Section 49-16B-44 - Record of lease rental payments--Conveyance of property to state upon receipt ofsufficient rentals to pay bonds. - South Dakota Statutes

49-16B-44. Record of lease rental payments--Conveyance of property to state upon receipt of sufficient rentals to pay bonds. An accurate record shall be kept of the rental payments under each lease entered into by the authority or Department of Transportation. If the rentals applicable to each project or facility, or any combination thereof, constructed, completed, improved, and equipped are paid, in amounts sufficient to amortize and pay the principal of and interest upon the total principal amounts of bonds of the authority issued to pay the cost of each project or facility, including maintenance and operation expenses and that proportion of the administrative expense of the authority as provided for by each lease, the property shall, except as may be otherwise provided in a lease, be conveyed without charge to the State of South Dakota.

Source: SL 1980, ch 323, § 39; SL 1981, ch 329, § 5; SL 1981 (2d SS), ch 4, § 10; SL 1996, ch 20, § 29.