Section 34A-14-1 - Establishment of public authority to issue revenue bonds and make loans--Powers--Immediate funding and completion of capital investments. - South Dakota Statutes

34A-14-1. Establishment of public authority to issue revenue bonds and make loans--Powers--Immediate funding and completion of capital investments. The Legislature finds that it is in the best interests and welfare of all the citizens of South Dakota that a public authority be established with power to issue revenue bonds and to make the proceeds of such bonds and other moneys as described in this chapter available for loans to petroleum marketers and other business enterprises which private industry alone would be otherwise unable to serve, at interest rates lower than would otherwise be obtainable. It is intended that the authority so established be vested with all the powers necessary to the accomplishment of these purposes. It is also intended that the immediate funding and completion of capital investments will protect the environment, health, and welfare of the citizens of the state by reducing accidental releases into the environment caused by outdated and worn-out equipment for containing petroleum and will reduce the future cost of repairing the environment.

Source: SL 1988, ch 290, § 40; SL 1989, ch 310, § 10.