Any bonds, notes or other obligations of the authority that are payable out of receipts, rentals, and other payments made pursuant to lease purchase agreements with the Western Dakota Technical College, the Southeast Technical College, the Lake Area Technical College, the Mitchell Technical College, or the South Dakota Board of Technical Education under the authority of chapter 13-39A may only be issued if the Board of Technical Education determines, by the adoption of a resolution, that the estimated receipts, rentals, and other payments, including appropriations by the Legislature, student fee payments, or other balances or revenues 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. Proposed issuance of obligations must comply with §§ 4-7-46 and 4-7-47. In issuing additional bonds, the authority may conclusively rely upon the determination of the board.

Source: SL 2013, ch 6, § 1; SL 2015, ch 6, § 1; SL 2017, ch 81, § 48; SL 2020, ch 61, § 29.