Section 50-7-15 - Cooperative agreements between commission and local subdivisions--Use of statefunds--Reimbursement of state--Resolution authorizing cooperative agreement. - South Dakota Statutes

50-7-15. Cooperative agreements between commission and local subdivisions--Use of state funds--Reimbursement of state--Resolution authorizing cooperative agreement. The commission may enter into cooperative agreements with the governing body of a municipality, whereby, the initial expenditures for making authorized airport improvements may be paid from any moneys that may be available to the commission and the municipality's share of such expenditure may be reimbursed to the commission over a period of three years. The reimbursements shall be paid into the special aviation internal service fund created by § 50-2-16 and used for airport improvement purposes, or shall be paid into the specific fund used to make the initial expenditures. Any municipality may enter into a cooperative financing agreement upon the adoption of a resolution authorizing the governing body to enter into such an agreement.

Source: SL 1966, ch 4; SL 1992, ch 60, § 2; SL 1997, ch 16, § 15.