State of South Dakota
LEGISLATIVE ASSEMBLY, 2013
|893U0474||SENATE STATE AFFAIRS ENGROSSED NO. HB 1098 - 02/27/2013|
Introduced by: Representatives Dryden, Bolin, Carson, Hawley, Lust, Magstadt, Mickelson, Novstrup (David), Otten (Herman), Rozum, Sly, Solum, Wick, and Wismer and Senators Kirkeby, Adelstein, Bradford, Buhl, Frerichs, Holien, Johnston, Jones, Krebs, Lucas, Novstrup (Al), Peters, Rave, Tieszen, Vehle, and White
pledged under the applicable bond indenture or similar agreement will not be less than one
hundred three percent of the projected scheduled payments of principal and interest on all
outstanding bonds which, for purposes of that determination shall include the proposed bonds
to be issued and shall exclude any bonds to be refunded. In issuing additional bonds, the
authority may conclusively rely upon the determination of the board.
Section 2. That chapter 1-16A be amended by adding thereto a NEW SECTION to read as follows:
technicians, and to remodel the South Mickelson building is hereby authorized and approved.
Section 5. The issuance by the Health and Educational Facilities Authority of additional bonds, notes, or other obligations in a principal amount not to exceed twenty million dollars for a lease purchase agreement with the Southeast Technical Institute to finance the acquisition, construction, and other costs associated with a transportation technology center to house various technical programs, including diesel, auto, and auto body collision programs and other facility improvements necessary for other programs is hereby authorized and approved.
Section 6. Beginning in fiscal year 2015, payments made 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.
Section 7. That § 1-16A-77 be repealed.
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 one hundred five million dollars for obligations
issued by the authority in connection with any lease-purchase agreement with the Western
Dakota Technical Institute, the Southeast Technical Institute, the Lake Area Technical Institute
or the Mitchell 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.