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2020 South Dakota Codified Laws
Title 6 - Local Government Generally
Chapter 14 - Endowment Funds
Section 6-14-1 - Creation and transfer of endowment fund.
Universal Citation: SD Codified L § 6-14-1 (2020)
6-14-1. Creation and transfer of endowment fund.
The governing body of a political subdivision of this state may, by resolution, create an endowment fund. Notwithstanding any other law to the contrary, the governing body may transfer any gift or donation to the endowment fund. The governing body may transfer ownership of the endowment fund or may transfer the custody of the assets of the endowment fund and retain ownership of the assets of the endowment fund. No limit on the amount of unobligated cash balance applies to the revenue in the fund created by this chapter.
Source: SL 1991, ch 56, §1; SL 2009, ch 28, §1.
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