South Dakota Codified Laws 1-16A-27. Duration of leases–Rentals required
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Any lease of the facilities entered into pursuant to the provisions of this chapter shall be for a term not shorter than the longest maturity of any bonds issued to finance such facilities or a portion thereof and shall provide for rentals adequate to pay principal and interest on such bonds as the same fall due and to create and maintain such reserves and accounts for depreciation as the authority shall determine to be necessary.
Terms Used In South Dakota Codified Laws 1-16A-27
- Authority: means the South Dakota Health and Educational Facilities Authority created by this chapter. 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
Source: SL 1972, ch 10, § 8.