Title 49, PUBLIC UTILITIES AND CARRIERS

It is hereby declared: (1) That there exists within the state a serious emergency as a result of the imminent abandonment by railroads of substantial services which they have provided within the state, and the deteriorated condition of their properties and facilities; (2) That th…

For the purpose of developing the resources and improving the economic facilities of the state, the authority may engage in works of internal improvement and may own and conduct proper business enterprises through: (1) Planning, establishing, acquiring, developing, constructing, …

The authority shall obtain estimates of the cost of any project it deems necessary or convenient and shall formulate and recommend a list of projects. The authority shall present a report including its recommendations, proposed projects and estimated costs to the Legislature not …

Any department, board, commission, agency, or officer of the state may transfer jurisdiction of or title to any property under its or the officer's control to the authority if the transfer is approved, in writing, by the Governor, as being advantageous to the state. Source: SL 19…

To accomplish projects of the kind listed in § 49-16B-10 the authority may acquire by purchase, condemnation, including the power of condemnation in accordance with chapters 21-35 and 31-19 , including the eminent domain and declaration of taking sections therein, gift or otherwi…

The authority shall receive approval for all proposed expenditures from the South Dakota State Railroad Board and the Governor. Source: SL 1981, ch 100 , § 5; SL 2010, ch 145 , § 194.

The Department of Transportation, in accord with its obligation to maintain certain public highways under § 31-5-1 , shall maintain the public railroad property purchased and owned by the state pursuant to chapter 49-16B . Source: SL 1981, ch 331 , § 4; SL 2010, ch 145 , § 195.

The Department of Transportation shall prepare or review and approve plans and specifications for and have supervision over any project to be undertaken by the authority. Source: SL 1980, ch 323 , § 14; SL 1996, ch 20 , § 24.

To accomplish projects of the kind listed in § 49-16B-10 , the authority may execute leases of facilities and sites to, and charge for the use of any such facilities and sites by the Department of Transportation or other lessee. Leases may be entered into contemporaneously with a…

Leases may be: (1) Upon such terms, conditions, and rentals as in the judgment of the authority are in the public interest; or (2) For a term of one year, with an option in the lessee to extend the term of the lease for a term of one year from the expiration of the original term …

The lease shall provide that the lessee may, at the expiration of the original or any extended term, purchase the leased premises at a stated price, which shall be the balance of the total cost of the project financed not amortized by the payments of rents previously made by the …

The lease may provide that the lessee shall, as additional rent for the leased premises, pay all taxes assessed against the leased premises if any, and the cost of insuring, maintaining, repairing, and operating the facilities. Source: SL 1980, ch 323 , § 18.

Leases to the Department of Transportation shall contain the provision that rents under the leases are payable solely from appropriations to be made by the Legislature for the payment of rent under the leases may not exceed an amount sufficient to pay principal of and interest on…

Terms used in this chapter mean: (1) "Authority," the South Dakota Railroad Authority; (2) "Railroad facilities," or "facilities," all property either real, personal, or mixed used or useful in the conduct of railroad services. Source: SL 1980, ch 323 , § 2; SL 1996, ch 20 , § 22…

The authority may, in the event of nonpayment of rents reserved in such leases, maintain and operate the facilities and sites or execute leases of the facilities and sites to others for any suitable purposes. Source: SL 1980, ch 323 , § 20; SL 2010, ch 145 , § 196.

The charges, fees, or rentals established by the authority for the use of any facilities acquired, constructed, completed, or equipped in whole or in part with the proceeds of the bonds or instruments issued as provided in this chapter and leased to lessees other than the Departm…

All property owned by the authority is exempt from taxation. Source: SL 1980, ch 323 , § 21.

The authority may at one time, or from time to time, provide by resolution for the issuance of negotiable revenue bonds for the purpose of paying all or any part of the cost of one or combination of projects. However, no revenue bonds may be sold to raise the funds for payment of…

To accomplish projects of the kind listed in § 49-16B-10 , the authority may borrow money and issue and sell bonds in such amount or amounts as the authority may determine for the purpose of acquiring, improving or equipping any such facility; refund and refinance the same from t…

Bonds or notes of the authority shall be authorized by resolution of the authority and may be issued under the resolution or under a trust indenture or other security agreement, in one or more series. The bonds or notes shall bear such date or dates, mature at such time or times,…

Such bonds shall be payable solely and only from: (1) Income to be derived from rental leases as provided in §§ 49-16B-15 to 49-16B-21 , inclusive; and (2) Revenues to be derived by the authority from the operation of such facilities acquired, constructed, improved, or equipped i…

Bonds shall be executed by officers of the authority as shall be designated by the authority, and shall be registered by the state auditor of the State of South Dakota. Any bonds bearing the signature of officers in office at the date of signing thereof shall be valid and binding…

Each bond shall state upon its face that it is payable solely from revenues derived by the authority from the operation of facilities acquired, constructed, improved, or equipped in whole or in part with the proceeds of the sale of such bonds, including income to be derived from …

Nothing in this chapter authorizes the authority or any department, board, commission, or other agency to create an obligation of the State of South Dakota within the meaning of the Constitution or statutes of South Dakota. Source: SL 1980, ch 323 , § 28; SL 2010, ch 145 , § 198.

