Title 13 — EDUCATION

92 chapters · 1,687 sections in this title.

44 sectionsFiltered byTitle 13 Ch 51A

SDCL § 13-51A-1 Definitions
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Terms used in this chapter mean: (1) "Acquire," to purchase, erect, build, construct, reconstruct, complete, repair, replace, alter, extend, better, equip, develop, and improve a project, including the acquisition and clearing of a site or sites therefor; (2) "Board," the Board o…
SDCL § 13-51A-10 Execution of interim notes
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The notes may be executed by the president of the board, shall be attested by the secretary and be sealed with the board's corporate seal. Source: SL 1971, ch 134 , § 4 (D).
SDCL § 13-51A-11 Sale of interim notes
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Such notes shall be sold in such manner and at such price as the board shall by resolution determine. Source: SL 1971, ch 134 , § 4 (D).
SDCL § 13-51A-12 Payment of interim notes on issuance of bonds
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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…
SDCL § 13-51A-13 Power to issue bonds--Purposes--Resolution--Signatures
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The board shall have power, and is hereby authorized from time to time, to issue negotiable bonds: (1) To acquire any one project, or more than one, or any combination thereof, for each such institution; or (2) To refund bonds heretofore and hereafter issued as hereinafter provid…
SDCL § 13-51A-14 Terms of bonds
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The bonds may be issued in one or more series, may bear such date or dates, may be in such denomination or denominations, may mature at such time or times not exceeding fifty years from the respective dates thereof, may mature in such amount or amounts, may bear interest at such …
SDCL § 13-51A-15 Pledge of income for security of bonds
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In connection with the issuance of any bonds under this chapter, and in order to secure the payment of any such bonds and the interest thereon, the board shall have the power for each such institution to provide that bonds issued under this chapter, subject only to the prior paym…
SDCL § 13-51A-16 Rights of prior bondholders protected
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If the board provides that any bonds issued under this chapter shall be payable from the income and revenues of any project acquired before July 1, 1971, any such provision for the payment of said bonds from the income and revenues of any such project theretofore acquired shall b…
SDCL § 13-51A-17 Covenant to maintain adequate income for bond retirement
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In connection with the issuance of any bonds under this chapter, and in order to secure the payment of any such bonds and the interest thereon, the board shall have the power for each such institution to covenant with or for the benefit of the holder or holders of the bonds issue…
SDCL § 13-51A-18 Covenant against debt or charge endangering income pledged to bond retirement
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In connection with the issuance of any bonds under this chapter, and in order to secure the payment of any such bonds and the interest thereon, the board shall have the power for each such institution to covenant that so long as any of the bonds issued under this chapter shall re…
SDCL § 13-51A-19 Covenant against alienation of project so as to endanger bond security
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In connection with the issuance of any bonds under this chapter, and in order to secure the payment of any such bonds and the interest thereon, the board shall have the power for each such institution to covenant that so long as any of the bonds issued under this chapter shall re…
SDCL § 13-51A-2 Power to acquire property
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The board shall have power for each such institution to: (1) Acquire any project or projects, or any combination thereof, and to own, operate, and maintain the same. (2) Acquire by purchase, gift, or the exercise of eminent domain, and hold or dispose of real or personal property…
SDCL § 13-51A-20 Additional covenants for security of bonds
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In connection with the issuance of any bonds under this chapter, and in order to secure the payment of any such bonds and the interest thereon, the board shall have the power for each such institution to covenant with or for the benefit of the holder or holders of bonds issued un…
SDCL § 13-51A-21 Trustee for bondholders--General powers--Trust agreement
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In connection with the issuance of any bonds under this chapter, and in order to secure the payment of any such bonds and the interest thereon, the board shall have the power for each such institution to vest in a trustee or trustees the right to receive all or any part of the in…
SDCL § 13-51A-22 Covenants to take actions for benefit of bondholders
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In connection with the issuance of any bonds under this chapter, and in order to secure the payment of any such bonds and the interest thereon, the board shall have the power for each such institution to covenant to perform any and all acts and to do any and all such things as ma…
