9-54-2.1. Power to issue revenue bonds, purchase or discharge debt of nonprofit corporation operating health care or housing facility and enter revenue agreements--Location of project.
With respect to hospitals, nursing homes, other health care facilities, housing for the elderly, housing for the handicapped, wellness centers, or primary, secondary, or postsecondary schools to be operated by any nonprofit corporation, for any purpose stated in §9-54-1, a municipality may issue revenue bonds to pay, purchase, or discharge all or any part of the outstanding indebtedness of a nonprofit corporation incurred in the purchase, construction, reconstruction, acquisition of sites for, enlargement, improvement, or remodeling of hospitals, nursing homes, other health care facilities, housing for the elderly, housing for the handicapped, wellness centers, or primary, secondary, or postsecondary schools, including, to the extent deemed necessary or desirable by the municipality, any unpaid interest on indebtedness accrued or to accrue to the date on which the indebtedness is finally paid, and any premium the municipality determines to be necessary or desirable to be paid to pay, purchase, or decease outstanding indebtedness, and to enter into revenue agreements as defined in §9-54-3.1, with any nonprofit corporation, the projects to be situated in any municipality or its environs without limitation as to distance, providing the governing body of the municipality declares that the project would promote the welfare of the municipality. Nothing in this section is intended to prohibit the use of revenue bonds to pay outstanding indebtedness of any person, firm, limited liability company, corporation, or governmental entity to the extent now permitted by law.
Source: SL 1981, ch 77, §3; SL 1982, ch 28, §2; SL 1984, ch 43, §98B; SL 1991, ch 75, §1; SL 1994, ch 351, §10; SL 1998, ch 46, §2.
Structure South Dakota Codified Laws
Title 9 - Municipal Government
Chapter 54 - Economic Development Projects
Section 9-54-1 - Purpose of chapter.
Section 9-54-2.2 - Restriction on use of bonds for elderly housing projects.
Section 9-54-3 - "Revenue bonds" defined.
Section 9-54-3.1 - "Revenue agreement" defined.
Section 9-54-4 - Costs to be covered by bonds--Authorization, issuance and sale of bonds.
Section 9-54-5 - Amount of bond issue limited by costs.
Section 9-54-6 - Bonds not general obligations nor payable by taxation--Recitals in bonds.
Section 9-54-9 - Municipal obligations restricted by contractual payments from facilities.
Section 9-54-10 - County and sanitary district powers.
Section 9-54-11 - Municipal joint or cooperative agreements.
Section 9-54-12 - Compliance with federal requirements for tax exemption.