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Committee hears proposal to use one-time funds to pay off $53.7 million in state bonds; supporters cite interest savings
Summary
Senate Bill 56 would appropriate $53,713,826 in general funds to pay off lease rental bonds for three projects, freeing ongoing general fund dollars and reducing interest costs. Proponents said payoff would save about $16.2 million in future interest and fees; committee deferred action.
Derek Johnson of the Bureau of Finance and Management presented Senate Bill 56, a proposal to appropriate $53,713,826 in one‑time general funds to retire state lease rental obligations issued by the South Dakota Building Authority for three projects: fish hatcheries, the Animal Disease Research and Diagnostic Laboratory (ADRDL), and the Precision Agriculture Building.
Johnson told the committee the early payoffs…
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