CHAPTER 13-51A
BOARD OF REGENTS REVENUE BONDS
13-51A-1 Definitions.
13-51A-2 Power to acquire property.
13-51A-3 Power to accept grants.
13-51A-4 Borrowing power of board.
13-51A-5 Interim notes authorized--Purposes.
13-51A-6 Terms of interim notes--Maturity date--Extension.
13-51A-7 Security for payment of interim notes--Sources of payment.
13-51A-8 Additional provisions to make interim notes salable.
13-51A-9 Registration of interim notes--Interest payments--Redemption.
13-51A-10 Execution of interim notes.
13-51A-11 Sale of interim notes.
13-51A-12 Payment of interim notes on issuance of bonds.
13-51A-13 Power to issue bonds--Purposes--Resolution--Signatures.
13-51A-14 Terms of bonds.
13-51A-15 Pledge of income for security of bonds.
13-51A-16 Rights of prior bondholders protected.
13-51A-17 Covenant to maintain adequate income for bond retirement.
13-51A-18 Covenant against debt or charge endangering income pledged to bond retirement.
13-51A-19 Covenant against alienation of project so as to endanger bond security.
13-51A-20 Additional covenants for security of bonds.
13-51A-21 Trustee for bondholders--General powers--Trust agreement.
13-51A-22 Covenants to take actions for benefit of bondholders.
13-51A-23 Prohibition against obligating state.
13-51A-24 Limited obligation of bonds.
13-51A-25 Recording not required to perfect lien.
13-51A-26 Validity of bonds despite expiration of terms of officers--Irregularities in proceedings.
13-51A-27 Sale of bonds--Minimum price.
13-51A-28 Negotiability of bonds.
13-51A-29 Bonds as legal investments.
13-51A-30 Deposit of bond proceeds and revenues--Security--Disbursement.
13-51A-31 Agreements as to custody of funds.
13-51A-32 Actions for enforcement of chapter and resolutions.
13-51A-33 Power to issue refunding bonds for matured obligations.
13-51A-34 Exchange of refunding bonds--Sale and use of proceeds--Cancellation of bonds and coupons received.
13-51A-35 Power to issue refunding bonds for unmatured obligations.
13-51A-36 Exchange or sale of refunding bonds--Use of proceeds.
13-51A-37 Contracts and leases to carry out purposes.
13-51A-38 Parietal rules.
13-51A-39 Establishment and collection of fees.
13-51A-40 Retention of revenues by board.
13-51A-41 Accounting for project financing--Audits.
13-51A-42 Supplemental nature of chapter--Conflicting provisions.
13-51A-43 Severability of provisions.
13-51A-44 Short title.
13-51A-1. Definitions.
Terms used in this chapter mean:
(1) "Acquire," to purchase, erect, build, construct, reconstruct, complete, repair, replace, alter, extend, better, equip, develop, and improve a project, including the acquisition and clearing of a site or sites therefor;
(2) "Board," the Board of Regents or its successor;
(3) "Federal agency," the United States of America, the President of the United States of America, the Department of Housing and Urban Development, or such other agency or agencies of the United States of America as may be designated or created to make loans or grants or both;
(4) "Institution," any of the following:
(a) Black Hills State University, located at Spearfish, South Dakota;
(b) Dakota State University, located at Madison, South Dakota;
(c) Northern State University, located at Aberdeen, South Dakota;
(d) South Dakota State University, located at Brookings, South Dakota;
(e) University of South Dakota, located at Vermillion, South Dakota;
(f) South Dakota School of Mines and Technology, located at Rapid City, South Dakota;
(g) School for the Blind and the Visually Impaired, located at Aberdeen, South Dakota; and
(h) South Dakota Services for the Deaf;
and their branches;
(5) "Project," revenue producing buildings, structures, and facilities which, as determined by the board, are required by, or necessary for the use or benefit of, each such institution, including, without limiting the generality of the foregoing, the following: student residence halls; apartments; staff housing facilities; dormitories; health, hospital, or medical facilities; dining halls; student union buildings; field houses; stadiums; physical education installations and facilities; auditoriums; facilities for student or staff services; any facility or building leased to the United States of America; off-street parking facilities; whether heretofore acquired and now or hereafter used for any or all of the purposes aforesaid, as described in or as may be hereafter acquired under this chapter, with all equipment and appurtenant facilities; or any one, or more than one, or all, of the foregoing, or any combination thereof, for each such institution;
(6) "Each such institution," any institution or any combination of institutions as determined by the board.
