Section 5-12-60 - Legislative intended use of tobacco settlement funds.
5-12-60. Legislative intended use of tobacco settlement funds. It is the intention of this Legislature that funds deposited in the tobacco development interest fund and the tobacco settlement residual fund be expended for:
(1) Grants for postsecondary scholarships designed to encourage and reward academic excellence;
(2) Grants designed to encourage and reward academic or teaching excellence in education; and
(3) Grants enacted pursuant to separately enacted statutes which will implement or support educational programs intended to provide for the health, welfare, and prosperity of the State of South Dakota and its residents.
Any investment, use, expenditure, or other application of moneys described in this section shall be expressly subject to and in full compliance with the agreements, covenants, restrictions, and conditions imposed by the terms of § 5-12-59.
Source: SL 2001, ch 27, § 13.