Section 13-39-67 - Lease-purchase agreement--Maximum term--Approval by LEA board onbehalf of LEA--Contents--Power of LEA or secretary of education to enteragreement not limited. - South Dakota Statutes

13-39-67. Lease-purchase agreement--Maximum term--Approval by LEA board on behalf of LEA--Contents--Power of LEA or secretary of education to enter agreement not limited. A lease-purchase agreement authorized by § 13-39-66 may be for a term of no more than thirty years, shall be approved by the LEA board on behalf of the LEA, may provide for the simultaneous conveyance of existing facilities to be leased-back with the improvements and other property being financed, may provide for all right, title and interest of the authority to be conveyed to the LEA or the secretary of education upon payment or other discharge of the bonds issued therefor, and may contain such other provisions as the authority and the state board determine necessary or appropriate to secure payment of amounts due under such agreements. No other statute may limit or otherwise restrict the power and authority of an LEA or the secretary to enter into such a lease-purchase agreement or govern the procedure by which such agreement is authorized.

Source: SL 1987, ch 144, § 2; SL 1988, ch 149, § 3; SL 2003, ch 272, § 63.