reglab/housing_qa huggingface dataset:
SD Codified L § 6-8B-34 (2021)
2021 South Dakota Codified Laws|Title 6 - Local Government Generally|Chapter 08B - Bonds of Local Public Bodies|Section 6-8B-34 - Refunding after detachment of land from issuer.

6-8B-34. Refunding after detachment of land from issuer.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 body may be refunded by action of the governing body of the public body from which land has been detached with or without concurrence or action by the governing board of the public body, if any, within which the detached land is included. Source: SL 1974, ch 54, §15; SDCL Supp, §6-8A-7; SL 1984, ch 43, §29.
SD Codified L § 6-8B-35 (2021)
2021 South Dakota Codified Laws|Title 6 - Local Government Generally|Chapter 08B - Bonds of Local Public Bodies|Section 6-8B-35 - Maximum amount of refunding bonds.

6-8B-35. Maximum amount of refunding bonds.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 and the issuance of the refunding bonds. Source: SL 1974, ch 54, §5; SDCL Supp, §6-8A-8; SL 1984, ch 43, §30; SL 1987, ch 66, §3.
SD Codified L § 6-8B-36 (2021)
2021 South Dakota Codified Laws|Title 6 - Local Government Generally|Chapter 08B - Bonds of Local Public Bodies|Section 6-8B-36 - Maximum aggregate indebtedness of issuer.

6-8B-36. Maximum aggregate indebtedness of issuer.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.
SD Codified L § 6-8B-37 (2021)
2021 South Dakota Codified Laws|Title 6 - Local Government Generally|Chapter 08B - Bonds of Local Public Bodies|Section 6-8B-37 - Bonds not included in computation of aggregate indebtedness.

6-8B-37. Bonds not included in computation of aggregate indebtedness.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 investments thereof in escrow, are not deemed outstanding indebtedness as of the date on which sufficient moneys are placed with the paying agent of the outstanding bonds for the purpose of immediately paying, or redeeming and retiring the bonds, or as of the date on which the proceeds of the refunding bonds or investments thereof are placed in an escrow. Source: SL 1974, ch 54, §7; SDCL Supp, §6-8A-9; SL 1984, ch 43, §32.
SD Codified L § 6-8B-38 (2021)
2021 South Dakota Codified Laws|Title 6 - Local Government Generally|Chapter 08B - Bonds of Local Public Bodies|Section 6-8B-38 - Combining outstanding issues for refunding--Combining refunding and other purposes--Issue in series.

6-8B-38. Combining outstanding issues for refunding--Combining refunding and other purposes--Issue in series.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 separately or issued in combination in one series or more by any public body. Source: SL 1974, ch 54, §6; SDCL Supp, §6-8A-11; SL 1984, ch 43, §33.
SD Codified L § 6-8B-39 (2021)
2021 South Dakota Codified Laws|Title 6 - Local Government Generally|Chapter 08B - Bonds of Local Public Bodies|Section 6-8B-39 - Bonds payable from different sources--Refunding by single issue prohibited.

6-8B-39. Bonds payable from different sources--Refunding by single issue prohibited.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.
SD Codified L § 6-8B-40 (2021)
2021 South Dakota Codified Laws|Title 6 - Local Government Generally|Chapter 08B - Bonds of Local Public Bodies|Section 6-8B-40 - Refunding bonds not payable from same source as bonds being refunded--Election required.

6-8B-40. Refunding bonds not payable from same source as bonds being refunded--Election required.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 body in accordance with §§6-8B-2 to 6-8B-8, inclusive. Source: SL 1984, ch 43, §34B.
SD Codified L § 6-8B-41 (2021)
2021 South Dakota Codified Laws|Title 6 - Local Government Generally|Chapter 08B - Bonds of Local Public Bodies|Section 6-8B-41 - Combinations subject to more than one debt limit prohibited.

6-8B-41. Combinations subject to more than one debt limit prohibited.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, §6; SDCL Supp, §6-8A-13; SL 1984, ch 43, §35.
SD Codified L § 6-8B-42 (2021)
2021 South Dakota Codified Laws|Title 6 - Local Government Generally|Chapter 08B - Bonds of Local Public Bodies|Section 6-8B-42 - Issuance and sale of refunding bonds.

6-8B-42. Issuance and sale of refunding bonds.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.
SD Codified L § 6-8B-43 (2021)
2021 South Dakota Codified Laws|Title 6 - Local Government Generally|Chapter 08B - Bonds of Local Public Bodies|Section 6-8B-43 - Conclusiveness of determination that limitations have been met.

