CHAPTER 10
(SB 87)
Contracts to manage payments or interest rate risk authorized.
ENTITLED, An Act to
permit bonding authorities to enter into contracts for the purpose of
managing payments or interest rate risk.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section
1.
That chapter
1-16A
be amended by adding thereto a NEW SECTION to read as
follows:
The authority may enter into any contract that the authority determines necessary or appropriate
to manage payment or interest rate risk for bonds issued pursuant to this chapter, the investment
of proceeds, or other funds of the authority. The contracts may include: interest rate exchange
agreements; contracts providing for payment or receipt of funds based on levels of or changes in
interest rates; contracts to exchange cash flows or series of payments; or contracts incorporating
interest rate caps, collars, floors, or locks.
Section
2.
That chapter
1-16B
be amended by adding thereto a NEW SECTION to read as
follows:
The authority may enter into any contract that the authority determines necessary or appropriate
to manage payment or interest rate risk for bonds issued pursuant to this chapter, the investment
of proceeds, or other funds of the authority. The contracts may include: interest rate exchange
agreements; contracts providing for payment or receipt of funds based on levels of or changes in
interest rates; contracts to exchange cash flows or series of payments; or contracts incorporating
interest rate caps, collars, floors, or locks.
Section
3.
That chapter
1-16E
be amended by adding thereto a NEW SECTION to read as
follows:
The authority may enter into any contract that the authority determines necessary or appropriate
to manage payment or interest rate risk for bonds issued pursuant to this chapter, the investment
of proceeds, or other funds of the authority. The contracts may include: interest rate exchange
agreements; contracts providing for payment or receipt of funds based on levels of or changes in
interest rates; contracts to exchange cash flows or series of payments; or contracts incorporating
interest rate caps, collars, floors, or locks.
Section
4.
That chapter
5-12
be amended by adding thereto a NEW SECTION to read as
follows:
The authority may enter into any contract that the authority determines necessary or appropriate
to manage payment or interest rate risk for bonds issued pursuant to this chapter, the investment
of proceeds, or other funds of the authority. The contracts may include: interest rate exchange
agreements; contracts providing for payment or receipt of funds based on levels of or changes in
interest rates; contracts to exchange cash flows or series of payments; or contracts incorporating
interest rate caps, collars, floors, or locks.
Section
5.
That chapter
11-11
be amended by adding thereto a NEW SECTION to read as
follows:
The authority may enter into any contract that the authority determines necessary or appropriate
to manage payment or interest rate risk for bonds issued pursuant to this chapter, the investment
of proceeds, or other funds of the authority. The contracts may include: interest rate exchange
agreements; contracts providing for payment or receipt of funds based on levels of or changes in
interest rates; contracts to exchange cash flows or series of payments; or contracts incorporating
interest rate caps, collars, floors, or locks.
Section
6.
That chapter
46A-1
be amended by adding thereto a NEW SECTION to read as
follows:
The district may enter into any contract that the district determines necessary or appropriate to
manage payment or interest rate risk for bonds issued pursuant to this chapter, the investment of
proceeds, or other funds of the district. The contracts may include: interest rate exchange
agreements; contracts providing for payment or receipt of funds based on levels of or changes in
interest rates; contracts to exchange cash flows or series of payments; or contracts incorporating
interest rate caps, collars, floors, or locks.
Section
7.
That chapter
49-16B
be amended by adding thereto a NEW SECTION to read as
follows:
The authority may enter into any contract that the authority determines necessary or appropriate
to manage payment or interest rate risk for bonds issued pursuant to this chapter, the investment
of proceeds, or other funds of the authority. The contracts may include: interest rate exchange
agreements; contracts providing for payment or receipt of funds based on levels of or changes in
interest rates; contracts to exchange cash flows or series of payments; or contracts incorporating
interest rate caps, collars, floors, or locks.
Signed March 21, 2003.