Title 5 — PUBLIC PROPERTY, PURCHASES AND CONTRACTS
34 chapters · 628 sections in this title.
SDCL § 5-12-22 Terms and interest rate of bonds
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All such bonds shall mature within twenty - five years from date and shall bear interest at a rate to be negotiated and may be sold by the Building Authority in such manner as it may deem to be in the best public interest. Source: SL 1967, ch 276 , § 6; SL 1970, ch 39 ; SL 1980, …
SDCL § 5-12-23 Revenues and income from which bonds payable--Use of educational facilities fund--Disposition of revenues
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Such bonds shall be payable solely and only from: (1) Revenues to be derived by the building authority from the operation of any such facilities acquired, constructed, completed, remodeled or equipped in whole or in part with the proceeds of the bonds; (2) Income to be derived fr…
SDCL § 5-12-24 Execution and registration of bonds--Validity of signature by officers
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Such bonds shall be executed by such officers of the Building 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 b…
SDCL § 5-12-25 Restrictions on obligation stated on face of bonds
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Each such bond shall state upon its face that it is payable solely from revenues derived by the Building Authority from the operation of facilities acquired, constructed, completed, remodeled, or equipped in whole or in part with the proceeds of the sale of such bonds, including …
SDCL § 5-12-26 Creation of state obligation not authorized
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Nothing in this chapter shall be construed to authorize the Building 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 1967, ch 276 , …
SDCL § 5-12-27 Contract with bondholders--Bondholders' remedies
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The provisions of this chapter and of any resolution or proceeding authorizing the issuance of bonds shall constitute a contract with the holders of such bonds. The provisions thereof shall be enforceable either in law or in equity, by suit, action, mandamus, or other proceeding …
SDCL § 5-12-27.1 Refunding bonds authorized--Purposes
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The Building Authority may issue negotiable refunding bonds to refund: (1) Unpaid matured bonds; (2) Unpaid matured coupons evidencing interest upon its unpaid matured bonds; and (3) Interest at the coupon rate upon its unpaid matured bonds that has accrued since the maturity of …
SDCL § 5-12-27.2 Amount of refunding bonds
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The Building Authority may issue negotiable refunding bonds under §§ 5-12-27.1 to 5-12-27.4 , inclusive, 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: (1) The principal a…
SDCL § 5-12-27.3 Exchange or sale of refunding bonds--Proceeds of sale--Cancellation of bonds and coupons--Evidence of discharge of interest obligation
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Refunding bonds issued pursuant to §§ 5-12-27.1 to 5-12-27.4 , inclusive, 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 …
SDCL § 5-12-27.4 Exchange or sale of bonds--Disposition of proceeds of sale
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Refunding bonds issued pursuant to §§ 5-12-27.1 to 5-12-27.4 , inclusive, 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 ther…
SDCL § 5-12-27.5 Assistance in conserving and improving soil and water resources of highly erodible cropland by means of loans--Revenue bonds and interim notes authorized
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It being declared to be in the public interest, the South Dakota Building Authority may, pursuant to chapter 5-12 , finance loans to participants in a program of the United States to assist owners and operators of highly - erodible cropland in conserving and improving the soil an…
SDCL § 5-12-27.6 No indebtedness to be charged against state
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No indebtedness, bond, or obligation incurred or created under authority of §§ 5-12-27.5 to 5-12-27.8 , inclusive, may be or become a lien, charge or liability against the State of South Dakota, nor against the property or funds of the State of South Dakota within the meaning of …
SDCL § 5-12-27.7 Acceptance and expenditure of gifts, contributions, etc., authorized
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The Building Authority and the State of South Dakota through any of its departments, agencies, or bureaus, may accept and expend for the purposes stated in § 5-12-27.5 , any funds obtained for such purposes from gifts, contributions, or other sources, including any unit of govern…
SDCL § 5-12-27.8 Lease and sublease agreements with South Dakota Building Authority authorized to support purpose and payment of revenue bonds or interim notes
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The State of South Dakota through any of its departments, agencies, or bureaus, may make and enter into lease and sublease agreements with the South Dakota Building Authority and make rental payments under the terms thereof, pursuant to chapter 5-12 , from appropriations to be ma…
SDCL § 5-12-28 Interim notes authorized--Purposes of borrowing
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In addition to the permanent financing authorized by §§ 5-12-20 to 5-12-27 , inclusive, the South Dakota Building 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 …
SDCL § 5-12-29 Resolution for issuance of interim notes--Interest rate--Maturity date
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Whenever the Building Authority deems it advisable and in the interests of the authority to borrow funds temporarily for any of the purposes enumerated in § 5-12-28 , the authority may from time to time, and pursuant to appropriate resolution, issue interim notes to evidence the …
SDCL § 5-12-3 Oath and bond of members
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Each member shall, before entering upon the duties of his 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 his duties. The oath and bond shall be filed in the…