There is created the South Dakota Railroad Authority, a body corporate and politic. The governing board of the South Dakota Railroad Authority shall be comprised of the members of the South Dakota State Railroad Board, as provided by § 1-44-25 . Source: SL 1980, ch 323 , § 3; SL …

The provisions of this chapter and of any resolution or proceeding authorizing the issuance of bonds constitutes a contract with the holders of such bonds. The provisions are enforceable either in law or in equity, by suit, action in mandamus or other proceeding in any court of c…

In addition to the permanent financing authorized by §§ 49-16B-23 to 49-16B-30 , inclusive, the authority may borrow money and issue interim notes in evidence thereof for any of the projects, or to perform any of the duties authorized under this chapter, and in addition may borro…

Whenever the authority deems it advisable and in the interests of the authority to borrow funds temporarily for any of the purposes enumerated in § 49-16B-31 , the authority may from time to time, and pursuant to appropriate resolution, issue interim notes to evidence such borrow…

The authority may provide for the registration of the notes in the name of the owner either as to principal alone, or as to both principal and interest, on such terms and conditions as the authority may determine by the resolution authorizing their issue. The notes shall be issue…

Interest on the notes may be made payable semiannually, annually or at maturity. The notes may be made redeemable, prior to maturity, at the option of the authority, in the manner and upon the terms fixed by the resolution authorizing their issuance. Source: SL 1980, ch 323 , § 3…

The notes may be executed in the name of the authority by the chairman of the authority or by any other officer or officers of the authority as the authority by resolution may direct, shall be attested by the secretary or such other officer or officers of the authority as the aut…

All such notes and the interest thereon may be secured by a pledge of any income and revenue derived by the authority from the project to be undertaken with the proceeds of the notes, after deducting from such income and revenue any reasonable and necessary maintenance and operat…

The authority, in order further to secure the payment of the interim notes, may make any other or additional covenants, terms and conditions not inconsistent with the provisions of §§ 49-16B-13 and 49-16B-15 , and do any and all acts and things as may be necessary or convenient o…

The interim notes do not constitute an indebtedness within the meaning of any constitutional or statutory debt limitation or restriction. Source: SL 1980, ch 323 , § 34; SL 2010, ch 145 , § 201.

Contemporaneously with the issue of revenue bonds as provided by this chapter, all interim notes, even though they may not then have matured, shall be paid, both principal and interest to date of payment, from the funds derived from the sale of revenue bonds for the permanent fin…

The authority shall be attached to the Bureau of Finance and Management for reporting purposes but shall exercise all its prescribed functions, including administrative functions. The authority shall submit such records, information, and reports in the form and at such times as r…

No member, officer, agent, or employee of the authority, nor any other person who executes interim notes, may be liable personally by reason of the issuance thereof. Source: SL 1980, ch 323 , § 35.

The gross total income derived by the authority from: (1) The sale of bonds; (2) Charges, fees, or rentals; and (3) All other revenue derived from any project undertaken pursuant to this chapter; shall be paid to the treasurer of the State of South Dakota or to a trustee under a …

The authority shall keep account of the gross total income derived from each separate project or any combination thereof undertaken pursuant to this chapter. Disbursements from a given account in the railroad authority fund shall be ordered by the authority only for the payment o…

To accomplish projects of the kind listed in § 49-16B-10 , the authority shall convey property, without charge, to the Department of Transportation if and when all debts which have been secured by the income from the property have been paid. In addition, the railroad authority ma…

An accurate record shall be kept of the rental payments under each lease entered into by the authority or Department of Transportation. If the rentals applicable to each project or facility, or any combination thereof, constructed, completed, improved, and equipped are paid, in a…

The authority may enter into contracts regarding any matter connected with any corporate purpose within the objects and purposes of this chapter. Source: SL 1980, ch 323 , § 41.

To accomplish projects of the kind listed in § 49-16B-10 , the authority may adopt all necessary bylaws, rules, and regulations for the conduct of the business and affairs of the authority, and for the management and use of facilities and sites acquired under the powers granted b…

Each member shall, before entering upon the duties of office, take and subscribe the constitutional oath of office and give bond in the penal sum of twenty-five thousand dollars conditioned upon the faithful performance of the member's duties. The oath and bond shall be filed in …

The members of the authority shall be paid their per diem compensation and reimbursed expenses as set pursuant to § 4-7-10.4 . Source: SL 1980, ch 323 , § 7.

The authority may employ agents and employees necessary to carry out the duties and purposes of the authority. Source: SL 1980, ch 323 , § 8; SL 2010, ch 145 , § 190.

The authority may have and use a common seal and alter the same at pleasure. Source: SL 1980, ch 323 , § 9.