5-12-25. Restrictions on obligation stated on face of bonds. Each such bond shall state upon its face that it is payable solely from revenues derived by the Building Authority from the operation of facilities acquired, constructed, completed, remodeled, or equipped in whole or in part with the proceeds of the sale of such bonds, including […]
5-12-26. Creation of state obligation not authorized. Nothing in this chapter shall be construed to authorize the Building 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 1967, ch 276, §13.
5-12-27. Contract with bondholders–Bondholders’ remedies. The provisions of this chapter and of any resolution or proceeding authorizing the issuance of bonds shall constitute a contract with the holders of such bonds. The provisions thereof shall be enforceable either in law or in equity, by suit, action, mandamus, or other proceeding in any court of competent […]
5-12-27.1. Refunding bonds authorized–Purposes. The Building Authority may issue negotiable refunding bonds to refund: (1)Unpaid matured bonds; (2)Unpaid matured coupons evidencing interest upon its unpaid matured bonds; and (3)Interest at the coupon rate upon its unpaid matured bonds that has accrued since the maturity of these bonds. Source: SL 1975, ch 50, §1.
5-12-27.2. Amount of refunding bonds. The Building Authority may issue negotiable refunding bonds under §§5-12-27.1 to 5-12-27.4, inclusive, to refund bonds at or prior to their maturity or which by their terms are subject to redemption before maturity, or both, in an amount necessary to refund: (1)The principal amount of the bonds to be refunded; […]
5-12-27.3. Exchange or sale of refunding bonds–Proceeds of sale–Cancellation of bonds and coupons–Evidence of discharge of interest obligation. Refunding bonds issued pursuant to §§5-12-27.1 to 5-12-27.4, inclusive, may be exchanged for the bonds to be refunded on a par for par basis of the bonds, interest coupons and interest not represented by coupons, if any, […]
5-12-27.4. Exchange or sale of bonds–Disposition of proceeds of sale. Refunding bonds issued pursuant to §§5-12-27.1 to 5-12-27.4, inclusive, may be exchanged for not less than an equal principal amount of bonds to be refunded or may be sold at not less than par, or may be exchanged in part and sold in part. All […]
5-12-27.5. Assistance in conserving and improving soil and water resources of highly erodible cropland by means of loans–Revenue bonds and interim notes authorized. It being declared to be in the public interest, the South Dakota Building Authority may, pursuant to chapter 5-12, finance loans to participants in a program of the United States to assist […]
5-12-27.6. No indebtedness to be charged against state. No indebtedness, bond, or obligation incurred or created under authority of §§5-12-27.5 to 5-12-27.8, inclusive, may be or become a lien, charge or liability against the State of South Dakota, nor against the property or funds of the State of South Dakota within the meaning of the […]
5-12-27.7. Acceptance and expenditure of gifts, contributions, etc., authorized. The Building Authority and the State of South Dakota through any of its departments, agencies, or bureaus, may accept and expend for the purposes stated in §5-12-27.5, any funds obtained for such purposes from gifts, contributions, or other sources, including any unit of government. Source: SL […]
5-12-27.8. Lease and sublease agreements with South Dakota Building Authority authorized to support purpose and payment of revenue bonds or interim notes. The State of South Dakota through any of its departments, agencies, or bureaus, may make and enter into lease and sublease agreements with the South Dakota Building Authority and make rental payments under […]
5-12-28. Interim notes authorized–Purposes of borrowing. In addition to the permanent financing authorized by §§5-12-20 to 5-12-27, inclusive, the South Dakota Building Authority may borrow money and issue interim notes in evidence thereof for any of the projects, or to perform any of the duties authorized under this chapter, and in addition may borrow money […]
5-12-29. Resolution for issuance of interim notes–Interest rate–Maturity date. Whenever the Building Authority deems it advisable and in the interests of the authority to borrow funds temporarily for any of the purposes enumerated in §5-12-28, the authority may from time to time, and pursuant to appropriate resolution, issue interim notes to evidence the borrowings, including […]
5-12-3. Oath and bond of members. Each member shall, before entering upon the duties of his office, take and subscribe the constitutional oath of office and give bond in the penal sum of twenty-five thousand dollars conditioned upon the faithful performance of his duties. The oath and bond shall be filed in the Office of […]
5-12-30. Terms and registration of interim notes–Redemption prior to maturity–Execution of notes–Pledge of income and revenue. The Building Authority may provide for the registration of the notes in the name of the owner either as to principal alone, or as to both principal and interest, on such terms and conditions as the authority may determine […]
5-12-31. Additional provisions to secure payment of interim notes. The Building Authority, in order further to secure the payment of the interim notes, is, in addition to the foregoing, authorized and empowered to make any other or additional covenants, terms, and conditions not inconsistent with the provisions of §§5-12-11 and 5-12-12, and do any and […]
5-12-32. Debt limitations not applicable to interim notes–Personal liability not created by execution of notes. The interim notes shall not constitute an indebtedness within the meaning of any constitutional or statutory debt limitation or restriction. No member, officer, agent, or employee of the authority, nor any other person who executes interim notes, shall be liable […]
5-12-33. Payment of interim notes or purchase of government obligations with proceeds from sale of revenue 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 […]
5-12-34. Disposition of income under chapter–Public building fund. The gross total income 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. Said income shall be held by him in trust […]
5-12-35. Accounts maintained by authority–Purpose of disbursements from public building fund. The Building 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 public building fund shall be ordered by the authority only for the […]
