7-25-2. Investment of building fund--Income paid into fund.
The board of county commissioners shall have the power to loan or invest any balance of any such fund as referred to in §7-25-1 upon first mortgages upon real property worth at least double the value of the sum loaned, or upon bonds of the State of South Dakota, or upon bonds or warrants of the county, or upon bonds of any municipality or school district within the county, at such legal rate of interest as may be agreed, and may also loan or invest such funds in United States government bonds, and the income from such loans shall be paid into such fund.
Source: SL 1911, ch 123, §2; RC 1919, §6954; SL 1931, ch 115, §2; SDC 1939, §12.2303; SL 1959, ch 31, §2; SL 1959, ch 32; SL 1963, ch 49; SL 1968, ch 21; SL 1992, ch 60, §2.
Structure South Dakota Codified Laws
Chapter 25 - County Buildings And Improvements
Section 7-25-2 - Investment of building fund--Income paid into fund.
Section 7-25-5 - Commissioners' duty to use accumulated building fund.
Section 7-25-7 - Advertising and award procedure for building construction contracts.
Section 7-25-8 - Building plans and specifications to be on file--Petty offense to permit removal.
Section 7-25-9.1 - Waiver of security requirements on bids less than two thousand dollars.
Section 7-25-11 - Execution of construction contracts.
Section 7-25-12 - Performance bond required of construction contractor.
Section 7-25-13 - Payment required if building occupied before acceptance.
Section 7-25-16 - Insurance on buildings--Application of proceeds--Filing policies.
Section 7-25-17 - Rental space provided county officers where courthouse or jail insufficient.
Section 7-25-19 - Sale and lease-back arrangements--Disposition of sale proceeds--Tax exemption.
Section 7-25-20 - Sale and lease-back powers additional--Restrictions on exercise.