6-8B-65. Agreements with health and educational facilities authority or other financial institution entered into by municipality or county--Provisions--Interest deemed perfected.
In connection with the authorization and issuance of a credit enhancement obligation, any municipality or county may enter into one or more agreements or other arrangements with the health and educational facilities authority or any financial institution acting as trustee or paying agent for bonds or other obligations secured by the credit enhancement obligation for the purpose of implementing the provisions of §§6-8B-55 to 6-8B-69, inclusive. Such agreement may contain such provisions as the authority deems necessary and may provide that the financial institution may act as trustee or paying agent for the benefit of and on behalf of the authority and be held accountable as the trustee of an express trust for the application and disposition of the amounts and other funds pledged by any municipality or county pursuant to the provisions of §§6-8B-55 to 6-8B-69, inclusive, including the income and proceeds therefrom, solely for the uses and purposes as provided in the agreement. No filing, recording, possession, or other action under the uniform commercial code or any other law of this state may be required to perfect the security interest of the authority or any such financial institution in and to the credit enhancement obligation and amounts payable thereunder. The security interest of the authority and any such financial institution acting shall, for all purposes, be deemed perfected for the benefit of the authority, the financial institution and any holders of bonds or other obligations issued in connection therewith on and after the time of the adoption of the resolution or ordinance making the pledge against all parties having prior unperfected or subsequent security interests or claims of any kind in tort, in contract, or otherwise.
Source: SL 1992, ch 3, §14.
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.