Section 46A-1-18 - Interim notes guaranteed by state agency or United States agency orinstrumentality--Limitations--Notes issued prior to financingarrangement.
46A-1-18. Interim notes guaranteed by state agency or United States agency or instrumentality--Limitations--Notes issued prior to financing arrangement. In addition to its other powers, the district may enter into financing arrangements with any public entity or person to loan the proceeds of the district's interim notes to any public entity or person for a project anywhere within this state and to adopt the necessary resolution therefor, without specific authorization of the Legislature and without regard to the limitations, provisions, or requirements of any other law except this chapter and chapter 46A-2, and in addition to the aggregate indebtedness otherwise authorized by the Legislature provided that an agency of the State of South Dakota or an agency or instrumentality of the United States government, has committed itself to make a grant or loan to such public entity or person. Under this section the district may only provide interim financing less than or equal to the combined federal and state grant or loan commitments on each project and may not apply the proceeds of the interim notes and financing to any purpose other than expenses allowed by § 46A-1-17 and the project for which the financing arrangement is made. The person or public entity receiving this interim financing may apply the proceeds of the district's interim notes to the project without specific authorization of the project by the Legislature.
Notes to make loans pursuant to this section may be issued before the district has entered into any financing arrangement if the principal amount of notes does not exceed the amount which the district estimates to be required to enter into financing arrangements and if a grant or loan commitment is received before the district lends note proceeds pursuant to any financing arrangement.
Source: SL 1979, ch 301, § 5; SL 1980, ch 309, § 1; SL 1980, ch 310, § 16; SDCL Supp, § 46-17A-23.1; SL 1983, ch 315, § 14.