13-19-1. School board power to borrow on notes–Authorization, issuance and sale–Maximum term. Any school board may borrow money, from any source willing to lend the money, by issuing a promissory note subject to the limitations and regulations set forth in §§13-19-2 to 13-19-6, inclusive. All notes shall be authorized, issued, and sold in accordance with […]
13-19-1.2. Issuance and sale of notes to health and educational facilities authority–Exemption from competitive bids. A school district may issue and sell or pledge its notes to the health and educational facilities authority or the authority’s designated agent or trustee. School districts may enter into contracts and agreements with the health and educational facilities authority […]
13-19-2. Amount borrowed on notes limited by anticipated receipts. Except for obligations to the state, including the health and educational facilities authority, or federal government, the money borrowed pursuant to §13-19-1 may not exceed the sum of ninety-five percent of the amount of taxes levied or proposed to be levied by the school board but […]
13-19-27. Financing arrangements for capital improvements and expenditures incident to consolidation. Any school district may enter into lease-purchase agreements or other financing arrangement with or issue capital outlay certificates that are secured by a pledge of state aid to education funds in connection with a program sponsored by the Health and Educational Facilities Authority for […]
13-19-28. Terms of financing arrangements. The terms of the lease-purchase agreement, resolution, certificate, or other arrangement, or any bond, note, or certificate issued to or in connection with a program sponsored by the Health and Educational Facilities Authority for school districts and shall contain such terms as the health and educational facilities authority considers necessary, […]
13-19-29. Limitation on expenditures when amounts are due and funds pledged as security. If capital outlay certificates are issued pursuant to the program authorized by §13-19-27 or 1-16A-97, or a lease-purchase agreement, or other financing arrangement is entered into with the Health and Educational Facilities Authority as authorized by §13-13-39, 13-16-6.4, 13-16-7, 13-16-29, 13-19-27, or […]
13-19-3. Borrowing limit reduced by outstanding warrants or notes. In case any registered warrants or promissory notes are outstanding against the fund for which the money is to be borrowed, the borrowing limit as specified in §13-19-2 shall be reduced by the amount of such warrants or promissory notes outstanding at the time the money […]
13-19-30. Agreement for payment of amounts due but not yet paid–Trustee–Security interest perfected. Any school district may enter into an agreement with the Health and Educational Facilities Authority and any financial institution acting as trustee or paying agent for bonds, leases, certificates, or other obligations, issued for the purpose of implementing §13-19-29. The agreement may […]
13-19-4. Interest rate on notes. The rate of interest shall be stated on the note authorized by §13-19-1 and shall be negotiated by the parties. Source: SL 1955, ch 41, ch 10, §16; SDC Supp 1960, §15.2216 (5); SL 1965, ch 48; SL 1980, ch 129; SL 1983, ch 28, §37.
13-19-5. Signing of notes. Notes authorized by §13-19-1 shall be signed by the president and the business manager of the school board. Source: SL 1955, ch 41, ch 10, §16; SDC Supp 1960, §15.2216 (4); SL 1965, ch 48; SL 1975, ch 128, §119.
13-19-6. Cash receipts devoted to retirement of warrants and notes when note outstanding. When a promissory note authorized by §13-19-1 has been issued and not paid in full upon the maturity thereof, then thereafter, no cash receipts, from the collection of taxes or from the collection of tuition charges, shall be expended for any purpose […]
13-19-7. Bonding power of school districts–Purposes for which bonds authorized. All school districts are authorized and empowered to issue negotiable bonds for the following purposes only: to refund any bonded indebtedness which is or is about to become due and payable, or whenever such indebtedness can be refunded at a lower rate of interest; to […]
13-19-8. Constitutional debt limit to be observed. No school district shall issue bonds in an amount which with the outstanding indebtedness of the district shall exceed the constitutional debt limitation for school districts. Source: SDC 1939, §15.2207; SL 1955, ch 41, ch 10, §18; SDC Supp 1960, §15.2218; SL 1968, ch 43, §1.
13-19-8.1. Debt limit of school district created by reorganization–Readjustment of property, assets, debts, and liabilities. For the purpose of §13-19-8, the outstanding indebtedness of any school district created by reorganization under chapter 13-6, shall include the principal and accrued interest thereon of all preexisting bonded indebtedness outstanding against any portion of a former school district […]
13-19-9. Authorization, issuance, and sale of bonds–No election. All school district bonds shall be authorized, issued, and sold as provided in chapter 6-8B, except that no election shall be held to issue bonds to fund registered warrants. Source: SDC 1939, §15.2201; SL 1945, ch 54, §1; SL 1947, ch 62; SL 1955, ch 41, ch […]
