Section 13-39-70 - Tuition subaccount--Deposit of tuition and student fees--Disbursement ofmoneys--Certification--Retention of moneys for future repair andimprovement. - South Dakota Statutes

13-39-70. Tuition subaccount--Deposit of tuition and student fees--Disbursement of moneys--Certification--Retention of moneys for future repair and improvement. There is hereby created within the vocational education facilities fund a tuition subaccount. The secretary may determine and require that all or any portion of the tuition and other student fees payable to an LEA shall be deposited in the subaccount. No moneys may be disbursed from the tuition subaccount for any purpose other than to pay lease rentals or other amounts due and owing in connection with:
(1) Any facility originally leased to the board of regents but now utilized for vocational education so long as such facility is on the campus of a postsecondary technical institute; and
(2) Any lease-purchase agreement authorized under §§ 13-39-66 and 13-39-67 unless and until the health and educational facilities authority files with the state treasurer a certification that it has on deposit or there has otherwise been appropriated sufficient moneys to pay all amounts due or to become due within the next three months on all such lease-purchase agreements.
No lease rentals on facilities described in subsection (1) shall be paid unless the secretary of education has approved the assumption of the former board of regents' lease obligations by the tuition subaccount. Thereafter, the state treasurer shall retain in the vocational education facilities fund for future repair and improvement as authorized by the Legislature such amounts, not to exceed ten percent thereof, as the secretary shall direct.

Source: SL 1987, ch 144, § 5; SL 1988, ch 149, § 5; SL 2003, ch 272, § 63; SL 2006, ch 107, § 4.