Section 9-54-12 – Compliance with federal requirements for tax exemption.
9-54-12. Compliance with federal requirements for tax exemption. Notwithstanding any provision under the laws of the State of South Dakota, a municipality in order to accomplish the purposes provided in this section and chapter 6-8B may perform all acts necessary to comply with the requirements of §103 of the Internal Revenue Code of 1954, as […]
Section 9-54-2 – Power to issue bonds, acquire or construct projects and enter revenue agreements–Location of projects.
9-54-2. Power to issue bonds, acquire or construct projects and enter revenue agreements–Location of projects. For the purposes stated in §9-54-1, any municipality may issue revenue bonds, the proceeds of which shall be used only to purchase, construct, reconstruct, acquire sites for, enlarge, improve, or remodel buildings, structures, or equipment, and to enter into revenue […]
Section 9-54-2.1 – Power to issue revenue bonds, purchase or discharge debt of nonprofit corporation operating health care or housing facility and enter revenue agreements–Location of project.
9-54-2.1. Power to issue revenue bonds, purchase or discharge debt of nonprofit corporation operating health care or housing facility and enter revenue agreements–Location of project. With respect to hospitals, nursing homes, other health care facilities, housing for the elderly, housing for the handicapped, wellness centers, or primary, secondary, or postsecondary schools to be operated by […]
Section 9-54-2.2 – Restriction on use of bonds for elderly housing projects.
9-54-2.2. Restriction on use of bonds for elderly housing projects. Any housing for the elderly financed by revenue bonds shall be operated by either a nonprofit corporation or a corporation wholly owned, either directly or indirectly, by a nonprofit corporation. Source: SL 1981, ch 77, §9; SL 1984, ch 62; SL 1990, ch 67; SL […]
Section 9-54-3 – “Revenue bonds” defined.
9-54-3.”Revenue bonds” defined. Revenue bonds, as the term is used in this chapter, are bonds to be paid exclusively from the revenue produced by the project financed by the use of the proceeds thereof, including but not limited to payments due under any revenue agreement, or under any bond or other obligation issued in payment […]
Section 9-54-1 – Purpose of chapter.
9-54-1. Purpose of chapter. The purpose of this chapter is to stimulate and develop the general economic welfare and prosperity of the state through the promotion and advancement of industrial, commercial, manufacturing, agricultural, natural resources, postsecondary technical education, limited to bonding for public postsecondary technical institutions in operation on July 1, 1981, research, data collection, […]