6-8B-48. Investment of escrow funds--Amount required in escrow--Appropriation--Verification.
Moneys deposited in any escrow, established under §6-8B-46, may be invested in federal securities and such investments, together with any interest or other yield to be derived from any such investments and any moneys not invested, shall be in an amount at all times sufficient as to principal, interest, any prior redemption premium due, and any charges of the escrow agent payable therefrom, to pay the principal of, premium, if any, and interest on the bonds being refunded as such become due at their respective maturities or due at any designated prior redemption date or dates, if called for redemption. The moneys and investments in such escrow account shall be irrevocably appropriated to the payment of the principal of, premium, if any, and interest on the refunded bonds. The computations made in determining the sufficiency of the escrow shall be verified by a certified public accountant licensed or authorized to practice in this state.
Source: SL 1974, ch 54, §10; SDCL Supp, §§6-8A-25, 6-8A-26; SL 1984, ch 43, §46.
Structure South Dakota Codified Laws
Title 6 - Local Government Generally
Chapter 08B - Bonds of Local Public Bodies
Section 6-8B-2 - Election required for issuance.
Section 6-8B-3 - Resolution or ordinance declaring necessity of bond issue--Contents--Election.
Section 6-8B-4 - Notice of election.
Section 6-8B-7 - School, street, or utility improvements--Authorization of bonds.
Section 6-8B-8 - Issuance of bonds on approval by voters.
Section 6-8B-9 - Issuance, form, and terms of bonds.
Section 6-8B-10 - Public or private sale--Notice and procedure for public sale.
Section 6-8B-11 - Single issue of bonds separately approved.
Section 6-8B-12 - Interest rate.
Section 6-8B-13 - Disposition of proceeds.
Section 6-8B-14 - Negotiable investment security status.
Section 6-8B-15 - Powers as issuer of negotiable investment securities.
Section 6-8B-17 - Authentication of bonds--Signatures--Seal.
Section 6-8B-18 - Registration books--Disclosure of information.
Section 6-8B-19 - Information filed with secretary of state by issuer.
Section 6-8B-20 - Costs of issuance and sale.
Section 6-8B-21 - Signature by resident attorney.
Section 6-8B-22 - Invalidity of bonds without attorney's signature.
Section 6-8B-23 - Notice of redemption.
Section 6-8B-24 - Replacement of lost, stolen, or destroyed bonds.
Section 6-8B-25 - Tax exemption.
Section 6-8B-26 - Anticipation notes--When issuance authorized.
Section 6-8B-27 - Anticipation notes--Amount--Term.
Section 6-8B-28 - Anticipation notes--Payment--Issuance of bonds required--Exchange--Redemption.
Section 6-8B-29 - Anticipation notes--Bond provisions applicable.
Section 6-8B-30 - Refunding bonds without election--Purposes.
Section 6-8B-33 - Approvals required for refunding bonds of issuer divided into other public bodies.
Section 6-8B-34 - Refunding after detachment of land from issuer.
Section 6-8B-35 - Maximum amount of refunding bonds.
Section 6-8B-36 - Maximum aggregate indebtedness of issuer.
Section 6-8B-37 - Bonds not included in computation of aggregate indebtedness.
Section 6-8B-39 - Bonds payable from different sources--Refunding by single issue prohibited.
Section 6-8B-41 - Combinations subject to more than one debt limit prohibited.
Section 6-8B-42 - Issuance and sale of refunding bonds.
Section 6-8B-43 - Conclusiveness of determination that limitations have been met.
Section 6-8B-44 - Recital of authority for issuance--Incontestability after delivery for value.
Section 6-8B-45 - Exchange or sale.
Section 6-8B-46 - Disposition of proceeds of sale--Escrow.
Section 6-8B-47 - Escrow including other funds.
Section 6-8B-49 - Purchaser not responsible for application of proceeds.
Section 6-8B-50 - Disposition of accrued interest and premiums received on sale.
Section 6-8B-51 - Outstanding bonds unaffected.
Section 6-8B-52 - Chapter of full authority--Additional to other laws.
Section 6-8B-54 - Securities purchased for debt service fund limited.
Section 6-8B-55 - Definition of terms.
Section 6-8B-56 - Issuance of credit enhancement obligation--Conditions.
Section 6-8B-57 - Debt service reserve fund or credit facility.
Section 6-8B-60 - Form of covenants or pledges.
Section 6-8B-62 - Credit enhancement obligations irrepealable until fully paid.
Section 6-8B-63 - Determination by governing body on limitations conclusive absent fraud or abuse.
Section 6-8B-64 - Ad valorem taxes--Limit.
Section 6-8B-66 - Aggregate indebtedness of municipality or county--Limit--Calculation.
Section 6-8B-67 - Tax or revenue anticipation notes--Limit.
Section 6-8B-68 - Obligation subject to provisions of §§ 6-8B-9 to 6-8B-22, inclusive.
Section 6-8B-69 - Exemption from registration under chapter 47-31B.