6-8B-43. Conclusiveness of determination that limitations have been met.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.
SD Codified L § 6-8B-44 (2021)
2021 South Dakota Codified Laws|Title 6 - Local Government Generally|Chapter 08B - Bonds of Local Public Bodies|Section 6-8B-44 - Recital of authority for issuance--Incontestability after delivery for value.

6-8B-44. Recital of authority for issuance--Incontestability after delivery for value.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 recital are incontestable for any cause whatsoever after their delivery for value. Source: SL 1974, ch 54, §12; SDCL Supp, §6-8A-18; SL 1984, ch 43, §40.
SD Codified L § 6-8B-45 (2021)
2021 South Dakota Codified Laws|Title 6 - Local Government Generally|Chapter 08B - Bonds of Local Public Bodies|Section 6-8B-45 - Exchange or sale.

6-8B-45. Exchange or sale.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; SL 1984, ch 43, §43.
SD Codified L § 6-8B-46 (2021)
2021 South Dakota Codified Laws|Title 6 - Local Government Generally|Chapter 08B - Bonds of Local Public Bodies|Section 6-8B-46 - Disposition of proceeds of sale--Escrow.

6-8B-46. Disposition of proceeds of sale--Escrow.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 to 51A-5-10, inclusive, to be applied to the payment of the bonds being refunded upon their presentation therefor. Source: SL 1974, ch 54, §10; SDCL Supp, §6-8A-24; SL 1984, ch 43, §44.
SD Codified L § 6-8B-47 (2021)
2021 South Dakota Codified Laws|Title 6 - Local Government Generally|Chapter 08B - Bonds of Local Public Bodies|Section 6-8B-47 - Escrow including other funds.

6-8B-47. Escrow including other funds.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.
SD Codified L § 6-8B-48 (2021)
2021 South Dakota Codified Laws|Title 6 - Local Government Generally|Chapter 08B - Bonds of Local Public Bodies|Section 6-8B-48 - Investment of escrow funds--Amount required in escrow--Appropriation--Verification.

6-8B-48. Investment of escrow funds--Amount required in escrow--Appropriation--Verification.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 as to principal, interest, any prior redemption premium due, and any charges of the escrow agent payable therefrom, to pay the principal of, premium, if any, and interest on the bonds being refunded as such become due at their respective maturities or due at any designated prior redemption date or dates, if called for redemption. The moneys and investments in such escrow account shall be irrevocably appropriated to the payment of the principal of, premium, if any, and interest on the refunded bonds. The computations made in determining the sufficiency of the escrow shall be verified by a certified public accountant licensed or authorized to practice in this state. Source: SL 1974, ch 54, §10; SDCL Supp, §§6-8A-25, 6-8A-26; SL 1984, ch 43, §46.
SD Codified L § 6-8B-49 (2021)
2021 South Dakota Codified Laws|Title 6 - Local Government Generally|Chapter 08B - Bonds of Local Public Bodies|Section 6-8B-49 - Purchaser not responsible for application of proceeds.

6-8B-49. Purchaser not responsible for application of proceeds.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.
SD Codified L § 6-8B-50 (2021)
2021 South Dakota Codified Laws|Title 6 - Local Government Generally|Chapter 08B - Bonds of Local Public Bodies|Section 6-8B-50 - Disposition of accrued interest and premiums received on sale.

6-8B-50. Disposition of accrued interest and premiums received on sale.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 applied to the payment of the bonds being refunded, or deposited in an escrow, established pursuant to §6-8B-46, as the governing body determines. Source: SL 1974, ch 54, §10; SDCL Supp, §6-8A-28; SL 1984, ch 43, §48.
SD Codified L § 6-8B-51 (2021)
2021 South Dakota Codified Laws|Title 6 - Local Government Generally|Chapter 08B - Bonds of Local Public Bodies|Section 6-8B-51 - Outstanding bonds unaffected.

6-8B-51. Outstanding bonds unaffected.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.
SD Codified L § 6-8B-52 (2021)
2021 South Dakota Codified Laws|Title 6 - Local Government Generally|Chapter 08B - Bonds of Local Public Bodies|Section 6-8B-52 - Chapter of full authority--Additional to other laws.

