13-51A-1. Definition of terms. Terms used in this chapter mean: (1)”Acquire,” includes to purchase, erect, build, construct, reconstruct, complete, repair, replace, alter, extend, better, equip, develop, and improve a project, including the acquisition and clearing of a site or sites therefor; (2)”Board,” the Board of Regents or its successor; (3)”Federal agency,” the United States of […]
13-51A-10. Execution of interim notes. The notes may be executed by the president of the board, shall be attested by the secretary and be sealed with the board’s corporate seal. Source: SL 1971, ch 134, §4 (D).
13-51A-11. Sale of interim notes. Such notes shall be sold in such manner and at such price as the board shall by resolution determine. Source: SL 1971, ch 134, §4 (D).
13-51A-12. Payment of interim notes on issuance of bonds. Contemporaneously with the issue of revenue bonds as provided by this chapter, all interim notes, even though they may not then have matured, shall be paid, both principal and interest to date of payment, from the funds derived from the sale of revenue bonds for the […]
13-51A-13. Power to issue bonds–Purposes–Resolution–Signatures. The board shall have power, and is hereby authorized from time to time, to issue negotiable bonds: (1)To acquire any one project, or more than one, or any combination thereof, for each such institution; or (2)To refund bonds heretofore and hereafter issued as hereinafter provided for; or (3)For either or […]
13-51A-14. Terms of bonds. The bonds may be issued in one or more series, may bear such date or dates, may be in such denomination or denominations, may mature at such time or times not exceeding fifty years from the respective dates thereof, may mature in such amount or amounts, may bear interest at such […]
13-51A-15. Pledge of income for security of bonds. In connection with the issuance of any bonds under this chapter, and in order to secure the payment of any such bonds and the interest thereon, the board shall have the power for each such institution to provide that bonds issued under this chapter, subject only to […]
13-51A-16. Rights of prior bondholders protected. If the board provides that any bonds issued under this chapter shall be payable from the income and revenues of any project acquired before July 1, 1971, any such provision for the payment of said bonds from the income and revenues of any such project theretofore acquired shall be […]
13-51A-17. Covenant to maintain adequate income for bond retirement. In connection with the issuance of any bonds under this chapter, and in order to secure the payment of any such bonds and the interest thereon, the board shall have the power for each such institution to covenant with or for the benefit of the holder […]
13-51A-18. Covenant against debt or charge endangering income pledged to bond retirement. In connection with the issuance of any bonds under this chapter, and in order to secure the payment of any such bonds and the interest thereon, the board shall have the power for each such institution to covenant that so long as any […]
13-51A-19. Covenant against alienation of project so as to endanger bond security. In connection with the issuance of any bonds under this chapter, and in order to secure the payment of any such bonds and the interest thereon, the board shall have the power for each such institution to covenant that so long as any […]
13-51A-2. Power to acquire property. The board shall have power for each such institution to: (1)Acquire any project or projects, or any combination thereof, and to own, operate, and maintain the same. (2)Acquire by purchase, gift, or the exercise of eminent domain, and hold or dispose of real or personal property or rights or interest […]
13-51A-20. Additional covenants for security of bonds. In connection with the issuance of any bonds under this chapter, and in order to secure the payment of any such bonds and the interest thereon, the board shall have the power for each such institution to covenant with or for the benefit of the holder or holders […]
13-51A-21. Trustee for bondholders–General powers–Trust agreement. In connection with the issuance of any bonds under this chapter, and in order to secure the payment of any such bonds and the interest thereon, the board shall have the power for each such institution to vest in a trustee or trustees the right to receive all or […]
13-51A-22. Covenants to take actions for benefit of bondholders. In connection with the issuance of any bonds under this chapter, and in order to secure the payment of any such bonds and the interest thereon, the board shall have the power for each such institution to covenant to perform any and all acts and to […]
13-51A-23. Prohibition against obligating state. Nothing in this chapter shall be construed to authorize the board or any institution to contract a debt on behalf of, or in any way to obligate, the State of South Dakota, or to pledge, assign, or encumber in any way, or to permit the pledging, assigning or encumbering in […]
13-51A-24. Limited obligation of bonds. All bonds issued pursuant to this chapter shall be obligations of the board payable only in accordance with the terms thereof and shall not be obligations general, special, or otherwise, of the State of South Dakota. Such bonds shall not constitute a debt, legal or moral, of the State of […]
13-51A-25. Recording not required to perfect lien. Neither the resolution authorizing the bonds nor any financing statement or other instrument or document need be filed or recorded in any public records in order to perfect the lien on the pledge of the revenues to pay the bonds as against third parties. Source: SL 1971, ch […]
13-51A-26. Validity of bonds despite expiration of terms of officers–Irregularities in proceedings. The bonds bearing the signatures of officers of the board in office on the date of the signing thereof shall be valid and binding obligations, notwithstanding that before the delivery thereof and payment therefor any or all persons whose signatures appear thereon shall […]
13-51A-27. Sale of bonds–Minimum price. All bonds issued under this chapter shall be sold for such price or prices as the board shall determine but at not less than ninety-five percent of par except refunding bonds exchanged on a par for par basis as hereinafter provided. Source: SL 1971, ch 134, §4 (A).
