5-12-21. Purposes for which bonds issued--Refunding and refinancing--Pledge of income.
To accomplish projects of the kind authorized in this chapter, the Building Authority may borrow money and issue and sell bonds in such amount or amounts as the authority may determine for the purpose of acquiring, constructing, completing, or remodeling, maintaining or equipping any such facility; refund and refinance the same from time to time as often as advantageous and in the public interest to do so; and pledge any and all income of the authority, and any revenues derived by the authority from the facilities, or any combination thereof, to secure the payment of the bonds and to redeem the bonds. All such bonds are subject to the provisions of §§5-12-22 to 5-12-25, inclusive. Any construction project in the amount of one million five hundred thousand dollars or more which is funded by the Building Authority may, at the option of the Building Authority, have a representative of the Building Authority act as a member of the State Building Committee pursuant to §5-14-3.
Source: SL 1967, ch 276, §5; SL 1975, ch 51, §2; SL 1994, ch 50, §8.
Structure South Dakota Codified Laws
Title 5 - Public Property, Purchases and Contracts
Chapter 12 - South Dakota Building Authority
Section 5-12-1 - .Authority created--Composition--Initial terms--Political affiliation--Chairman.
Section 5-12-1.2 - .Meaning of United States Department of Agriculture Conservation Reserve Program.
Section 5-12-2 - .Terms of members--Vacancies--Quorum.
Section 5-12-3 - .Oath and bond of members.
Section 5-12-4 - .Members receive no compensation--Reimbursement of expenses.
Section 5-12-5 - .Employment of personnel.
Section 5-12-6 - .Common seal of authority.
Section 5-12-7 - .Purposes of authority.
Section 5-12-8 - .Studies and investigations of land needs.
Section 5-12-8.1 - .Additional powers with respect to projects under §5-12-8.
Section 5-12-10 - .Transfer of state property to authority.
Section 5-12-11 - .Power of authority to acquire property--Methods of acquisition.
Section 5-12-11.1 - .Standards and specifications to accommodate persons with disabilities.
Section 5-12-12 - .Plans and specifications for projects to be undertaken.
Section 5-12-14 - .Terms, conditions, and rental under leases--Annual extension provision.
Section 5-12-15 - .Lessee's option to purchase--Conveyance on exercise of option.
Section 5-12-16 - .Taxes and insurance added to rental properties--Authorization to self-insure.
Section 5-12-18 - .Costs and reserves to be covered by rent and charges.
Section 5-12-19 - .Tax exemption of property owned or leased by authority--Exception.
Section 5-12-20 - .Resolutions for revenue bonds authorized--Purpose--Legislative approval required.
Section 5-12-21 - .Purposes for which bonds issued--Refunding and refinancing--Pledge of income.
Section 5-12-22 - .Terms and interest rate of bonds.
Section 5-12-24 - .Execution and registration of bonds--Validity of signature by officers.
Section 5-12-25 - .Restrictions on obligation stated on face of bonds.
Section 5-12-26 - .Creation of state obligation not authorized.
Section 5-12-27 - .Contract with bondholders--Bondholders' remedies.
Section 5-12-27.1 - .Refunding bonds authorized--Purposes.
Section 5-12-27.2 - .Amount of refunding bonds.
Section 5-12-27.4 - .Exchange or sale of bonds--Disposition of proceeds of sale.
Section 5-12-27.6 - .No indebtedness to be charged against state.
Section 5-12-27.7 - .Acceptance and expenditure of gifts, contributions, etc., authorized.
Section 5-12-28 - .Interim notes authorized--Purposes of borrowing.
Section 5-12-29 - .Resolution for issuance of interim notes--Interest rate--Maturity date.
Section 5-12-31 - .Additional provisions to secure payment of interim notes.
Section 5-12-34 - .Disposition of income under chapter--Public building fund.
Section 5-12-38 - .Annual audit.
Section 5-12-38.1 - .Informational budget required.
Section 5-12-39 - .Contractual power of authority.
Section 5-12-40 - .Bylaws, rules, and regulations of authority.
Section 5-12-41 - .Severability of provisions.
Section 5-12-44 - .Provisions applicable to contracts to acquire use or ownership.
Section 5-12-46 - .Legislative approval required for sale and lease-back arrangements.
Section 5-12-47 - .Revenue obligations--Issuance--Purpose--Funds for payment.
Section 5-12-48 - .Definition of terms.
Section 5-12-48.1 - .Authority may invest funds in certain permitted investments.
Section 5-12-50.1 - .Bond transactions to be public records subject to disclosure.
Section 5-12-51 - .Purposes of special purpose corporation.
Section 5-12-54 - .Liability of authority and special purpose corporation.
Section 5-12-56 - .Employees of special purpose corporation.
Section 5-12-61 - .Authority may contract to manage payment or interest rate risk for bonds.