49-16B-43. Conveyance of property to state by authority.
To accomplish projects of the kind listed in §49-16B-10, the authority shall convey property, without charge, to the Department of Transportation if and when all debts which have been secured by the income from the property have been paid. In addition, the railroad authority may, prior to the payment of all debts secured by such property, convey property to the state or its subdivisions for public purposes or improvements, if the sale of secured property is made only after a finding by the railroad authority that the sale does not materially or adversely affect the interests of secured creditors and if the proceeds from any sale shall be used to reduce or provide for the payment of any outstanding debt.
Source: SL 1980, ch 323, §38; SL 1981, ch 329, §4; SL 1996, ch 20, §28.
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.