§ 1-16A-96 Appropriation for payments pursuant to lease purchase agreements--Agreement dated August 1, 1988 ratified.

SD Codified L § 1-16A-96 (2019) (N/A)

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1-16A-96. Appropriation for payments pursuant to lease purchase agreements--Agreement dated August 1, 1988 ratified. Any lease payments made to the authority pursuant to lease purchase agreements with the Western Dakota Technical Institute, the Southeast Technical Institute, the Lake Area Technical Institute, the Mitchell Technical Institute, or the South Dakota Board of Technical Education under the authority of chapter 13-39A shall be paid in part from an appropriation to be made by the Legislature in an amount that is equal to twenty-seven percent of the current year lease purchase agreement payments.

No provision of SL 2017, chapter 81 adversely affects any of the covenants or other agreements of the South Dakota Board of Education or the secretary of education in the lease purchase agreement with the authority dated August 1, 1988, as amended and supplemented, for the benefit of the holders of any bonds issued by the authority, and such covenants and agreements in the lease purchase agreement dated August 1, 1988, as amended and supplemented, are hereby ratified and confirmed.

Source: SL 2013, ch 6, § 6; SL 2015, ch 6, § 3; SL 2016, ch 109, § 17; SL 2017, ch 81, § 51.

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§ 1-16A-97 Procedures to facilitate school district issuance of capital outlay certificates and terms for lease purchase agreements secured by pledge of state aid to education funds.