1-16B-18. Terms of notes and bonds--Maturity--Interest--Registration--Redemption--Sale.
Notes and bonds shall be authorized by resolution of the authority, shall bear the dates and shall mature at the times the resolution provides, except that no bond may mature more than twenty years from the date of its issue. The bonds may be issued as serial bonds payable in annual installments, or as term bonds, or as a combination thereof. The notes and bonds shall bear interest at the rate, be in denominations, be either coupon or registered, carry registration privileges, be executed in the manner, be payable in the medium of payment and at the place, and be subject to the terms of redemption that the resolution provides. The notes and bonds of the authority may be sold by the authority at public or private sale at the price determined by the authority.
Source: SL 1978, ch 9, §12; SL 2009, ch 1, §9.
Structure South Dakota Codified Laws
Title 1 - State Affairs and Government
Chapter 16B - Economic Development Finance Authority
Section 1-16B-1 - Definitions.
Section 1-16B-7 - Finance authority created.
Section 1-16B-8 - Board of directors--Appointment of members.
Section 1-16B-9 - Quorum of board--Action by majority present.
Section 1-16B-10 - Commissioner as chief administrative officer.
Section 1-16B-11 - Staff services to authority--Funds from which expenses paid.
Section 1-16B-14 - Powers of authority.
Section 1-16B-15 - Power to issue notes and bonds--Maximum outstanding.
Section 1-16B-17 - Notes and bonds as general obligations of authority--Funds from which payable.
Section 1-16B-18 - Terms of notes and bonds--Maturity--Interest--Registration--Redemption--Sale.
Section 1-16B-21 - Repurchase and cancellation of notes and bonds--Maximum price paid.
Section 1-16B-22 - Issuance of refunding obligations--Terms governed by chapter.
Section 1-16B-23 - Disposition of refunding obligations--Application or investment of proceeds.
Section 1-16B-24 - Bonds and notes as legal investments for public and fiduciary funds.
Section 1-16B-25 - Appointment of trustee on default in payment of bonds or notes.
Section 1-16B-26 - Trustee's powers in protection of bondholders or noteholders.
Section 1-16B-27 - Notice required of trustee before declaring principal due.
Section 1-16B-28 - Incidental powers of trustee.
Section 1-16B-29 - Capital reserve fund required--Moneys paid in.
Section 1-16B-30 - Amounts required in capital reserve fund.
Section 1-16B-31 - Application of capital reserve fund--Transfer of income.
Section 1-16B-32 - Bonds and notes not issued when capital reserve below required amount.
Section 1-16B-34 - Establishment of loan funds--Investment.
Section 1-16B-35 - Cooperation with local agencies.
Section 1-16B-36 - Determination of desirability of development projects.
Section 1-16B-37 - Power to make loans to local agencies--Repayment provisions.
Section 1-16B-38 - Maximum loan to local agency--Vote required for approval.
Section 1-16B-40 - Application by local agency for loan--Contents.
Section 1-16B-41 - Loans made only when other loans not available.
Section 1-16B-42 - Preference to projects for processing raw materials produced in state.
Section 1-16B-45 - Pledge to United States not to impair powers of authority.
Section 1-16B-46 - Terms of loan to local agency--Subordination to other loans.
Section 1-16B-47 - Foreclosure to take title to development project--Sale or lease.
Section 1-16B-48 - Annual reports of authority--Contents.
Section 1-16B-49 - Cumulative rights and powers of authority.
Section 1-16B-50 - Annual action plan--Annual informational report.
Section 1-16B-53 - Preferred development project defined.
Section 1-16B-54 - Direct mortgage loans for preferred development projects.
Section 1-16B-55 - Authority may contract to manage payment or interest rate risk for bonds.
Section 1-16B-57 - Duties and goals--Agricultural production.
Section 1-16B-58 - Lending power of authority.
Section 1-16B-59 - Bond authorization, terms, and sale--Interest rate--Noninterest-bearing bonds.
Section 1-16B-60 - Pledges by authority.
Section 1-16B-61 - Redemption of bonds.
Section 1-16B-62 - Trust indenture securing authority bonds.
Section 1-16B-63 - Proceeds of bonds--Investments.
Section 1-16B-64 - Bonds as negotiable instruments.
Section 1-16B-65 - Execution of bonds--Seal.
Section 1-16B-66 - Immunity from personal liability on bonds.
Section 1-16B-67 - Conflict of interest --Disclosure--Participation in transaction.
Section 1-16B-68 - Tax exemption--Filing fee exemption.
Section 1-16B-69 - Bonds as authorized investments and securities for deposits.
Section 1-16B-70 - Promulgation of rules.
Section 1-16B-71 - Liberal construction of chapter.
Section 1-16B-72 - Disposition of authority assets on dissolution.