Source: SL 1971, ch 134, § 2; SL 1998, ch 110, § 6; SL 2004, ch 134, § 1; SL 2023, ch 62, § 8.
13-51A-2. Power to acquire property.
The board shall have power for each such institution to:
(1) Acquire any project or projects, or any combination thereof, and to own, operate, and maintain the same.
(2) Acquire by purchase, gift, or the exercise of eminent domain, and hold or dispose of real or personal property or rights or interest therein.
Source: SL 1971, ch 134, § 3.
13-51A-3. Power to accept grants.
The board shall have power for each such institution to accept grants of money or materials or property of any kind from a federal agency, or others, upon such terms and conditions as may be imposed.
Source: SL 1971, ch 134, § 3, subdiv 3.
13-51A-4. Borrowing power of board.
The board shall have power for each such institution to borrow money and issue bonds to acquire for each institution any one project, or more than one, or any combination thereof, or to refund bonds heretofore or hereafter issued for each such institution, or for either or both of said purposes, and to provide for the security and payment of said bonds and for the rights of the holders thereof.
Source: SL 1971, ch 134, § 3, subdiv 4.
13-51A-5. Interim notes authorized--Purposes.
The board may borrow money and issue interim notes in evidence thereof to perform any of the duties authorized under this chapter, including the payment of expenses to be incurred for planning, architectural, engineering, legal and financial services, the acquisition of a site or sites, and the purchase of fixed equipment. The board may from time to time, and pursuant to appropriate resolution, issue interim notes to evidence such borrowings including interest on such borrowings and all necessary and incidental expenses in connection with any of the purposes provided for by this chapter until the date of the permanent financing.
Source: SL 1971, ch 134, § 4 (D).
13-51A-6. Terms of interim notes--Maturity date--Extension.
Any resolution authorizing the issuance of such notes shall specify the principal amount, rate of interest and maturity date, but not to exceed five years from date of issue, and such other terms as may be specified in such resolution; however, time of payment of any such notes may be extended for a period of not exceeding three years from the maturity date thereof.
Source: SL 1971, ch 134, § 4 (D).
13-51A-7. Security for payment of interim notes--Sources of payment.
All such notes and the interest thereon may be secured by a pledge of any income and revenue derived by the institution from the project (subject to the prior payment of the operation and maintenance expenses of any project) to be undertaken with the proceeds of the notes and shall be payable solely from such income and revenue and from the proceeds to be derived from the sale of any revenue bonds for permanent financing authorized to be issued under this chapter, and from the project acquired with the proceeds of the notes.
Source: SL 1971, ch 134, § 4 (D).
13-51A-8. Additional provisions to make interim notes salable.
The board, in order further to secure the payment of the interim notes, is, in addition to the foregoing, authorized and empowered to make any other or additional covenants, terms, and conditions not inconsistent with the provisions of this chapter, and do any and all acts and things as may be necessary or convenient or desirable in order to secure payment of its interim notes, or in the discretion of the board, as will tend to make the interim notes more acceptable to lenders, notwithstanding that the covenants, acts, or things may not be enumerated herein.
Source: SL 1971, ch 134, § 4 (D).
13-51A-9. Registration of interim notes--Interest payments--Redemption.
The board may provide for the registration of the notes in the name of the owner either as to principal alone, or as to both principal and interest, on such terms and conditions as the board may determine by the resolution authorizing their issue. Interest on the notes may be made payable semiannually, annually or at maturity. The notes may be made redeemable, prior to maturity, at the option of the board, in the manner and upon the terms fixed by the resolution authorizing their issuance.
Source: SL 1971, ch 134, § 4 (D).
13-51A-10. Execution of interim notes.
The notes may be executed by the president of the board, shall be attested by the secretary and be sealed with the board's corporate seal.
Source: SL 1971, ch 134, § 4 (D).
13-51A-11. Sale of interim notes.
Such notes shall be sold in such manner and at such price as the board shall by resolution determine.
Source: SL 1971, ch 134, § 4 (D).
13-51A-12. Payment of interim notes on issuance of bonds.
