24 : 59 : 04 : 05 . Maturity term of bonds issued. When considering approval of new bonds for lease purchase agreement, the Board of Technical Education may set a target maturity term of thirty years. The amortization cannot exceed one hundred and twenty percent (120%) of the weighted average useful life of the asset.

Source: 40 SDR 40, effective September 11, 2013 ; Re adopt ed from § 24:10:46:05 , 44 SDR 184, effective June 25, 2018 .

General Authority: SDCL 1-16A-94, 13-39A-24.

Law Implemented: SDCL 1-16A-39, 1-16A-43, 1-16A-93, 13-39A-24, 13-39A-25, 13-39A-26 .