LegalFix
Sign In

§ 1-16B-23 Disposition of refunding obligations--Application or investment of proceeds.

SD Codified L § 1-16B-23 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

1-16B-23. Disposition of refunding obligations--Application or investment of proceeds. Refunding obligations may be sold or exchanged for outstanding obligations issued under this chapter, and, if sold, the proceeds may be applied to any authorized purpose or to the purchase, redemption or payment of outstanding obligations. The proceeds from any refunding obligation may be invested by the state investment officer, under the provisions of chapter 4-5, until they are required for the retirement of outstanding obligations.

Source: SL 1978, ch 9, § 20.

Previous Section
§ 1-16B-22 Issuance of refunding obligations--Terms governed by chapter.
Next Section
§ 1-16B-24 Bonds and notes as legal investments for public and fiduciary funds.