State of South Dakota
LEGISLATIVE ASSEMBLY, 2015
||SENATE BILL NO. 43 |
Introduced by: The Committee on Education at the request of the Department of Education
FOR AN ACT ENTITLED, An Act to revise certain provisions regarding lease purchase agreement payments and to ratify certain lease purchase agreements with the Health and Educational Facilities Authority.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. That § 1-16A-96 be amended to read as follows:
1-16A-96. Beginning in fiscal year 2015, lease payments made to the authority pursuant to lease purchase agreements with the Western Dakota Technical Institute, the Southeast Technical Institute, the Lake Area Technical Institute, the Mitchell Technical Institute, or the South Dakota Board of Education under the authority of chapter 13-39 shall be paid in part from an appropriation to be made by the Legislature in an amount that is equal to or greater than fifty percent of the technical institute facility fee
that is administered by the Department of Education that is dedicated to the current year lease purchase agreement payments.
No provision of this chapter is deemed to adversely affect any of the covenants or other agreements of the South Dakota Board of Education or the secretary of education in the lease purchase agreement with the authority dated August 1, 1988, as amended and supplemented,
for the benefit of the holders of any bonds issued by the authority, and such covenants and agreements in the lease purchase agreement dated August 1, 1988, as amended and supplemented, are hereby ratified and confirmed.