South Dakota Codified Laws
Chapter 16A - Health And Educational Facilities Authority
Section 1-16A-55 - Bonds of authority as legal investments.

1-16A-55. Bonds of authority as legal investments.
The state and all counties, municipalities, political subdivisions and public bodies, and public officers of any thereof, all banks, bankers, trust companies, savings banks and institutions, building and loan associations, savings and loan associations, investment companies, insurance companies, and associations, and all personal representatives, conservators, trustees, and other fiduciaries may legally invest any debt service funds, moneys or other funds belonging to them or within their control in any bonds issued pursuant to this chapter.

Source: SL 1972, ch 10, §20; SL 1992, ch 60, §2; SL 1993, ch 213, §73.

<< Previous
Next >>

Structure South Dakota Codified Laws

South Dakota Codified Laws

Title 1 - State Affairs and Government

Chapter 16A - Health And Educational Facilities Authority

Section 1-16A-1 - Legislative findings and intent.

Section 1-16A-2 - Definitions.

Section 1-16A-2.2 - Out-of-state participating health institution--Eligibility for financing.

Section 1-16A-3 - Authority created--Public function.

Section 1-16A-3.1 - Authority continued within Bureau of Finance and Management--Records and reports.

Section 1-16A-4 - Appointment of members of authority--Qualifications.

Section 1-16A-5 - Terms of office of members--Vacancies.

Section 1-16A-6 - Business interests not disqualifying for membership--Abstention where conflict of interest.

Section 1-16A-7 - Annual election of chairman and vice-chairman.

Section 1-16A-8 - Meetings open to public--Notice--Resolutions not published.

Section 1-16A-9 - Quorum of authority--Vote required for action.

Section 1-16A-10 - Expenses of members of authority.

Section 1-16A-11 - Removal of member from authority.

Section 1-16A-12 - Executive director and associate--Compensation.

Section 1-16A-13 - Employment of consultants and agents--Compensation.

Section 1-16A-14 - Surety bonds required--Payment of cost.

Section 1-16A-15 - Corporate powers of authority.

Section 1-16A-15.1 - Authority to approve financing of facilities in the state by out-of-state issuers-Public hearing.

Section 1-16A-15.2 - Determination of minimum amount of cash and investment reserves.

Section 1-16A-16 - Delegation of powers and duties.

Section 1-16A-17 - Records maintained by authority--Certified copies.

Section 1-16A-17.1 - Informational budget required.

Section 1-16A-18 - Acceptance of loans and gifts.

Section 1-16A-19 - Investment of surplus funds--Maturity of securities--Manner of investment.

Section 1-16A-20 - Location, construction, operation and maintenance of facilities--Designation of agent.

Section 1-16A-21 - Acquisition of property--Title taken.

Section 1-16A-22 - Restrictions of other laws not applicable.

Section 1-16A-23 - Public works laws not applicable--Competitive bidding not required.

Section 1-16A-24 - Mortgages for security of bondholders.

Section 1-16A-25 - Operation of facilities restricted to leasing.

Section 1-16A-26 - Leasing of facilities--Terms of lease--Option to purchase.

Section 1-16A-27 - Duration of leases--Rentals required.

Section 1-16A-28 - Establishment of rents and charges.

Section 1-16A-29 - Rules and regulations for use of facilities.

Section 1-16A-30 - Laws and ordinances applicable to facilities.

Section 1-16A-31 - Loans to participating institutions--Maximum amount.

Section 1-16A-32 - Refunding loans to participating institutions--Findings required.

Section 1-16A-33 - Initial planning service fee to accompany applications.

Section 1-16A-34 - Annual planning service fee payable to authority.

Section 1-16A-35 - Purpose of planning service fees--Agencies used in planning.

Section 1-16A-36 - Planning services and surveys obtained from other agencies.

Section 1-16A-37 - Proration of planning service fees between institutions.

Section 1-16A-38 - Issuance and refunding of bonds and obligations.

Section 1-16A-39 - Terms and form of bonds issued.

Section 1-16A-40 - Sale of bonds--Expenses of issuance.

Section 1-16A-41 - Negotiability of bonds.

Section 1-16A-42 - Bonds payable only from revenues.

Section 1-16A-43 - Pledge of revenues to secure bonds.

Section 1-16A-44 - Pledge continuing until bonds paid.

Section 1-16A-45 - Maintenance, rental and funding agreements in bond resolution.

Section 1-16A-46 - Pooling of leases for pledge of revenues.

Section 1-16A-47 - Bond redemption privileges retained.

Section 1-16A-48 - Additional bonds for facilities or HEAL loans--Protection of prior bondholders.

Section 1-16A-49 - Remedies of bondholders on default.

Section 1-16A-50 - General obligation not created by issuance of bonds--Tax levy not promised.