SDCL § 13-51A-23 Prohibition against obligating state
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Nothing in this chapter shall be construed to authorize the board or any institution to contract a debt on behalf of, or in any way to obligate, the State of South Dakota, or to pledge, assign, or encumber in any way, or to permit the pledging, assigning or encumbering in any way…
SDCL § 13-51A-24 Limited obligation of bonds
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All bonds issued pursuant to this chapter shall be obligations of the board payable only in accordance with the terms thereof and shall not be obligations general, special, or otherwise, of the State of South Dakota. Such bonds shall not constitute a debt, legal or moral, of the …
SDCL § 13-51A-25 Recording not required to perfect lien
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Neither the resolution authorizing the bonds nor any financing statement or other instrument or document need be filed or recorded in any public records in order to perfect the lien on the pledge of the revenues to pay the bonds as against third parties. Source: SL 1971, ch 134 ,…
SDCL § 13-51A-26 Validity of bonds despite expiration of terms of officers--Irregularities in proceedings
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The bonds bearing the signatures of officers of the board in office on the date of the signing thereof shall be valid and binding obligations, notwithstanding that before the delivery thereof and payment therefor any or all persons whose signatures appear thereon shall have cease…
SDCL § 13-51A-27 Sale of bonds--Minimum price
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All bonds issued under this chapter shall be sold for such price or prices as the board shall determine but at not less than ninety - five percent of par except refunding bonds exchanged on a par for par basis as hereinafter provided. Source: SL 1971, ch 134 , § 4 (A).
SDCL § 13-51A-28 Negotiability of bonds
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The coupon bonds shall be fully negotiable within the meaning of Title 57A. Source: SL 1971, ch 134 , § 4 (A).
SDCL § 13-51A-29 Bonds as legal investments
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The state and all counties, cities, villages, incorporated towns, and other municipal corporations, political subdivisions, and public bodies, and public officers of any thereof, all banks, subject to applicable investment limitations, bankers, trust companies, savings banks and …
SDCL § 13-51A-3 Power to accept grants
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The board shall have power for each such institution to accept grants of money or materials or property of any kind from a federal agency, or others, upon such terms and conditions as may be imposed. Source: SL 1971, ch 134 , § 3, subdiv 3.
SDCL § 13-51A-30 Deposit of bond proceeds and revenues--Security--Disbursement
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Notwithstanding the provisions of any other law, no moneys derived from the sale of bonds issued under the provisions of this chapter, or pledged or assigned to or in trust for the benefit of the holder or holders thereof, shall be required to be paid into the state treasury but …
SDCL § 13-51A-31 Agreements as to custody of funds
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Section 13-51A-30 shall not be construed as limiting the power of the board to agree in connection with the issuance of any of its bonds as to the custody and disposition of the moneys received from the sale of such bonds or from the income and revenues pledged or assigned to or …
SDCL § 13-51A-32 Actions for enforcement of chapter and resolutions
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The provisions of this chapter and of any resolution or other proceeding authorizing the issuance of bonds shall constitute a contract with the holders of such bonds and the provisions thereof shall be enforceable either in law or in equity, by suit, action, mandamus, or other pr…
SDCL § 13-51A-33 Power to issue refunding bonds for matured obligations
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The board shall have power, and is hereby authorized from time to time, to issue negotiable refunding bonds: (1) To refund unpaid matured bonds; (2) To refund unpaid matured coupons evidencing interest upon its unpaid matured bonds; and (3) To refund interest at the coupon rate u…
SDCL § 13-51A-34 Exchange of refunding bonds--Sale and use of proceeds--Cancellation of bonds and coupons received
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Refunding bonds issued pursuant to § 13-51A-33 may be exchanged for the bonds to be refunded on a par for par basis of the bonds, interest coupons, and interest not represented by coupons, if any, or may be sold at not less than par, or may be exchanged in part and sold in part, …
SDCL § 13-51A-35 Power to issue refunding bonds for unmatured obligations
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The board shall have power, and is hereby authorized from time to time, to also issue negotiable refunding bonds hereunder to refund bonds at or prior to their maturity or which by their terms are subject to redemption before maturity, or both, in an amount necessary to refund: (…
SDCL § 13-51A-36 Exchange or sale of refunding bonds--Use of proceeds