Contemporaneously with the issue of revenue bonds as provided by this chapter, all interim notes, even though they may not then have matured, shall be paid, both principal and interest to date of payment, from the funds derived from the sale of revenue bonds for the permanent financing and such interim notes shall be surrendered and canceled.
Source: SL 1971, ch 134, § 4 (D).
13-51A-13. Power to issue bonds--Purposes--Resolution--Signatures.
The board shall have power, and is hereby authorized from time to time, to issue negotiable bonds:
(1) To acquire any one project, or more than one, or any combination thereof, for each such institution; or
(2) To refund bonds heretofore and hereafter issued as hereinafter provided for; or
(3) For either or both of said purposes. The bonds shall be authorized by resolution of the board. Such resolution may provide that one of the officers of the board shall sign such bonds manually and other officials' signatures may be facsimiles.
Source: SL 1971, ch 134, § 4 (A); SL 1975, ch 47, § 11.
13-51A-14. Terms of bonds.
The bonds may be issued in one or more series, may bear such date or dates, may be in such denomination or denominations, may mature at such time or times not exceeding fifty years from the respective dates thereof, may mature in such amount or amounts, may bear interest at such rate or rates as shall be determined by the board and without regard to any interest rate limitation appearing in any other law, which such interest shall be payable semiannually, may be in such form, either coupon or registered as to principal only or as to both principal and interest, may carry such registration privileges (including the conversion of a fully registered bond to a coupon bond or bonds and the conversion of a coupon bond to a fully registered bond), may be executed in such manner, may be made payable in such medium of payment, at such place or places within or without the state, may be subject to such terms of redemption prior to their expressed maturity, with or without premium, as such resolution or other resolutions may provide.
Source: SL 1971, ch 134, § 4 (A).
13-51A-15. Pledge of income for security of bonds.
In connection with the issuance of any bonds under this chapter, and in order to secure the payment of any such bonds and the interest thereon, the board shall have the power for each such institution to provide that bonds issued under this chapter, subject only to the prior payment of the operation and maintenance expenses of any project, shall be payable from and secured by a pledge of and lien on all or any part of the income and revenues derived from, and to pledge and assign to, or in trust for the benefit of, the holder or holders of bonds issued under this chapter all or any part of the income and revenues derived from:
(1) Fees, rentals, and other charges from students, staff members, and others using or being served by, or having the right to use or the right to be served by, or to operate, any project;
(2) Health, hospital, medical, laboratory, admission, student activities, student services, and all other fees collected from students matriculated, registered or otherwise enrolled at and attending each such institution; and
(3) Rentals from any facility or building leased to the United States of America.
Source: SL 1971, ch 134, § 5, subdiv 2.
13-51A-16. Rights of prior bondholders protected.
If the board provides that any bonds issued under this chapter shall be payable from the income and revenues of any project acquired before July 1, 1971, any such provision for the payment of said bonds from the income and revenues of any such project theretofore acquired shall be subject to, and in all respects in full conformity and compliance with, the rights of the holders of any bonds or obligations payable from the income and revenues of any such project theretofore issued by the board and then outstanding.
Source: SL 1971, ch 134, § 5, subdiv 2.
13-51A-17. Covenant to maintain adequate income for bond retirement.
In connection with the issuance of any bonds under this chapter, and in order to secure the payment of any such bonds and the interest thereon, the board shall have the power for each such institution to covenant with or for the benefit of the holder or holders of the bonds issued under this chapter that so long as any such bonds shall remain outstanding and unpaid the board will fix, maintain and collect in such installments as may be agreed upon:
(1) Fees, rentals, and other charges from students, staff members, and others using or being served by, or having the right to use or the right to be served by, or to operate any project;
(2) Health, hospital, medical, laboratory, admission, student activities, student services, and all other fees collected from students matriculated, registered, or otherwise enrolled at and attending each such institution pledged under the terms of any resolution authorizing bonds pursuant to this chapter; and
(3) Rentals from any facility or building leased to the United States of America,
the aggregate of which shall be sufficient at all times to pay all necessary expenses of the operation and maintenance of any project, to pay the bonds at maturity and accruing interest thereon in accordance with their terms, and to create and maintain all reserves therefor as provided by the resolution authorizing said bonds, until said bonds and accruing interest have been paid in accordance with their terms.
Source: SL 1971, ch 134, § 5, subdiv 3.
