Title 6, LOCAL GOVERNMENT GENERALLY

The proceeds derived from the sale of any bonds shall be kept as a special fund apart from the other funds of the public body and shall be used exclusively for the purpose for which the bonds were issued. Source: SL 1984, ch 43 , § 13.

All bonds issued by any public body are negotiable investment securities within the meaning of chapter 57A-8 . Source: SL 1984, ch 43 , § 14.

The governing body of each public body may do all acts permitted or required of issuers of negotiable investment securities under chapter 57A-8 , including but not limited to, the issuance of bonds in registered form and the registration, exchange, and transfer of ownership there…

A governing body may appoint for a term as may be agreed, including for so long as a registered bond may be outstanding, corporate or other authenticating agents, transfer agents, registrars, paying or other agents, located within or without the state, and specify the terms of th…

No bond issued in registered form, whether initially or upon registration of transfer or exchange, is valid or effective for any purpose unless a certificate of authentication is executed thereon by the registrar, by the manual signature of its authorized representative. Any regi…

The registration books maintained on behalf of any public body by the clerk or registrar shall not be open to inspection or copying by the general public, and no registrar, officer, or member of the governing body shall disclose information contained therein except in the followi…

Every public body, authority, or agency issuing any general obligation, revenue, improvements, industrial revenue, special assessment, or other bonds of any type, shall, on forms provided by the secretary of state, file with the secretary of state, the following information conce…

Unless otherwise provided, no bonds may be issued either for general or special purposes by any public body unless at an election sixty percent of voters of the public body voting upon the question vote in favor of issuing the bonds. The election shall be held in the manner descr…

Costs incidental to the issuance and sale of bonds under this chapter may be paid by the purchaser or defrayed from the general fund of the public body, from the proceeds of bonds, from the interest or other yield derived from the investment of the proceeds or from other sources …

All bonds of every nature issued by any public body, authority, or agency shall be countersigned by an attorney actually residing in the State of South Dakota and duly licensed to practice therein. Source: SL 1984, ch 43 , § 21.

If the bonds are not countersigned as provided by § 6-8B-21 , the bonds shall be void and unenforceable. Source: SL 1984, ch 43 , § 22.

If any bonds become prepayable under any option or provision therein contained, notice of the call for redemption may be made by publication once a week for two consecutive weeks in a newspaper of general circulation serving the public body and, if directed by the governing body,…

The replacement of lost, destroyed, and stolen bonds issued by a public body shall be handled in the manner provided by chapter 57A-8 . Source: SL 1984, ch 43 , § 24.

All bonds issued by any public body pursuant to this chapter, their transfer, and the income therefrom, are free from taxation within the State of South Dakota, except for taxes imposed upon financial institutions under chapter 10-43 . Source: SL 1984, ch 43 , § 51; SL 2021, ch 3…

When all conditions precedent to the offering for sale of bonds of a public body in any amount and for any authorized purpose have been satisfied, the governing body may, by resolution, issue and sell notes in anticipation of the issuance of the bonds in the manner and subject to…

Bond anticipation notes may be issued in a principal amount not exceeding the authorized principal amount of the bonds in anticipation of which the notes are to be issued. Such notes shall mature not later than three years after their date of issue. Source: SL 1984, ch 43 , § 24B…

Any amount of the principal of or interest on any bond anticipation notes which cannot be paid at maturity from any other funds which are properly available and appropriated by the governing body for that purpose shall be paid from the proceeds of the bonds in anticipation of whi…

The provisions of §§ 6-8B-9 to 6-8B-24 , inclusive, shall apply to any bond anticipation notes issued pursuant to this chapter. Source: SL 1984, ch 43 , § 24D.

If it is determined by the governing body to be necessary or expedient for any public body to issue its bonds the governing body at a regular meeting thereof or a special meeting duly called may by resolution or ordinance declare the necessity thereof and may submit the question …

Any bonds may be refunded, whether or not the bonds have matured or are then subject to redemption, by the public body which issued them, or any successor thereof, in the name of the public body which issued the bonds being refunded, without an election, except as provided in § 6…

No bonds may be refunded unless the holders thereof voluntarily surrender them for exchange or payment, or unless they either mature or are callable for prior redemption under their terms within twenty - five years from the date of issuance of the refunding bonds. Provision shall…

If a public body having outstanding indebtedness has been divided and parts thereof are included within two or more other public bodies, by any lawful means, the refunding of the bonds requires affirmative action by a majority of the members of the governing bodies of each of the…

Notwithstanding § 6-8B-33 , the indebtedness of any public body outstanding at the time part or parts of the public body are detached therefrom by any lawful means and which public body has retained its lawful corporate existence after the detachment of the land from the public b…

The principal amount of the refunding bonds may not exceed the amount necessary to retire the refunded bonds with interest, pursuant to § 6-8B-46 , or, as to crossover refunding bonds, pursuant to §§ 6-8B-53 and 6-8B-54 , plus any costs or expenses associated with the refunding a…

No refunding bond may cause a public bodies' aggregate amount of indebtedness to exceed the maximum allowable constitutional or statutory provisions, if any, applicable to the public body. Source: SL 1974, ch 54 , § 7; SDCL Supp, § 6-8A-9; SL 1984, ch 43 , § 31.

