S.D. Codified Laws ch. 5-12 – South Dakota Building Authority | Midpage

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South Dakota Codified Laws

Chapter 5-12

S.D. Codified Laws ch. 5-12

South Dakota Building Authority

5-12-1Authority created--Composition--Initial terms--Political affiliation--Chairman.5-12-1.1Authority continued within Bureau of Finance and Management--Records and reports.5-12-1.2Meaning of United States Department of Agriculture Conservation Reserve Program.5-12-2Terms of members--Vacancies--Quorum.5-12-3Oath and bond of members.5-12-4Members receive no compensation--Reimbursement of expenses.5-12-5Employment of personnel.5-12-6Common seal of authority.5-12-7Purposes of authority.5-12-8Studies and investigations of land needs.5-12-8.1Additional powers with respect to projects under § 5-12-8.5-12-10Transfer of state property to authority.5-12-11Power of authority to acquire property--Methods of acquisition.5-12-11.1Standards and specifications to accommodate persons with disabilities.5-12-12Plans and specifications for projects to be undertaken.5-12-13Lease of facilities and sites to state agencies authorized--Commencement of payments under lease.5-12-14Terms, conditions, and rental under leases--Annual extension provision.5-12-15Lessee's option to purchase--Conveyance on exercise of option.5-12-16Taxes and insurance added to rental properties--Authorization to self-insure.5-12-17Authority's power to use facilities for other purposes on nonpayment of rent--Appropriations and funds from which rent payable.5-12-18Costs and reserves to be covered by rent and charges.5-12-19Tax exemption of property owned or leased by authority--Exception.5-12-20Resolutions for revenue bonds authorized--Purpose--Legislative approval required.5-12-21Purposes for which bonds issued--Refunding and refinancing--Pledge of income.5-12-22Terms and interest rate of bonds.5-12-23Revenues and income from which bonds payable--Use of educational facilities fund--Disposition of revenues.5-12-24Execution and registration of bonds--Validity of signature by officers.5-12-25Restrictions on obligation stated on face of bonds.5-12-26Creation of state obligation not authorized.5-12-27Contract with bondholders--Bondholders' remedies.5-12-27.1Refunding bonds authorized--Purposes.5-12-27.2Amount of refunding bonds.5-12-27.3Exchange or sale of refunding bonds--Proceeds of sale--Cancellation of bonds and coupons--Evidence of discharge of interest obligation.5-12-27.4Exchange or sale of bonds--Disposition of proceeds of sale.5-12-27.5Assistance in conserving and improving soil and water resources of highly erodible cropland by means of loans--Revenue bonds and interim notes authorized.5-12-27.6No indebtedness to be charged against state.5-12-27.7Acceptance and expenditure of gifts, contributions, etc., authorized.5-12-27.8Lease and sublease agreements with South Dakota Building Authority authorized to support purpose and payment of revenue bonds or interim notes.5-12-28Interim notes authorized--Purposes of borrowing.5-12-29Resolution for issuance of interim notes--Interest rate--Maturity date.5-12-30Terms and registration of interim notes--Redemption prior to maturity--Execution of notes--Pledge of income and revenue.5-12-31Additional provisions to secure payment of interim notes.5-12-32Debt limitations not applicable to interim notes--Personal liability not created by execution of notes.5-12-33Payment of interim notes or purchase of government obligations with proceeds from sale of revenue bonds.5-12-34Disposition of income under chapter--Public building fund.5-12-35Accounts maintained by authority--Purpose of disbursements from public building fund.5-12-36Authority to convey property to state when debt paid or payment provided for--Reversion to authority.5-12-37Record of rental payments under lease--Conveyance to lessee after amortization of debt.5-12-38Annual audit.5-12-38.1Informational budget required.5-12-39Contractual power of authority.5-12-40Bylaws, rules, and regulations of authority.5-12-41Severability of provisions.5-12-42Sale and lease-back arrangements--Sales and land leases authorized--Use of proceeds.5-12-43Sale and lease-back arrangements--Contracts to acquire use or ownership authorized--Terms.5-12-44Provisions applicable to contracts to acquire use or ownership.5-12-45Revenue bonds to finance sale and lease-back arrangements--Lending proceeds--Refund or refinance of obligations.5-12-46Legislative approval required for sale and lease-back arrangements.5-12-47Revenue obligations--Issuance--Purpose--Funds for payment.5-12-47.1Payment of lease rental obligations to South Dakota Building Authority by Bureau of Finance and Management.5-12-47.2Irrevocable escrow agreement for defeasance and payment of lease revenue trust certificates and bonds--Arrangements to pay governmental expenses.5-12-48Definition of terms.5-12-48.1Authority may invest funds in certain permitted investments.5-12-49Transfer and sale of state's right to tobacco settlement revenues--Disposition of funds--Written agreement--Filing of agreement.5-12-50Establishment of special purpose corporation--Limitations--Board membership--Powers of corporation.5-12-50.1Bond transactions to be public records subject to disclosure.5-12-51Purposes of special purpose corporation.5-12-52Bonds of corporation not a lien, charge or liability against the state--Pledge of education enhancement trust funds prohibited.5-12-53Pledge of non-interference by state to impair terms of bonds--Liability of state on bonds.5-12-54Liability of authority and special purpose corporation.5-12-55Special purpose corporation treated as public instrumentality of state--Income of authority and corporation not taxed--Obligations of corporation deemed public securities.5-12-56Employees of special purpose corporation.5-12-575-12-57, 5-12-58. Repealed by SL 2013, ch 28, §§ 5, 6.5-12-59State pledge to honor agreements of authority or corporation with regard to certain federal income tax exclusions.5-12-61Authority may contract to manage payment or interest rate risk for bonds.