Section 1-16A-77 - Aggregate outstanding amount of obligations of authority payable out of paymentsmade pursuant to lease-purchase agreements.
1-16A-77. Aggregate outstanding amount of obligations of authority payable out of payments made pursuant to lease-purchase agreements. The aggregate outstanding principal amount of bonds, notes, or other obligations of the authority which are payable out of receipts, rentals, and other payments made pursuant to lease purchase agreements with an LEA or the South Dakota Board of Education under the authority of chapter 13-39, may not exceed eighty million dollars for obligations issued by the authority in connection with any lease-purchase agreement with the Western Dakota Technical Institute, the Southeast Technical Institute, the Lake Area Technical Institute or the Mitchell Technical Institute. However, at the option of the authority to be expressed in a resolution or an indenture which authorizes or authorized any refunding bonds, the principal amount of the bonds, notes, or other obligations which are issued to refund, pay, discharge, or defease any outstanding bonds, notes, or other obligations or which are, as a result of issuance of any such refunding obligations, deemed to be paid, discharged, or defeased by reason of an irrevocable deposit of cash or securities, may be excluded from the total principal amount of obligations of the authority for the purpose of determining compliance with the limitation of this section.
Source: SL 1987, ch 144, § 7; SL 1988, ch 149, § 1; SL 1992, ch 5; SL 1993, ch 10; SL 1998, ch 8, § 1; SL 2008, ch 10, § 1.