13-51A-18. Covenant against debt or charge endangering income pledged to bond retirement.
In connection with the issuance of any bonds under this chapter, and in order to secure the payment of any such bonds and the interest thereon, the board shall have the power for each such institution to covenant that so long as any of the bonds issued under this chapter shall remain outstanding and unpaid, it will not, except upon such terms and conditions as may be determined, voluntarily create or cause to be created any debt, lien, mortgage, pledge, assignment, encumbrance, or other charge having priority to the lien of the bonds issued under this chapter upon any of the income and revenues derived from:
(1) All fees, rentals, and other charges from students, staff members, and others using or being served by, or having the right to use or the right to be served by, or to operate, any project;
(2) All health, hospital, medical, laboratory, admission, student activities, student services, and all other fees collected from students matriculated, registered, or otherwise enrolled at and attending each such institution; and
(3) All rentals from any facility or building leased to the United States of America.
Source: SL 1971, ch 134, § 5, subdiv 6 (i).
13-51A-19. Covenant against alienation of project so as to endanger bond security.
In connection with the issuance of any bonds under this chapter, and in order to secure the payment of any such bonds and the interest thereon, the board shall have the power for each such institution to covenant that so long as any of the bonds issued under this chapter shall remain outstanding and unpaid, it will not, except upon such terms and conditions as may be determined, convey or otherwise alienate any project or the real estate upon which such project shall be located, except at a price sufficient to pay all the bonds issued for such project then outstanding and interest accrued thereon, and then only in accordance with any agreements with the holder or holders of such bonds.
Source: SL 1971, ch 134, § 5, subdiv 6 (ii).
13-51A-20. Additional covenants for security of bonds.
In connection with the issuance of any bonds under this chapter, and in order to secure the payment of any such bonds and the interest thereon, the board shall have the power for each such institution to covenant with or for the benefit of the holder or holders of bonds issued under this chapter as to all matters deemed advisable by the board, including:
(1) The purposes, terms, and conditions for the issuance of additional parity or junior lien bonds that may thereafter be issued, and for the payment of the principal, redemption premiums, and interest on such bonds.
(2) The kind and amount of all insurance to be carried, the cost of which shall be charged as an operation and maintenance expense of any project.
(3) The operation, maintenance, and management of any project to assure the maximum use and occupancy thereof; the accounting for, and the auditing of, all income revenue from, and all expenses of, any project; the employment of engineers and consultants; and the keeping of records, reports, and audits of any project.
(4) The obligation of the board to maintain any project in good condition and to operate the same at all times in an economical and efficient manner.
(5) The terms and conditions for creating and maintaining debt service funds, reserve funds, and such other special funds as may be created in the resolution authorizing said bonds, separate and apart from all other funds and accounts of said board and said institution.
(6) The procedure by which the terms of any contract with the holders of the bonds may be amended, the amount of bonds the holders of which must consent thereto, and the manner in which consent may be given.
(7) Providing the procedure for refunding such bonds.
(8) Such other covenants as may be deemed necessary or desirable to assure a successful operation of any project and the prompt payment of the principal of and interest upon the bonds so authorized.
Source: SL 1971, ch 134, § 5, subdiv 4.
13-51A-21. Trustee for bondholders--General powers--Trust agreement.
In connection with the issuance of any bonds under this chapter, and in order to secure the payment of any such bonds and the interest thereon, the board shall have the power for each such institution to vest in a trustee or trustees the right to receive all or any part of the income and revenue pledged and assigned to, or for the benefit of the holder or holders of bonds issued under this chapter, and to hold, apply, and dispose of the same and the right to enforce any covenant made to secure or pay or in relation to the bonds; execute and deliver a trust agreement or trust agreements which may set forth the powers and duties and the remedies available to such trustee or trustees and limiting the liabilities thereof and describing what occurrences shall constitute events of default and prescribing the terms and conditions upon which such trustee or trustees or the holder or holders of any specified amount or percentage of such bonds may exercise such right and enforce any and all such covenants and resort to such remedies as may be appropriate.
Source: SL 1971, ch 134, § 5, subdiv 7.
13-51A-22. Covenants to take actions for benefit of bondholders.
