Section 49-16B-46 – Contract power of authority.
49-16B-46. Contract power of authority. The authority may enter into contracts regarding any matter connected with any corporate purpose within the objects and purposes of this chapter. Source: SL 1980, ch 323, §41.
Section 49-16B-47 – Bylaws, rules and regulations of authority.
49-16B-47. Bylaws, rules and regulations of authority. To accomplish projects of the kind listed in §49-16B-10, the authority may adopt all necessary bylaws, rules, and regulations for the conduct of the business and affairs of the authority, and for the management and use of facilities and sites acquired under the powers granted by this chapter. […]
Section 49-16B-39 – Payment of interim notes contemporaneously with issue of revenue bonds or escrow of bond proceeds for future repayment.
49-16B-39. Payment of interim notes contemporaneously with issue of revenue bonds or escrow of bond proceeds for future repayment. 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 […]
Section 49-16B-40 – Interim notes–No personal liability.
49-16B-40. Interim notes–No personal liability. No member, officer, agent, or employee of the authority, nor any other person who executes interim notes, may be liable personally by reason of the issuance thereof. Source: SL 1980, ch 323, §35.
Section 49-16B-41 – Income of authority–Payment to state treasurer or trustee–Railroad authority fund–Disbursements.
49-16B-41. Income of authority–Payment to state treasurer or trustee–Railroad authority fund–Disbursements. The gross total income derived by the authority from: (1)The sale of bonds; (2)Charges, fees, or rentals; and (3)All other revenue derived from any project undertaken pursuant to this chapter; shall be paid to the treasurer of the State of South Dakota or to […]
Section 49-16B-42 – Authority to account for income–Disbursements from accounts in fund.
49-16B-42. Authority to account for income–Disbursements from accounts in fund. The authority shall keep account of the gross total income derived from each separate project or any combination thereof undertaken pursuant to this chapter. Disbursements from a given account in the railroad authority fund shall be ordered by the authority only for the payment of: […]
Section 49-16B-43 – Conveyance of property to state by authority.
49-16B-43. Conveyance of property to state by authority. To accomplish projects of the kind listed in §49-16B-10, the authority shall convey property, without charge, to the Department of Transportation if and when all debts which have been secured by the income from the property have been paid. In addition, the railroad authority may, prior to […]
Section 49-16B-44 – Record of lease rental payments–Conveyance of property to state upon receipt of sufficient rentals to pay bonds.
49-16B-44. Record of lease rental payments–Conveyance of property to state upon receipt of sufficient rentals to pay bonds. An accurate record shall be kept of the rental payments under each lease entered into by the authority or Department of Transportation. If the rentals applicable to each project or facility, or any combination thereof, constructed, completed, […]
Section 49-16B-29 – Obligation of state not authorized.
49-16B-29. Obligation of state not authorized. Nothing in this chapter authorizes the authority or any department, board, commission, or other agency to create an obligation of the State of South Dakota within the meaning of the Constitution or statutes of South Dakota. Source: SL 1980, ch 323, §28; SL 2010, ch 145, §198.
Section 49-16B-30 – Contract with holders–Enforcement.
49-16B-30. Contract with holders–Enforcement. The provisions of this chapter and of any resolution or proceeding authorizing the issuance of bonds constitutes a contract with the holders of such bonds. The provisions are enforceable either in law or in equity, by suit, action in mandamus or other proceeding in any court of competent jurisdiction to enforce […]