying information to the Department of Legislative Audit in conjunction with the performance of any audit authorized by this chapter may be kept confidential if requested by that person and such confidentiality is determined by the auditor general to be appropriate under the circumstances. After a determination of confidentiality has been made, the identity of the person supplying the information may not be disclosed except pursuant to written consent of that person or by court order. No person may use a subpoena, discovery, or other applicable statute to obtain the identity of the person. This section does not apply to requests from the attorney general or law enforcement officers of any municipality, county, state, or federal agency or department for such information.

Source: SL 1994, ch 45.
S.D. Codified Laws § 4-10-9 — SD Code / Title 4 / Chapter 10 / Section 4-10-9
Legislative inspection of auditor's records
Status: in_force

Whenever required the state auditor shall submit his books, accounts, and vouchers to the inspection of the Legislature or any committee thereof appointed for that purpose.

Source: SL 18 62-3 , ch 53, § 11; PolC 1877, ch 7, § 9; CL 1887, § 76; RPolC 1903, § 80; RC 1919, § 5348; SDC 1939, § 55.1308.
S.D. Codified Laws § 4-9-1.1 — SD Code / Title 4 / Chapter 9 / Section 4-9-1.1
Rules for issuing warrants
Status: in_force

The state auditor shall adopt, pursuant to chapter 1-26 , rules governing the procedure for issuing state warrants and the disbursements for which warrants may and may not be issued.

Source: SL 1975, ch 10, § 1.
S.D. Codified Laws § 4-9-5 — SD Code / Title 4 / Chapter 9 / Section 4-9-5
False instrument to obtain public funds as theft
Status: in_force

Any person or persons who shall knowingly obtain or attempt to obtain any public moneys or public funds from the State of South Dakota, or any of its political subdivisions, by means of or by use of any false affidavit or other instrument, where such affidavit or instrument is the basis for the claim for payment of public moneys or public funds, shall be guilty of theft.

Source: SDC 1939, § 13.4216 as enacted by SL 1964, ch 32; SL 1980, ch 24, § 62.
S.D. Codified Laws § 4-7-47 — SD Code / Title 4 / Chapter 7 / Section 4-7-47
Total annual debt service payments of South Dakota Building Authority and vocational education program of South Dakota Health and Educational Facilities Authority
Status: in_force

The total annual debt service payments of the South Dakota Building Authority and the vocational education program of the South Dakota Health and Educational Facilities Authority may not exceed four percent of the total ongoing general fund receipts for the most recently completed state fiscal year.

Source: SL 2015, ch 6, § 5; SL 2015, ch 40, § 2.
S.D. Codified Laws § 4-11-12 — SD Code / Title 4 / Chapter 11 / Section 4-11-12
Publication of notice of county, municipal and school district audit reports--Contents and expense of notice
Status: in_force

Not less than ten days after the date of filing the reports on audit in any public office the auditor-general shall cause to be published for two issues in each of the official papers of any municipality, school district or county, the audit of which has been completed, a brief statement of the fact that he has made the audit and where the same may be found on file for public inspection and also a brief recital of the substantial items of error, irregularity, or loss which he has discovered but with sufficient detail so that the public may be informed of the important findings of the audit. Expense of such publication is to be paid at legal rate by the said municipality, school district, or county. Any county, city, or school district who receives an independent audit shall make the audit report available on the entity's website.

Source: SL 1943, ch 258, § 8; SDC Supp 1960, § 55.2908; SL 1965, ch 244; SL 1966, ch 165, § 9; SL 1971, ch 26; SL 1992, ch 60, § 2; SL 2018, ch 44, § 2.
S.D. Codified Laws § 4-9-21 — SD Code / Title 4 / Chapter 9 / Section 4-9-21
Replacement of lost and destroyed warrants and checks authorized
Status: in_force

If any warrant or check issued by the state or any of its political subdivisions is lost or destroyed, so that it cannot be presented for payment the state and its political subdivisions may issue a replacement warrant or check as set forth in §§ 4-9-22 to 4-9-27 , inclusive.

Source: SL 1965, ch 243, § 1; SL 1985, ch 33, § 3.
S.D. Codified Laws § 4-5-38 — SD Code / Title 4 / Chapter 5 / Section 4-5-38
Severability of provisions
Status: in_force

If any part of §§ 4-5-12 to 4-5-39 , inclusive, is invalid, all valid parts that are severable from the invalid part remain in effect. If a part of said sections is invalid in one or more of its applications, the part remains in effect in all valid applications that are severable from the invalid applications.

Source: SL 1971, ch 27, § 28.
S.D. Codified Laws § 4-6A-7 — SD Code / Title 4 / Chapter 6A / Section 4-6A-7
Reports of public deposits and segregated collateral--False statement as perjury
Status: in_force

On each call report date, or more often as determined by the public deposit protection commission, each qualified public depository shall render to the commission a written report, certified under oath, indicating the total amount of public deposits held by it and the amount and nature of the eligible collateral segregated and designated therefor in accordance with this chapter. Any person who makes a false statement in any affidavit required by this section is guilty of perjury, and upon conviction thereof, shall be punished as provided by law.

