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State of South Dakota
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SEVENTY-SECOND
SESSION
LEGISLATIVE ASSEMBLY, 1997 |
| 190A0194 |
HOUSE BILL
NO.
1077
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| Introduced by: Representatives Cutler, Barker, Broderick, Brooks, Brown (Richard), DeMersseman, Duniphan, Hagg, Haley, Koetzle, Madden, Peterson (Bill), Richter, and Schaunaman and Senators Munson (David), Everist, Hainje, Ham, Hutmacher, Lawler, Olson, and Paisley |
FOR AN ACT ENTITLED, An Act
to allow for the purchase of certain items out of a school
district's capital outlay fund.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. That § 13-16-6 be amended to read as follows:
13-16-6. The capital outlay fund of the school district is a fund provided by law to meet expenditures of three hundred dollars or more which result in the acquisition or lease of or additions to real property, plant, or equipment. Such an expenditure shall be for land, existing facilities, improvement of grounds, construction of facilities, additions to facilities, remodeling of facilities, or for the purchase or lease of equipment. The term, equipment, as used in this section includes the portion of any transportation contract that the vendor certifies was used for the purchase of vehicles or equipment. It may also be used for installment or lease-purchase payments for the purchase of real property, plant or equipment, which have a contracted terminal date not exceeding twenty years from the date of the installment contract or lease-purchase and for the payment of the principal of and interest on capital outlay certificates issued pursuant to § 13-16-6.2. The total accumulated unpaid principal balances of such
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. That § 13-16-6 be amended to read as follows:
13-16-6. The capital outlay fund of the school district is a fund provided by law to meet expenditures of three hundred dollars or more which result in the acquisition or lease of or additions to real property, plant, or equipment. Such an expenditure shall be for land, existing facilities, improvement of grounds, construction of facilities, additions to facilities, remodeling of facilities, or for the purchase or lease of equipment. The term, equipment, as used in this section includes the portion of any transportation contract that the vendor certifies was used for the purchase of vehicles or equipment. It may also be used for installment or lease-purchase payments for the purchase of real property, plant or equipment, which have a contracted terminal date not exceeding twenty years from the date of the installment contract or lease-purchase and for the payment of the principal of and interest on capital outlay certificates issued pursuant to § 13-16-6.2. The total accumulated unpaid principal balances of such
installment contracts and lease-purchase and the outstanding principal amounts of such capital outlay certificates may not exceed three percent of the taxable valuation. The school district shall provide a sufficient levy each year under the provisions of § 13-16-7 to meet the annual installment contract, lease-purchase and capital outlay certificate payments, including interest.