Section 1-16A-51 - State debt not created--Disclaimer in bonds.

Section 1-16A-52 - Pledge of full faith and credit of authority or institution.

Section 1-16A-52.1 - Financing through federally guaranteed securities authorized.

Section 1-16A-52.2 - Commitments and agreements for financing through federally guaranteed securities.

Section 1-16A-52.3 - Bonds not to exceed cost of facility--Expenses included--Terms and sale of bonds.

Section 1-16A-52.4 - Title to facility financed through federally guaranteed securities--Mortgage--Lease prohibited.

Section 1-16A-52.5 - Return of securities to issuer when provision made for payment.

Section 1-16A-53 - Refunding bonds authorized--Amount.

Section 1-16A-54 - Methods of refunding--Maturity dates.

Section 1-16A-54.1 - Bond issue authorized to refund securities of participating institution.

Section 1-16A-54.2 - Amount and terms of securities purchased--Mortgage--Insurance and guaranties.

Section 1-16A-54.3 - Pledge of securities to secure bonds--Income used for payment--Maximum principal--Bonds subject to other provisions of chapter.

Section 1-16A-54.4 - Title of financed facility to remain in participating institution--Mortgage--Lease prohibited.

Section 1-16A-55 - Bonds of authority as legal investments.

Section 1-16A-56 - Conveyance of facility to participating institution when debt paid.

Section 1-16A-56.1 - Conveyance provisions inapplicable to refinanced facility--Return of securities when bonds paid or payment provided for.

Section 1-16A-57 - Expenses paid from authority funds--Borrowing for initial operation.

Section 1-16A-58 - Tax exemption of authority.

Section 1-16A-59 - Securities regulation.

Section 1-16A-61 - Powers supplementary.

Section 1-16A-62 - Powers under other law unimpaired.

Section 1-16A-63 - Liberal construction of chapter.

Section 1-16A-64 - Short title of chapter.

Section 1-16A-65 - Health education assistance loan program established.

Section 1-16A-66 - Health education assistance loan program--Powers of authority.

Section 1-16A-67 - Health education assistance loan program--Funding of HEAL loan purchases by bonds, notes or other obligations of authority.

Section 1-16A-68 - Health education assistance loan program--Payment of bonds.

Section 1-16A-69 - Health education assistance loan program--Security for principal and interest of bonds.

Section 1-16A-70 - Health education assistance loan program--Repayment fund created.

Section 1-16A-74 - Power to act as public instrumentality.

Section 1-16A-74.1 - Establishment of funding program for financing of property by public bodies--Assistance--Pledging of payments--Compliance with statutory limitations.

Section 1-16A-75 - Funding program for purchase of notes--Issuance of bonds or notes.

Section 1-16A-76 - Jurisdiction of federal bankruptcy courts--Written contracts concerning bonds or notes enforceable.

Section 1-16A-78 - Authority to issue education savings bonds.

Section 1-16A-79 - Criteria for issuance of education savings bonds.

Section 1-16A-80 - Additional criteria for issuance of education savings bonds.

Section 1-16A-81 - Discounted sale of education savings bonds--Interest--Payment at maturity.

Section 1-16A-82 - Sale of education savings bonds--Computation of aggregate principal.

Section 1-16A-83 - Plan of implementation for issuance and sale of education savings bonds.

Section 1-16A-84 - Designation by authority required for education savings bonds.

Section 1-16A-85 - Pool arrangement defined.

Section 1-16A-86 - Authority as funding authority for pool arrangement.

Section 1-16A-87 - Program for issuance of bonds or certificates of participation that constitute debt of participating agencies--Secured for payment by proceeds of irrepealable tax levies.

Section 1-16A-88 - Bonds or certificates of participation not secured for payment by proceeds of irrepealable tax levies.

Section 1-16A-89 - Credit enhancement obligation--Conditions.

Section 1-16A-90 - Agreements with other entities involving credit enhancement obligations.

Section 1-16A-91 - Issued indebtedness for accounts receivable program.

Section 1-16A-92 - Authority may contract to manage payment or interest rate risk for bonds.

Section 1-16A-93 - Proposed issuance of obligations--Determination of board.

Section 1-16A-94 - Promulgation of rules establishing forecasting methodology.

Section 1-16A-95 - Issuance of additional obligations--Legislative approval.

Section 1-16A-96 - Appropriation for payments pursuant to lease purchase agreements--Agreement dated August 1, 1988 ratified.

Section 1-16A-97 - Procedures to facilitate school district issuance of capital outlay certificates and terms for lease purchase agreements secured by pledge of state aid to education funds.

Section 1-16A-98 - State not liable for capital outlay certificates and lease purchase agreements sponsored by authority or secured by pledge of state aid to education.

Section 1-16A-99 - Contracts made by school district, state, or authority not to be impaired.