SDCL § 5-12-30 Terms and registration of interim notes--Redemption prior to maturity--Execution of notes--Pledge of income and revenue
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The Building 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…
SDCL § 5-12-31 Additional provisions to secure payment of interim notes
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The Building Authority, 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 §§ 5-12-11 and 5-12-12 , and do…
SDCL § 5-12-32 Debt limitations not applicable to interim notes--Personal liability not created by execution of notes
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The interim notes shall not constitute an indebtedness within the meaning of any constitutional or statutory debt limitation or restriction. No member, officer, agent, or employee of the authority, nor any other person who executes interim notes, shall be liable personally by rea…
SDCL § 5-12-33 Payment of interim notes or purchase of government obligations with proceeds from sale of revenue 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 § 5-12-34 Disposition of income under chapter--Public building fund
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The gross total income 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. Said income shall be held by him in trust for the…
SDCL § 5-12-35 Accounts maintained by authority--Purpose of disbursements from public building fund
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The Building 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 public building fund shall be ordered by the authority only for the pay…
SDCL § 5-12-36 Authority to convey property to state when debt paid or payment provided for--Reversion to authority
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To accomplish projects of the kind listed in this chapter, the Building Authority may convey property, without charge, to the State of South Dakota, if all debts which have been secured by the income from the property have been paid. The authority may transfer title and jurisdict…
SDCL § 5-12-37 Record of rental payments under lease--Conveyance to lessee after amortization of debt
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An accurate record shall be kept of the rental payments under each lease entered into by the Building Authority and any officer, department, board, commission, or other agency of the State of South Dakota, or the commissioner of human resources and administration when requested t…
SDCL § 5-12-38 Annual audit
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The Building Authority shall be audited annually in accordance with chapter 4-11 . Source: SL 1967, ch 276 , § 11; SL 1989, ch 51 .
SDCL § 5-12-38.1 Informational budget required
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Notwithstanding any other provisions of law, all funds received by the Building Authority shall be set forth in an informational budget as described in § 4-7-7.2 and be annually reviewed by the Legislature. Source: SL 1984, ch 4 , § 2.
SDCL § 5-12-39 Contractual power of authority
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The Building Authority shall possess the power to enter into contracts regarding any matter connected with any corporate purpose within the objects and purposes of this chapter. Source: SL 1967, ch 276 , § 5.
SDCL § 5-12-4 Members receive no compensation--Reimbursement of expenses
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No member of such Building Authority shall receive any compensation for services rendered under this chapter. However, members shall be reimbursed for necessary expenses incurred in connection with duties and powers prescribed by this chapter. Source: SL 1967, ch 276 , § 1.
SDCL § 5-12-40 Bylaws, rules, and regulations of authority
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To accomplish projects of the kind listed in this chapter, 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…
SDCL § 5-12-41 Severability of provisions
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If any clause or other portion of this chapter shall be held invalid, that decision shall not affect the validity of the remaining portions of this chapter. It is hereby declared that all such remaining portions of this chapter are severable, and that the Legislature would have e…
SDCL § 5-12-42 Sale and lease - back arrangements--Sales and land leases authorized--Use of proceeds
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Improved or unimproved land held by or transferred to the Building Authority pursuant to § 5-12-10 , may be leased and the improvements thereon sold to a person, partnership, association, limited liability company, or corporation. The improvements may be sold only at their fair m…
SDCL § 5-12-43 Sale and lease - back arrangements--Contracts to acquire use or ownership authorized--Terms
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The Building Authority may enter into any contract necessary to acquire the right to use or the ownership, or both, of land leased and improvements sold by it under § 5-12-42 , and any other improvements made upon such land, and capital equipment needed for the operation of the i…
SDCL § 5-12-44 Provisions applicable to contracts to acquire use or ownership
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The provisions of §§ 5-12-13 to 5-12-18 , inclusive, apply to all land, improvements and capital equipment which the Building Authority may occupy or use pursuant to any contract described in §
SDCL § 5-12-45 Revenue bonds to finance sale and lease - back arrangements--Lending proceeds--Refund or refinance of obligations
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The Building Authority may provide, by resolution, for the issuance and sale of revenue bonds to finance all or any part of the capital cost of any land, buildings, or other improvements or equipment of a capital nature to be acquired by any person, partnership, association, limi…
SDCL § 5-12-46 Legislative approval required for sale and lease - back arrangements
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No sale or lease - back of any land or improvements as described in §§ 5-12-42 and 5-12-43 shall be initiated later than July 1, 1984, without prior legislative approval. Source: SL 1983, ch 32 , § 8.
