41-17-5. Revenue bonds authorized for recreational facilities in parks--Terms of bonds--Maximum amount. To accomplish the provisions and purposes of § 41-17-4, the Department of Game, Fish and Parks may issue revenue bonds in such amounts as the Game, Fish and Parks Commission deems necessary. The bonds shall be authorized by resolution of the commission and approved by the Governor. The bonds may be at the option of the commission callable for payment before maturity; and the call provision, if any, shall be stated in the bond. The face amount of any bond authorized pursuant to this section may not exceed the sum of two million dollars. The bonds, subject to the provisions of the resolution or a subsequent resolution, may:
(1) Be issued in one or more series;
(2) Bear a date specified in the resolution;
(3) Mature at a time specified in the resolution not exceeding twenty years from the date;
(4) Be in a form and be executed in a manner specified in the resolution;
(5) Be payable in a medium and at a place specified in the resolution;
(6) Be subject to terms of redemption specified in the resolution; and
(7) Contain terms, covenants, and conditions as specified in the resolution.Source: SL 1959, ch 108, §§ 4, 6; SDC Supp 1960, §§ 25.0128, 25.0129; SL 1970, ch 241, § 2; SL 2009, ch 206, § 99.
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