In connection with the issuance of any bonds under this chapter, and in order to secure the payment of any such bonds and the interest thereon, the board shall have the power for each such institution to covenant to perform any and all acts and to do any and all such things as may be necessary or convenient or desirable in order to secure its bonds, or as may in the judgment of the board tend to make the bonds more marketable, notwithstanding that such acts or things may not be enumerated herein, it being the intention hereof to give the board issuing bonds pursuant to this chapter power to make all covenants, to perform all acts and to do all things not inconsistent with the Constitution of the State of South Dakota.
Source: SL 1971, ch 134, § 5, subdiv 8.
13-51A-23. Prohibition against obligating state.
Nothing in this chapter shall be construed to authorize the board or any institution to contract a debt on behalf of, or in any way to obligate, the State of South Dakota, or to pledge, assign, or encumber in any way, or to permit the pledging, assigning or encumbering in any way, of appropriations made by the Legislature of the State of South Dakota.
Source: SL 1971, ch 134, § 9.
13-51A-24. Limited obligation of bonds.
All bonds issued pursuant to this chapter shall be obligations of the board payable only in accordance with the terms thereof and shall not be obligations general, special, or otherwise, of the State of South Dakota. Such bonds shall not constitute a debt, legal or moral, of the State of South Dakota, and shall not be enforceable against the state, nor shall payment thereof be enforceable out of any funds of the board, or of any institution, other than the income and revenues pledged and assigned to, or in trust for the benefit of, the holder or holders of such bonds.
Source: SL 1971, ch 134, § 10.
13-51A-25. Recording not required to perfect lien.
Neither the resolution authorizing the bonds nor any financing statement or other instrument or document need be filed or recorded in any public records in order to perfect the lien on the pledge of the revenues to pay the bonds as against third parties.
Source: SL 1971, ch 134, § 8.
13-51A-26. Validity of bonds despite expiration of terms of officers--Irregularities in proceedings.
The bonds bearing the signatures of officers of the board in office on the date of the signing thereof shall be valid and binding obligations, notwithstanding that before the delivery thereof and payment therefor any or all persons whose signatures appear thereon shall have ceased to be such officers. The validity of the bonds shall not be dependent on nor affected by the validity or regularity of any proceedings to acquire any project financed by the bonds, or to refund outstanding bonds, or taken in connection therewith.
Source: SL 1971, ch 134, § 8.
13-51A-27. Sale of bonds--Minimum price.
All bonds issued under this chapter shall be sold for such price or prices as the board shall determine but at not less than ninety-five percent of par except refunding bonds exchanged on a par for par basis as hereinafter provided.
Source: SL 1971, ch 134, § 4 (A).
13-51A-28. Negotiability of bonds.
The coupon bonds shall be fully negotiable within the meaning of Title 57A.
Source: SL 1971, ch 134, § 4 (A).
13-51A-29. Bonds as legal investments.
The state and all counties, cities, villages, incorporated towns, and other municipal corporations, political subdivisions, and public bodies, and public officers of any thereof, all banks, subject to applicable investment limitations, bankers, trust companies, savings banks and institutions, building and loan associations, savings and loan associations, investment companies, and other persons carrying on a banking business, all insurance companies, insurance associations, and other persons carrying on an insurance business, and all personal representatives, conservators, trustees, and other fiduciaries may legally invest any debt service funds, moneys, or other funds belonging to them or within their control in any bonds issued pursuant to this chapter, it being the purpose of this section to authorize the investment in such bonds of all debt service, insurance, retirement, compensation, pension, and trust funds, whether owned or controlled by private or public persons or officers; provided, however, that nothing contained in this section may be construed as relieving any person, firm, or corporation from any duty of exercising reasonable care in selecting securities for purchase or investment.
Source: SL 1971, ch 134, § 11; SL 1992, ch 60, § 2; SL 1993, ch 213, § 86.
13-51A-30. Deposit of bond proceeds and revenues--Security--Disbursement.
Notwithstanding the provisions of any other law, no moneys derived from the sale of bonds issued under the provisions of this chapter, or pledged or assigned to or in trust for the benefit of the holder or holders thereof, shall be required to be paid into the state treasury but shall be deposited by the treasurer or other fiscal officer of the board in such bank or banks or trust company or trust companies as may be designated by the board, and all deposits of such moneys shall, if required by the board, be secured by obligations of the United States of America, of a market value equal at all times to the amount of such moneys on deposit. Such moneys shall be disbursed as may be directed by the board and in accordance with the terms of any agreements with the holder or holders of any bonds.