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Refunding bonds issued pursuant to § 13-51A-35 may be exchanged for not less than an equal principal amount of bonds to be refunded or may be sold at not less than par, or may be exchanged in part and sold in part. All proceeds received at the sale thereof (excepting the accrued …
SDCL § 13-51A-37 Contracts and leases to carry out purposes
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The board shall have power for each institution listed in subdivision 13-51A-1(4) to make contracts and leases, either as lessee or lessor, and execute all instruments and perform all acts and do all things necessary or convenient to carry out the powers granted in this chapter. …
SDCL § 13-51A-38 Parietal rules
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In connection with the issuance of any bonds under this chapter, and in order to secure the payment of any such bonds and the interest thereon, the board shall have the power for each such institution to make and enforce and agree to make and enforce parietal rules that shall ens…
SDCL § 13-51A-39 Establishment and collection of fees
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In connection with the issuance of any bonds under this chapter, and in order to secure the payment of any such bonds and the interest thereon, the board shall have the power for each such institution to fix, maintain, and collect: (1) Fees, rentals, and other charges from studen…
SDCL § 13-51A-4 Borrowing power of board
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The board shall have power for each such institution to borrow money and issue bonds to acquire for each institution any one project, or more than one, or any combination thereof, or to refund bonds heretofore or hereafter issued for each such institution, or for either or both o…
SDCL § 13-51A-40 Retention of revenues by board
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The board shall have power for each such institution to retain in its treasury: (1) All moneys received from the sale of all bonds or notes issued under this chapter; (2) All fees, rentals, and other charges from students, staff members, and others using or being served by, or ha…
SDCL § 13-51A-41 Accounting for project financing--Audits
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For the purpose of financial reporting, each combined project will have its financial affairs, expenditures and revenues, set out clearly in the financial statement of the institution, and the South Dakota auditor - general will audit each project on a separate basis and attest t…
SDCL § 13-51A-42 Supplemental nature of chapter--Conflicting provisions
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The powers conferred by this chapter shall be in addition to and supplemental to the powers conferred by any other law, general or special, and bonds may be issued under this chapter notwithstanding the provisions of any other such law and without regard to the procedure required…
SDCL § 13-51A-43 Severability of provisions
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It is hereby declared that the sections, clauses, sentences, and parts of this chapter are severable, are not matters of mutual essential inducement, and any of them may be excised by any court of competent jurisdiction if this chapter would otherwise be unconstitutional or ineff…
SDCL § 13-51A-44 Short title
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This chapter shall be known and may be cited as the "Board of Regents Revenue Bond Act of 1971." Source: SL 1971, ch 134 , § 1.
SDCL § 13-51A-5 Interim notes authorized--Purposes
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The board may borrow money and issue interim notes in evidence thereof to perform any of the duties authorized under this chapter, including the payment of expenses to be incurred for planning, architectural, engineering, legal and financial services, the acquisition of a site or…
SDCL § 13-51A-6 Terms of interim notes--Maturity date--Extension
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Any resolution authorizing the issuance of such notes shall specify the principal amount, rate of interest and maturity date, but not to exceed five years from date of issue, and such other terms as may be specified in such resolution; however, time of payment of any such notes m…
SDCL § 13-51A-7 Security for payment of interim notes--Sources of payment
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All such notes and the interest thereon may be secured by a pledge of any income and revenue derived by the institution from the project (subject to the prior payment of the operation and maintenance expenses of any project) to be undertaken with the proceeds of the notes and sha…
SDCL § 13-51A-8 Additional provisions to make interim notes salable
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The board, in order further to secure the payment of the interim notes, is, in addition to the foregoing, authorized and empowered to make any other or additional covenants, terms, and conditions not inconsistent with the provisions of this chapter, and do any and all acts and th…
SDCL § 13-51A-9 Registration of interim notes--Interest payments--Redemption
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The board 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 board may determine by the resolution authorizing their issue. Interest on the notes may be mad…