5-12-33. Payment of interim notes or purchase of government obligations with proceeds from sale of revenue bonds.
Contemporaneously with the issue of revenue bonds as provided by this chapter, all interim notes, even though they may not then have matured, shall be paid, both principal and interest to date of payment, from the funds derived from the sale of revenue bonds for the permanent financing and such interim notes shall be surrendered and canceled, or the proceeds at the sale of said bonds (excepting the accrued interest received) shall be used to purchase direct obligations of the United States of America so long as such obligations will mature at such time or times, with interest thereon or the proceeds received therefrom, to provide funds adequate to pay when due or called for redemption prior to maturity the notes to be refunded, together with the interest accrued thereon and any redemption premium due thereon, and such proceeds or obligations of the United States of America shall, with all other funds legally available for such purpose, be deposited in escrow with a banking corporation, or national banking association, located in and doing business in the State of South Dakota, with power to accept and execute trusts, or any successor thereto, which is also a member of the federal deposit insurance corporation and of the federal reserve system, to be held in an irrevocable trust solely for and until the payment and redemption of the notes so to be refunded, and any balance remaining in said escrow after the payment and retirement of the notes to be refunded shall be returned to said authority to be used and held for use as revenues pledged for the payment of said refunding bonds.
Source: SL 1967, ch 276, §5; SL 1975, ch 52, §2.
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.