Created: Tue, 25 Feb 2014 10:48:00 MST
Updated: Wed, 26 Feb 2014 04:58:09 MST
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.
This fund 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 South Dakota Senate would use surplus state revenue to support the fund.