6-8B-52. Chapter of full authority--Additional to other laws.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 issuance of bonds that in any way impedes or restricts the carrying out of the acts authorized to be done may be construed as applying to any proceedings taken pursuant to this chapter, except as otherwise provided. The powers conferred by §§6-8B-30 to 6-8B-52, inclusive, are in addition and supplemental to, and not a substitution for, and the limitations imposed by §§6-8B-30 to 6-8B-52, inclusive, do not affect the powers conferred by any other law except as otherwise provided herein. Source: SL 1974, ch 54, §19; SDCL Supp, §6-8A-37; SL 1984, ch 43, §57.
SD Codified L § 6-8B-53 (2021)
2021 South Dakota Codified Laws|Title 6 - Local Government Generally|Chapter 08B - Bonds of Local Public Bodies|Section 6-8B-53 - Issuance of crossover refunding bonds--Deposit of proceeds in debt service fund--Maintenance of fund--Taxes levied and appropriated for payment of refunding bonds.

6-8B-53. Issuance of crossover refunding bonds--Deposit of proceeds in debt service fund--Maintenance of fund--Taxes levied and appropriated for payment of refunding bonds.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 irrevocably appropriated to the payment of principal of and interest on the refunding bonds until the date the proceeds are applied to payment of the bonds to be refunded. The debt service fund shall be maintained as an escrow account with a suitable financial institution within or without the state, which has trust powers and which has complied with the applicable provisions of §§51A-5-7 to 51A-5-10, inclusive, and amounts in it shall be invested in securities described in this section. Excess proceeds, if any, of the tax levy made with respect to the bonds to be refunded, and any other available amounts, may be deposited in the escrow account. In the resolution authorizing the issuance of crossover refunding bonds, the governing body may pledge to their payment any source of payment of the bonds to be refunded. In the case of general obligation bonds, taxes shall be levied and appropriated to the debt service fund in the amounts needed, together with estimated investment income of the debt service fund and any other revenues available upon discharge of the bonds refunded, to pay when due the principal of and interest on the refunding bonds. The levy so imposed may be reduced by earnings to be received from investments on hand in the debt service fund to the extent the applicable recording officer certifies to the county auditor that the earnings are expected to be received in amounts and at such times as to be sufficient, together with the remaining levy, to satisfy the purpose of the levy. Any taxes levied for the payment of principal of or interest on the bonds to be refunded shall continue until all of the bonds to be refunded have been fully paid. Source: SL 1987, ch 66, §1.
SD Codified L § 6-8B-54 (2021)
2021 South Dakota Codified Laws|Title 6 - Local Government Generally|Chapter 08B - Bonds of Local Public Bodies|Section 6-8B-54 - Securities purchased for debt service fund limited.

6-8B-54. Securities purchased for debt service fund limited.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 cooperatives, federal home loan banks, federal intermediate credit banks, federal land banks, and the federal national mortgage association; or(2)Obligations issued or guaranteed by any state or any political subdivision of a state, which at the date of purchase are rated the highest or the next highest rating given by Standard and Poor's Corporation, Moody's Investors Service, or a similar nationally recognized rating agency, but not less than the rating on the refunded bonds immediately prior to the refunding. Source: SL 1987, ch 66, §2.
SD Codified L § 6-8B-55 (2021)
2021 South Dakota Codified Laws|Title 6 - Local Government Generally|Chapter 08B - Bonds of Local Public Bodies|Section 6-8B-55 - Definition of terms.

6-8B-55. Definition of terms.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 full faith and credit or other revenues, funds, fees, or property in amounts estimated by the municipality or county to be necessary to pay debt service and related charges on or in connection with bonds or other obligations issued to finance or refinance property, real or personal, and related costs for a qualified nonprofit corporation which owns or operates a hospital in South Dakota;(2)"Qualified nonprofit corporation," a nonprofit corporation which owns or operates a hospital which provides or intends to provide services to all or a portion of the residents of a municipality or county which proposes to issue a credit enhancement obligation. Source: SL 1992, ch 3, §4.
SD Codified L § 6-8B-56 (2021)
2021 South Dakota Codified Laws|Title 6 - Local Government Generally|Chapter 08B - Bonds of Local Public Bodies|Section 6-8B-56 - Issuance of credit enhancement obligation--Conditions.

