Section 5-12-56 – .Employees of special purpose corporation.
5-12-56. Employees of special purpose corporation. The corporation may employ attorneys, accountants, tobacco industry consultants, and financial experts, managers, and such other employees and agents as may be necessary in its judgment and to fix their compensation. Source: SL 2001, ch 27, §9.
Section 5-12-59 – .State pledge to honor agreements of authority or corporation with regard to certain federal income tax exclusions.
5-12-59. State pledge to honor agreements of authority or corporation with regard to certain federal income tax exclusions. If in order to obtain or preserve any exclusion of interest on bonds from gross income of the holders thereof for purposes of federal income taxation, the corporation or authority enters into any agreement or covenant with […]
Section 5-12-61 – .Authority may contract to manage payment or interest rate risk for bonds.
5-12-61. Authority may contract to manage payment or interest rate risk for bonds. The authority may enter into any contract that the authority determines necessary or appropriate to manage payment or interest rate risk for bonds issued pursuant to this chapter, the investment of proceeds, or other funds of the authority. The contracts may include: […]
Section 5-12-49 – .Transfer and sale of state’s right to tobacco settlement revenues–Disposition of funds–Written agreement–Filing of agreement.
5-12-49. Transfer and sale of state’s right to tobacco settlement revenues–Disposition of funds–Written agreement–Filing of agreement. At any one time or from time to time, all or any portion of the right, title, and interest of the State of South Dakota in, to, and under the master settlement agreement, including the right to receive and […]
Section 5-12-50 – .Establishment of special purpose corporation–Limitations–Board membership–Powers of corporation.
5-12-50. Establishment of special purpose corporation–Limitations–Board membership–Powers of corporation. The authority may establish by resolution a special purpose corporation which shall be body corporate and politic and instrumentality of, but having a legal existence independent and separate from, the State of South Dakota and the authority. The corporation shall be established for the express limited […]
Section 5-12-50.1 – .Bond transactions to be public records subject to disclosure.
5-12-50.1. Bond transactions to be public records subject to disclosure. The particulars of any bond transactions made pursuant to §§5-12-48.1, 5-12-50, and 5-12-50.1, inclusive, including legal fees and the costs of underwriting the bonds, shall be of public record subject to disclosure pursuant to §1-27-1. Source: SL 2002, ch 31, §3.
Section 5-12-51 – .Purposes of special purpose corporation.
5-12-51. Purposes of special purpose corporation. The purposes of the corporation established by the authority pursuant to §§5-12-48 to 5-12-61, inclusive, are: (1)To purchase, acquire, own, pledge, encumber, or otherwise transfer all right, title, and interest of the state in, to, and under the master settlement agreement, including, without limitation, all right, title, and interest […]
Section 5-12-52 – .Bonds of corporation not a lien, charge or liability against the state–Pledge of education enhancement trust funds prohibited.
5-12-52. Bonds of corporation not a lien, charge or liability against the state–Pledge of education enhancement trust funds prohibited. No bond of the corporation issued, incurred, or created under §§5-12-48 to 5-12-61, inclusive, may be or become a lien, charge, or liability against the State of South Dakota or the authority, nor against the property […]
Section 5-12-53 – .Pledge of non-interference by state to impair terms of bonds–Liability of state on bonds.
5-12-53. Pledge of non-interference by state to impair terms of bonds–Liability of state on bonds. The State of South Dakota pledges to and agrees with the holders of bonds issued, incurred, or created under §§5-12-48 to 5-12-59, inclusive, that the state will not limit or alter the rights and powers vested in the corporation and […]
Section 5-12-54 – .Liability of authority and special purpose corporation.
5-12-54. Liability of authority and special purpose corporation. The authority is not liable for any bond issued, incurred, or created by the corporation under §§5-12-48 to 5-12-59, inclusive, or for any act or failure to act of the corporation. The corporation may not be liable for any obligation of the South Dakota Building Authority or […]