FOR AN ACT ENTITLED, An Act to increase the bonding authority for postsecondary technical institutes.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
     Section  1.  That § 1-16A-77 be amended to read as follows:
     1-16A-77.   The aggregate outstanding principal amount of bonds, notes , or other obligations of the authority which are payable out of receipts, rentals , and other payments made pursuant to lease purchase agreements with an LEA or the South Dakota Board of Education under the authority of chapter 13-39, may not exceed twenty-three thirty-eight million dollars for obligations issued by the authority in connection with any lease-purchase agreement with the Western Dakota Vocational Technical Institute, the Southeast Area Vocational Technical Institute, the Lake Area Vocational Technical Institute or the Mitchell Vocational Technical Institute. However, at the option of the authority to be expressed in a resolution or an indenture which authorizes or authorized any refunding bonds, the principal amount of the bonds, notes , or other obligations which are issued to refund, pay, discharge , or defease any outstanding bonds, notes , or other obligations or which are, as a result of issuance of any such refunding obligations, deemed to be paid, discharged , or defeased by reason of an irrevocable deposit of

cash or securities, may be excluded from the total principal amount of obligations of the authority for the purpose of determining compliance with the limitation of this section.