The South Dakota Senate has approved Gov. Dennis Daugaard's plan to use a windfall in unclaimed property payments to finance the state's new economic development program.
The bill will use $30 million from unclaimed bank accounts and other assets to finance the Building South Dakota Fund, which provides loans and grants for housing, workforce education and infrastructure that support development projects.
The unclaimed property money will finance the development fund for three years. After that, another bill passed by the Senate would use surplus state revenue to support the fund.
The development financing measures next go to the South Dakota House.
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