Source: SL 1971, ch 134, § 7.
13-51A-31. Agreements as to custody of funds.
Section 13-51A-30 shall not be construed as limiting the power of the board to agree in connection with the issuance of any of its bonds as to the custody and disposition of the moneys received from the sale of such bonds or from the income and revenues pledged or assigned to or in trust for the benefit of the holder or holders thereof.
Source: SL 1971, ch 134, § 7.
13-51A-32. Actions for enforcement of chapter and resolutions.
The provisions of this chapter and of any resolution or other proceeding authorizing the issuance of bonds shall constitute a contract with the holders of such bonds and the provisions thereof shall be enforceable either in law or in equity, by suit, action, mandamus, or other proceeding in any court of competent jurisdiction to enforce and compel the performance of all duties required by this chapter and by any resolution authorizing the issuance of bonds adopted responsive hereto.
Source: SL 1971, ch 134, § 6.
13-51A-33. Power to issue refunding bonds for matured obligations.
The board shall have power, and is hereby authorized from time to time, to issue negotiable refunding bonds:
(1) To refund unpaid matured bonds;
(2) To refund unpaid matured coupons evidencing interest upon its unpaid matured bonds; and
(3) To refund interest at the coupon rate upon its unpaid matured bonds that has accrued since the maturity of those bonds.
Source: SL 1971, ch 134, § 4 (B).
13-51A-34. Exchange of refunding bonds--Sale and use of proceeds--Cancellation of bonds and coupons received.
Refunding bonds issued pursuant to § 13-51A-33 may be exchanged for the bonds to be refunded on a par for par basis of the bonds, interest coupons, and interest not represented by coupons, if any, or may be sold at not less than par, or may be exchanged in part and sold in part, and the proceeds received at any such sale shall be used to pay the bonds, interest coupons, and interest not represented by coupons, if any. Bonds and interest coupons which have been received in exchange or paid shall be canceled and the obligation for interest, not represented by coupons, which has been discharged, shall be evidenced by a written acknowledgment of the exchange or payment thereof.
Source: SL 1971, ch 134, § 4 (B).
13-51A-35. Power to issue refunding bonds for unmatured obligations.
The board shall have power, and is hereby authorized from time to time, to also issue negotiable refunding bonds hereunder to refund bonds at or prior to their maturity or which by their terms are subject to redemption before maturity, or both, in an amount necessary to refund:
(1) The principal amount of the bonds to be refunded;
(2) The interest to accrue up to and including the maturity date or dates, or to the next succeeding redemption date thereof; and
(3) The applicable redemption premiums, if any.
Source: SL 1971, ch 134, § 4 (C).
13-51A-36. Exchange or sale of refunding bonds--Use of proceeds.
Refunding bonds issued pursuant to § 13-51A-35 may be exchanged for not less than an equal principal amount of bonds to be refunded or may be sold at not less than par, or may be exchanged in part and sold in part. All proceeds received at the sale thereof (excepting the accrued interest received) shall be used:
(1) If the bonds to be refunded are then due, for the payment thereof;
(2) If the bonds to be refunded are voluntarily surrendered with the consent of the holder or holders thereof, for the payment thereof;
(3) If the bonds to be refunded are then subject to prior redemption by their terms, for the redemption thereof;
(4) If the bonds to be refunded are not then subject to payment or redemption, to purchase direct obligations of the United States of America so long as such obligations will mature at such time or times, with interest thereon or the proceeds received therefrom, to provide funds adequate to pay when due or called for redemption prior to maturity the bonds to be refunded, together with the interest accrued thereon and any redemption premium due thereon, and such proceeds or obligations of the United States of America shall, with all other funds legally available for such purpose, be deposited in escrow with a banking corporation, or national banking association, located in and doing business in the State of South Dakota, with power to accept and execute trusts, or any successor thereto, which is also a member of the Federal Deposit Insurance Corporation and of the Federal Reserve System, to be held in an irrevocable trust solely for and until the payment and redemption of the bonds so to be refunded, and any balance remaining in said escrow after the payment and retirement of the bonds to be refunded shall be returned to said board to be used and held for use as revenues pledged for the payment of said refunding bonds; or
(5) For any combination thereof.
Source: SL 1971, ch 134, § 4 (C).
13-51A-37. Contracts and leases to carry out purposes.