6-8B-56. Issuance of credit enhancement obligation--Conditions.The governing body of any municipality or county may authorize the issuance of a credit enhancement obligation upon compliance with the requirements of this section and chapter 1-16A. The governing body shall find and determine that:(1)The credit enhancement obligation will serve as a public purpose of such municipality or county by promoting the public health, welfare, or safety of residents of the municipality or county by permitting or assisting a qualified nonprofit corporation to borrow money at rates, for a term or in amounts not otherwise available to such corporation;(2)The purpose of the borrowing by a qualified nonprofit corporation is to finance or refinance real or personal property or other costs incurred by or on behalf of a qualified nonprofit corporation for the purpose of providing hospital services within the State of South Dakota; and(3)The reasonably anticipated revenues of the qualified nonprofit corporation and any other available amounts or revenues are expected to be sufficient to pay debt service when due with respect to bonds or other obligations to be secured by the credit enhancement obligation. Source: SL 1992, ch 3, §5.
SD Codified L § 6-8B-57 (2021)
2021 South Dakota Codified Laws|Title 6 - Local Government Generally|Chapter 08B - Bonds of Local Public Bodies|Section 6-8B-57 - Debt service reserve fund or credit facility.

6-8B-57. Debt service reserve fund or credit facility.If a municipality or county determines that it is not precluded by any applicable law or regulation which may govern the exclusion of interest on the bonds or other obligations from federal income taxation, the terms and conditions applicable to the borrowing by the qualified nonprofit corporation shall include a debt service reserve fund or account or similar arrangement or credit facility as shall be approved by the health and educational facilities authority in an amount approximately equal to maximum annual debt service on the bonds or other obligations to be secured by the credit enhancement obligation. Source: SL 1992, ch 3, §6.
SD Codified L § 6-8B-58 (2021)
2021 South Dakota Codified Laws|Title 6 - Local Government Generally|Chapter 08B - Bonds of Local Public Bodies|Section 6-8B-58 - Issuance of credit enhancement obligation--Findings and determinations of chapter 1-16A.

6-8B-58. Issuance of credit enhancement obligation--Findings and determinations of chapter 1-16A.Any resolution or ordinance of a municipality or county approving the issuance of a credit enhancement obligation shall require that the health and educational facilities authority make the findings and determinations required by chapter 1-16A with respect to the credit enhancement obligation prior to the issuance and delivery of the credit enhancement obligation and the bonds or other obligations to be secured thereby. Source: SL 1992, ch 3, §7.
SD Codified L § 6-8B-59 (2021)
2021 South Dakota Codified Laws|Title 6 - Local Government Generally|Chapter 08B - Bonds of Local Public Bodies|Section 6-8B-59 - Referendum.

6-8B-59. Referendum.Approval of an ordinance or resolution approving a credit enhancement obligation shall be subject to a referendum if five percent of the registered voters, based upon the total number of registered voters at the last preceding general election, petition, within twenty days after such approval, to have the question of approval or disapproval of the credit enhancement obligation placed upon the ballot at the next regular election or at a special election called for such purpose. Except as may be required by a petition for referendum described in the preceding sentence, no election is required to authorize the issuance, delivery, or enforcement of a credit enhancement obligation by a county or municipality. Source: SL 1992, ch 3, §8.
SD Codified L § 6-8B-60 (2021)
2021 South Dakota Codified Laws|Title 6 - Local Government Generally|Chapter 08B - Bonds of Local Public Bodies|Section 6-8B-60 - Form of covenants or pledges.

6-8B-60. Form of covenants or pledges.In a resolution setting forth the findings and determinations required by §§6-8B-56 to 6-8B-59, inclusive, a governing body may authorize the issuance of a credit enhancement obligation which may be in the form of one or more of the following covenants or pledges:(1)The governing body may covenant that if at any time the revenues and other sums pledged to pay debt service with respect to the bonds or other obligations to be secured by the credit enhancement obligation are for any reason insufficient for such purpose, the governing body shall levy a general ad valorem tax on all taxable property within the jurisdiction of the municipality or county which issues such credit enhancement obligation for the payment of any such deficiency;(2)The governing body may covenant that if at any time the revenues and other sums pledged to pay debt service with respect to the bonds or other obligations to be secured by the credit enhancement obligation are for any reason insufficient for such purpose, the governing body shall levy a non-ad valorem sales tax pursuant to chapter 10-52 or any successor statute and pledge all or a portion of the amounts collected therefrom for the payment of any such deficiency or, if such non-ad valorem sales tax has been or will already be so levied, the governing body shall pledge all or a portion of the amounts collected therefrom for the payment of any such deficiency; or(3)The governing body may covenant that if any time the revenues and other sums pledged to pay such debt service with respect to the bonds or other obligations to be secured by the credit enhancement obligation are for any reason insufficient for such purpose, the governing body shall collect and apply any other identified source of revenues now or hereafter available to the municipality or county which issues such credit enhancement obligation for the payment of any such deficiency. Source: SL 1992, ch 3, §9.