49-16B-16. Lease terms, conditions and rentals.
Leases may be:
(1)Upon such terms, conditions, and rentals as in the judgment of the authority are in the public interest; or
(2)For a term of one year, with an option in the lessee to extend the term of the lease for a term of one year from the expiration of the original term of the lease and for one year from the expiration of each extended term of the lease, until the original term of the lease has been extended for a total number of years to be agreed upon by the parties at a rental which, if paid for the original term and for each of the full number of years for which the term of the lease may be extended, will amortize the total cost of the project financed.
The rental shall be paid at such times as the parties to the lease agree.
Source: SL 1980, ch 323, §16; SL 1981 (2d SS), ch 4, §7.
Structure South Dakota Codified Laws
Title 49 - Public Utilities and Carriers
Chapter 16B - South Dakota Railroad Authority
Section 49-16B-2 - Definitions of terms.
Section 49-16B-3 - Railroad authority created--Members.
Section 49-16B-6 - Oath and bond of members.
Section 49-16B-7 - Per diem and expenses.
Section 49-16B-8 - Agents and employees.
Section 49-16B-10 - Projects authority may undertake.
Section 49-16B-11 - Report to legislature recommending projects.
Section 49-16B-12 - Transfer of jurisdiction or property to authority--Governor's approval.
Section 49-16B-13 - Acquisition of property--Construction and maintenance of railroad facilities.
Section 49-16B-13.1 - Approval of expenditures by railroad board and Governor.
Section 49-16B-13.2 - Maintenance of public railroad property by Department of Transportation.
Section 49-16B-14 - Department of Transportation's powers as to projects.
Section 49-16B-15 - Lease of facilities and sites.
Section 49-16B-16 - Lease terms, conditions and rentals.
Section 49-16B-17 - Leases to contain option to purchase--Purchase price.
Section 49-16B-18 - Lease provisions for lessee's payment of taxes, insurance and other costs.
Section 49-16B-20 - Nonpayment of rent--Maintenance, operation, or lease of facilities.
Section 49-16B-22 - Tax exempt status of authority's property.
Section 49-16B-23 - Negotiable revenue bonds--Resolution for issuance--Legislative approval.
Section 49-16B-25 - Bonds and notes--Resolution--Issuance--Terms.
Section 49-16B-26 - Bonds--Repayment from lease income and revenues from facilities financed.
Section 49-16B-27 - Bonds--Execution and registration--Officers' signatures.
Section 49-16B-28 - Bonds--Statements on face.
Section 49-16B-29 - Obligation of state not authorized.
Section 49-16B-30 - Contract with holders--Enforcement.
Section 49-16B-31 - Interim notes--Purposes for which authorized.
Section 49-16B-33 - Interim notes--Registration--Issuance.
Section 49-16B-34 - Interim notes--Interest--Redemption by authority.
Section 49-16B-35 - Interim notes--Execution--Attestation--Seal.
Section 49-16B-37 - Interim notes--Additional security for payment.
Section 49-16B-38 - Interim notes not indebtedness within constitutional or statutory limitations.
Section 49-16B-40 - Interim notes--No personal liability.
Section 49-16B-42 - Authority to account for income--Disbursements from accounts in fund.
Section 49-16B-43 - Conveyance of property to state by authority.
Section 49-16B-46 - Contract power of authority.
Section 49-16B-47 - Bylaws, rules and regulations of authority.