The board shall have power for each institution listed in subdivision 13-51A-1(4) to make contracts and leases, either as lessee or lessor, and execute all instruments and perform all acts and do all things necessary or convenient to carry out the powers granted in this chapter.
Source: SL 1971, ch 134, § 3, subdiv 5.
13-51A-38. Parietal rules.
In connection with the issuance of any bonds under this chapter, and in order to secure the payment of any such bonds and the interest thereon, the board shall have the power for each such institution to make and enforce and agree to make and enforce parietal rules that shall ensure the use of any project to the maximum extent to which such project is capable of serving students, staff members, and others using or being served by, or having the right to use or the right to be served by, or to operate, any project.
Source: SL 1971, ch 134, § 5, subdiv 5.
13-51A-39. Establishment and collection of fees.
In connection with the issuance of any bonds under this chapter, and in order to secure the payment of any such bonds and the interest thereon, the board shall have the power for each such institution to fix, maintain, and collect:
(1) Fees, rentals, and other charges from students, staff members, and others using or being served by, or having the right to use or the right to be served by, or to operate any project;
(2) Health, hospital, medical, laboratory, admission, student activities, student services, and all other fees collected from students matriculated, registered or otherwise enrolled at and attending each such institution; and
(3) Rentals from any facility or building leased to the United States of America,
the aggregate of which shall be sufficient at all times to pay all necessary expenses of the operation and maintenance of any project, to pay the bonds at maturity and accruing interest thereon in accordance with their terms, and to create and maintain all reserves therefor as provided by the resolution authorizing said bonds.
Source: SL 1971, ch 134, § 5, subdiv 1.
13-51A-40. Retention of revenues by board.
The board shall have power for each such institution to retain in its treasury:
(1) All moneys received from the sale of all bonds or notes issued under this chapter;
(2) All fees, rentals, and other charges from students, staff members, and others using or being served by, or having the right to use or the right to be served by, or to operate any project;
(3) All health, hospital, medical, laboratory, admission, student activities, student services, and all other fees collected from students matriculated, registered or otherwise enrolled at and attending each such institution pledged under the terms of any resolution authorizing bonds or notes pursuant to this chapter; and
(4) All rentals from any facility or building leased to the United States of America,
all of which shall be considered always appropriated to the board.
Source: SL 1971, ch 134, § 3, subdiv 6.
13-51A-41. Accounting for project financing--Audits.
For the purpose of financial reporting, each combined project will have its financial affairs, expenditures and revenues, set out clearly in the financial statement of the institution, and the South Dakota auditor-general will audit each project on a separate basis and attest to the aforementioned financial condition of each separate project as presented in the financial report of the institution.
Source: SL 1971, ch 134, § 7.
13-51A-42. Supplemental nature of chapter--Conflicting provisions.
The powers conferred by this chapter shall be in addition to and supplemental to the powers conferred by any other law, general or special, and bonds may be issued under this chapter notwithstanding the provisions of any other such law and without regard to the procedure required by any other such laws. Insofar as the provisions of this chapter are inconsistent with the provisions of any other law, general or special, the provisions of this chapter shall be controlling, and no further approval of the exercise by the board of any of the powers herein granted shall be necessary.
Source: SL 1971, ch 134, § 13.
13-51A-43. Severability of provisions.
It is hereby declared that the sections, clauses, sentences, and parts of this chapter are severable, are not matters of mutual essential inducement, and any of them may be excised by any court of competent jurisdiction if this chapter would otherwise be unconstitutional or ineffective. It is the intention of this chapter to confer upon the board the whole or any part of the powers in this chapter provided for, and if any one or more sections, clauses, sentences, and parts of this chapter shall for any reason be questioned in any court of competent jurisdiction and shall be adjudged unconstitutional or invalid, such judgment shall not affect, impair, or invalidate the remaining provisions thereof, but shall be confined in its operation to the specific provision or provisions so held unconstitutional or invalid, and the inapplicability or invalidity of any section, clause, sentence, or part of this chapter in any one or more instances shall not be taken to affect or prejudice its applicability or validity in any other instance.
Source: SL 1971, ch 134, § 12.
13-51A-44. Short title.
This chapter shall be known and may be cited as the "Board of Regents Revenue Bond Act of 1971."
Source: SL 1971, ch 134, § 1.
