Section 49-16B-32 - Interim notes--Issuance pursuant to resolution--Contents of resolution--Extendingmaturity date. - South Dakota Statutes

49-16B-32. Interim notes--Issuance pursuant to resolution--Contents of resolution--Extending maturity date. Whenever the authority deems it advisable and in the interests of the authority to borrow funds temporarily for any of the purposes enumerated in § 49-16B-31, the authority may from time to time, and pursuant to appropriate resolution, issue interim notes to evidence such borrowings, including funds for the payment of interest on such borrowings and funds for all necessary and incidental expenses in connection with any of the purposes provided for by this section and this chapter until the date of the permanent financing. Any resolution authorizing the issuance of such notes shall describe the project to be undertaken and shall specify the principal amount, rate of interest and maturity date, but not to exceed five years from date of issue, and such other terms as may be specified in such resolution. However, the time of payment of any such notes may be extended for a period of not exceeding three years from the maturity date thereof.

Source: SL 1980, ch 323, § 31.