The authority is authorized and empowered directly or by or through a participating health institution or participating educational institution, as the case may be, as its agent, to acquire by purchase, lease, gift, devise or otherwise such lands, structures, property, real or personal, rights–of–way, franchises, easements, and other interests in lands, within or without the state, including lands lying under water and riparian rights which are located within or without the state as it may deem necessary or convenient for the construction or acquisition or operation of facilities but upon such terms as may be considered by the authority to be reasonable, and to take title thereto in the name of the authority or in the name of such participating health institution or participating educational institution, as the case may be, as its agent.

Terms Used In South Dakota Codified Laws 1-16A-21

  • Authority: means the South Dakota Health and Educational Facilities Authority created by this chapter. See South Dakota Codified Laws 1-16A-2
  • Devise: To gift property by will.
  • Educational institution: means any private nonprofit corporation or institution authorized by law to provide or operate educational facilities and to provide a program of education beyond the high school level in this state. See South Dakota Codified Laws 1-16A-2
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Health institution: means any private nonprofit corporation or institution authorized by law to provide or operate health facilities in this state, or any private nonprofit corporation or institution authorized by law to provide or operate health facilities outside this state. See South Dakota Codified Laws 1-16A-2
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • participating educational institution: means a nonprofit educational institution that, pursuant to this chapter, shall undertake the financing and construction or acquisition of educational facilities or shall undertake the refunding or refinancing of outstanding obligations or of a mortgage or of advances or loans, as provided in and permitted by this chapter. See South Dakota Codified Laws 1-16A-2
  • Participating health institution: means a nonprofit health institution that, pursuant to this chapter, shall undertake the financing and construction or acquisition of health facilities or shall undertake the refunding or refinancing of outstanding obligations or of a mortgage or of advances or loans, as provided in and permitted by this chapter, whether located within this state or in another state. See South Dakota Codified Laws 1-16A-2
  • Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2

Source: SL 1972, ch 10, § 9; SL 2004, ch 9, § 3.

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