Source: SL 1974, ch 39, § 11; SL 1982, ch 45, § 1D; SL 1986, ch 44, § 6; SL 1986, ch 45, § 5; SL 1987, ch 45, § 5.
S.D. Codified Laws § 4-4-8 — SD Code / Title 4 / Chapter 4 / Section 4-4-8
Transfer of funds received from federal government as indirect cost reimbursements to fund that incurred expenditures--Exemption
Status: in_force

The state treasurer shall transfer that portion of cash balances in federal funds that have accumulated in each fund over two hundred fifty thousand dollars as of June thirtieth due to indirect cost reimbursements received from the federal government to those funds that incurred the indirect cost expenditures. Funds of the Board of Regents are exempt from this requirement.

Source: SL 2005, ch 37, § 2.
S.D. Codified Laws § 4-5-59 — SD Code / Title 4 / Chapter 5 / Section 4-5-59
Circumstances under which §§4-5-48to4-5-60, inclusive, become inoperative
Status: in_force

The provisions of §§ 4-5-48 to 4-5-60 , inclusive, cease to be operative if either of the following occurs:

(1) Iran is removed from the United States Department of State's list of countries that have been determined to repeatedly provide support for acts of international terrorism; or

(2) The President of the United States determines and certifies that state legislation similar to §§ 4-5-48 to 4-5-60 , inclusive, interferes with the conduct of United States foreign policy.

Source: SL 2010, ch 27, § 12.
S.D. Codified Laws § 4-8-3 — SD Code / Title 4 / Chapter 8 / Section 4-8-3
Expenses in excess of appropriations prohibited--Misdemeanor
Status: in_force

No officer, board, or commission supported by state appropriation shall incur any expense in excess of the appropriation made for his or its maintenance and support by which a deficiency may be created in the funds appropriated for the maintenance of any department, board, institution, commission, or any other activity supported in whole or in part by state funds. A violation of this section is a Class 2 misdemeanor.

Source: SL 1909, ch 137, §§ 1, 2; SL 1918 (SS), ch 63; RC 1919, § 6891; SL 1923, ch 245; SDC 1939, § 55.2201; SL 1980, ch 24, § 57.
S.D. Codified Laws § 4-5-26 — SD Code / Title 4 / Chapter 5 / Section 4-5-26
Classes of investments approved
Status: in_force

State public funds made available for investment may be invested in the following classes of securities and investments and, except as provided by § 3-12C-223 ; chapter 3-13 ; chapter 13-63 ; the permanent school and other educational and charitable trust funds as provided in S.D. Const., Art. VIII, §§ 2 and 7; the permanent trust fund containing the net proceeds from the sale of state cement enterprises as provided in S.D. Const., Art. XIII, § 20; the health care trust fund as provided in S.D. Const., Art. XII, § 5; and the education enhancement trust fund as provided in S.D. Const., Art. XII, § 6; not otherwise:

(1) Direct and indirect obligations of the United States government;

(2) Agencies and instrumentalities of the United States government;

(3) Mortgage-backed securities of United States government-sponsored enterprises;

(4) Direct obligations of the State of South Dakota and any of its political subdivisions;

(5) Obligations consisting of notes, bonds, debentures, and certificates which are direct obligations of a solvent corporation or trust existing under the laws of the United States or any state thereof, if such investments are rated in the four highest classifications established by at least two standard rating services at the time of purchase;

(6) Savings accounts, share accounts, certificates of deposit of banks, savings and loan associations, building and loan associations, and bankers' acceptances;

(7) Repurchase agreements fully collateralized by securities described in this section;

(8) Shares in exchange-traded funds and open-end, no-load funds that are administered by an investment company registered under the Federal Investment Company Act of 1940, whose shares are registered under the Federal Securities Act of 1933 and investments are predominantly in securities described in this section; or

(9) In addition to the investments authorized by subdivisions (1) to (8) of this section, inclusive, the investment council may also allocate a sum certain of state public funds for investment in the accounts and certificates of South Dakota banks and associations. This sum shall initially be offered to South Dakota banks and associations, and if not initially fully subscribed, the investment officer shall immediately reoffer the unsubscribed sum to other qualified public depositories defined by subdivision 4-6A-1 (7).

Source: SL 1971, ch 27, § 20; SL 1977, ch 36; SL 1986, ch 43; SL 1993, ch 49; SL 2000, ch 27, § 3; SL 2001, ch 24, § 1; SL 2001, ch 25, § 2; SL 2001, ch 26, § 2; SL 2002, ch 26, §§ 2, 4; SL 2015, ch 34, § 1; SL 2022, ch 17, § 1.