Section 46A-4-89 - Rejection of bids for purchase of property--Private negotiations for sale byboard of directors, deferred payments. - South Dakota Statutes

46A-4-89. Rejection of bids for purchase of property--Private negotiations for sale by board of directors, deferred payments. The board of directors shall have power to reject any and all bids which are not, in the judgment of the board, a fair and just consideration for the property; and after bids are thus rejected by the board, it may by private negotiations with any person sell and convey by deed, executed by such board, all of the property for part cash and part in deferred payments, bearing the same interest as the bonded indebtedness of such district; and in case the district has no bonded indebtedness, the interest upon such deferred payments shall be such as may be agreed upon by the board and the purchaser, not exceeding the rate allowed by law. Such deferred payments shall be a lien upon all the property thus sold by the board which shall have the same force and effect as a mortgage against such property and may, when due, be foreclosed in the manner provided by law for the foreclosure of mortgages.

Source: SDC 1939, § 61.0848; SDCL, § 46-12-84.