24:59:04:03.  Bond amount limited by pledged revenues. The Board of Technical Education may not approve any revenue bonds for new projects that, when combined with the debt service on outstanding bonds, provide for a coverage ratio less than one hundred and three percent (103%) coverage for the estimated receipts, rentals, and other payments, including appropriations by the Legislature, student fee payments, or other balances or revenues pledged under the applicable bond indenture.

          Source: 40 SDR 40, effective September 11, 2013; Readopted from § 24:10:46:03, 44 SDR 184, effective June 25, 2018.

          General Authority: SDCL 13-39A-24.

          Law Implemented: SDCL 13-39A-24, 13-39A-25, 13-39A-26.