In computing the aggregate amount of indebtedness of any public body for the purposes of § 6-8B-36 , bonds which have been refunded, as provided in this chapter, by immediate payment or prior redemption and retirement or by the placement of the proceeds of refunding bonds or inve…

Subject to §§ 6-8B-39 to 6-8B-41 , inclusive, a public body may issue refunding bonds to refund one or more or any part of one or more or all issues of its bonds which are outstanding and refunding bonds and bonds authorized for any other purpose or purposes may be issued separat…

No two or more issues or parts of issues of outstanding bonds may be refunded by a single issue of refunding bonds unless all of the outstanding bonds are payable from the same fund or source. Source: SL 1984, ch 43 , § 34A.

The governing body shall publish notice of the election once each week for two consecutive weeks in all official newspapers designated by the public body or if there is no official newspaper, a newspaper of general circulation serving the public body. The second notice shall be p…

No outstanding bonds may be refunded by an issue of refunding bonds unless either the outstanding bonds and the refunding bonds are payable from the same fund or source or the question of the issuance of the refunding bonds is submitted to and approved by the voters of the public…

No two or more issues or parts of issues of outstanding bonds or refunding bonds authorized for any other purpose or purposes may be combined in one issue where more than one constitutional or statutory debt limitation is applicable to the combination. Source: SL 1974, ch 54 , § …

In addition to the provisions of §§ 6-8B-30 to 6-8B-52 , inclusive, all refunding bonds shall be issued and sold in accordance with the provisions of §§ 6-8B-9 to 6-8B-24 , inclusive. Source: SL 1984, ch 43 , § 37.

The determination by a governing body that all the limitations imposed upon the issuance of refunding bonds have been met is conclusive in the absence of fraud or arbitrary and gross abuse of discretion. Source: SL 1974, ch 54 , § 14; SDCL Supp, § 6-8A-17; SL 1984, ch 43 , § 39.

Any resolution, ordinance, or other instrument may provide that each refunding bond shall recite that it is issued pursuant to this chapter. The recital shall conclusively impart full compliance with §§ 6-8B-30 to 6-8B-52 , inclusive. All refunding bonds issued containing the rec…

Any refunding bonds may either be delivered in exchange for the outstanding bonds being refunded or may be publicly or privately sold at a price and in the manner determined by the governing body, in accordance with § 6-8B-10 . Source: SL 1974, ch 54 , § 8; SDCL Supp, § 6-8A-23; …

The proceeds of refunding bonds shall either be immediately applied to the retirement of the bonds to be refunded or be placed in escrow in any financial institution within or without the state which has trust powers, and has complied with the applicable provisions of §§ 51A-5-7 …

The public body may appropriate to any escrow established under § 6-8B-46 , any other moneys available for the purpose, including moneys on hand in the sinking fund for the refunded bonds. Source: SL 1974, ch 54 , § 10; SDCL Supp, § 6-8A-25; SL 1984, ch 43 , § 45.

Moneys deposited in any escrow, established under § 6-8B-46 , may be invested in federal securities and such investments, together with any interest or other yield to be derived from any such investments and any moneys not invested, shall be in an amount at all times sufficient a…

No purchaser of any refunding bond is responsible for the application of the proceeds thereof by the issuer or any of its officers, agents, or employees. Source: SL 1974, ch 54 , § 10; SDCL Supp, § 6-8A-27; SL 1984, ch 43 , § 47.

The ballots shall have printed thereon substantially the same language as is included in the notice of election, and there shall be printed the words "Shall the above proposition be approved and the bonds issued?" with the words "Yes" and "No" printed immediately at the left ther…

Any accrued interest and any premium appertaining to a sale of refunding bonds may be applied to the payment of the interest thereon, the principal thereof, or both interest and principal, or may be deposited in a reserve therefor, or may be used to defray incidental costs, or ap…

Sections 6-8B-30 to 6-8B-52 , inclusive, have no effect on the legality of any outstanding bond issued for refunding or other purposes pursuant to any other law. Source: SL 1984, ch 43 , § 56.

Sections 6-8B-30 to 6-8B-52 , inclusive, without reference to other statutes of the state, except as herein otherwise specifically provided, constitute full authority for the authorization and issuance of refunding bonds. No other act or law with regard to the authorization or is…

Crossover refunding bonds may be issued by a public body without regard to the limitations in §§ 6-8B-46 and 6-8B-48 . The proceeds of crossover refunding bonds less any proceeds applied to payment of the costs of their issuance, shall be deposited in a debt service fund irrevoca…

Securities purchased for the debt service fund shall be limited to: (1) General obligations of the United States, securities whose principal and interest payments are guaranteed by the United States, and securities issued by the following agencies of the United States: banks for …

Terms used in §§ 6-8B-56 to 6-8B-69 , inclusive, mean: (1) "Credit enhancement obligation," an agreement, instrument, or other arrangement described in §§ 6-8B-56 to 6-8B-69 , inclusive, pursuant to which any municipality or county covenants or agrees to levy taxes or pledge its …