SDCL § 5-12-47 Revenue obligations--Issuance--Purpose--Funds for payment
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The authority, with the approval of the Governor, may by resolution provide for the issuance and sale of revenue obligations to finance all or any part of the capital cost of acquiring, constructing, furnishing, equipping, or repairing any state building owned or to be owned by i…
SDCL § 5-12-47.1 Payment of lease rental obligations to South Dakota Building Authority by Bureau of Finance and Management
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The funds appropriated in SL 2014, ch 35, § 1 shall be used to pay or prepay lease rental and associated fees in the amounts specified below to the South Dakota Building Authority relating to the leases between the South Dakota Building Authority and the departments or offices an…
SDCL § 5-12-47.2 Irrevocable escrow agreement for defeasance and payment of lease revenue trust certificates and bonds--Arrangements to pay governmental expenses
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The South Dakota Building Authority may enter into an irrevocable escrow agreement to provide for the defeasance and payment of the series 1993A lease revenue trust certificates, the series 2005B bonds and the series 2008 bonds issued to finance the costs of the buildings and oth…
SDCL § 5-12-48 Definition of terms
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Terms used in §§ 5-12-48 to 5-12-61 , inclusive, mean: (1) "Authority," the South Dakota Building Authority, a body corporate and politic, organized and existing under chapter 5-12 ; (2) "Bonds," bonds, bond anticipation notes, notes, certificates of ownership or indebtedness, or…
SDCL § 5-12-48.1 Authority may invest funds in certain permitted investments
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In addition to all other powers established pursuant to chapter 5-12 , the building authority may invest its funds or the funds under its control or direction in permitted investments as defined in subdivision 5-12-48(10). Source: SL 2002, ch 31 , § 1.
SDCL § 5-12-49 Transfer and sale of state's right to tobacco settlement revenues--Disposition of funds--Written agreement--Filing of agreement
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At any one time or from time to time, all or any portion of the right, title, and interest of the State of South Dakota in, to, and under the master settlement agreement, including the right to receive and collect tobacco settlement revenues, may be sold, conveyed, or otherwise t…
SDCL § 5-12-5 Employment of personnel
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The Building Authority shall possess the power to employ agents and employees necessary to carry out the duties and purposes of the authority. Source: SL 1967, ch 276 , § 5.
SDCL § 5-12-50 Establishment of special purpose corporation--Limitations--Board membership--Powers of corporation
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The authority may establish by resolution a special purpose corporation which shall be body corporate and politic and instrumentality of, but having a legal existence independent and separate from, the State of South Dakota and the authority. The corporation shall be established …
SDCL § 5-12-50.1 Bond transactions to be public records subject to disclosure
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The particulars of any bond transactions made pursuant to §§ 5-12-48.1 , 5-12-50 , and 5-12-50.1 , inclusive, including legal fees and the costs of underwriting the bonds, shall be of public record subject to disclosure pursuant to §
SDCL § 5-12-51 Purposes of special purpose corporation
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The purposes of the corporation established by the authority pursuant to §§ 5-12-48 to 5-12-61 , inclusive, are: (1) To purchase, acquire, own, pledge, encumber, or otherwise transfer all right, title, and interest of the state in, to, and under the master settlement agreement, i…
SDCL § 5-12-52 Bonds of corporation not a lien, charge or liability against the state--Pledge of education enhancement trust funds prohibited
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No bond of the corporation issued, incurred, or created under §§ 5-12-48 to 5-12-61 , inclusive, may be or become a lien, charge, or liability against the State of South Dakota or the authority, nor against the property or funds of the State of South Dakota or the authority withi…
SDCL § 5-12-53 Pledge of non-interference by state to impair terms of bonds--Liability of state on bonds
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The State of South Dakota pledges to and agrees with the holders of bonds issued, incurred, or created under §§ 5-12-48 to 5-12-59 , inclusive, that the state will not limit or alter the rights and powers vested in the corporation and the authority by §§ 5-12-48 to 5-12-59 , incl…
SDCL § 5-12-54 Liability of authority and special purpose corporation
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The authority is not liable for any bond issued, incurred, or created by the corporation under §§ 5-12-48 to 5-12-59 , inclusive, or for any act or failure to act of the corporation. The corporation may not be liable for any obligation of the South Dakota Building Authority or fo…
SDCL § 5-12-55 Special purpose corporation treated as public instrumentality of state--Income of authority and corporation not taxed--Obligations of corporation deemed public securities
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The corporation is hereby declared to be performing a public function on behalf of the state and to be a public instrumentality of the state. The income of the authority and the corporation, and all properties at any time owned by the authority and the corporation, are exempt fro…