South Dakota Codified Laws 5-2-19. Review process of property given to state
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Any real property given to the State of South Dakota shall undergo a review process. The Bureau of Finance and Management shall prepare a fiscal note showing the cost to state government of the gift. Any gift in which the cost to state government exceeds one thousand dollars in any one year requires legislative approval. The Bureau of Finance and Management shall annually report to the Legislature by the first day of the legislative session the gifts received by the state and their costs.
Terms Used In South Dakota Codified Laws 5-2-19
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Legislative session: That part of a chamber's daily session in which it considers legislative business (bills, resolutions, and actions related thereto).
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
Source: SL 1992, ch 12, § 2.