South Dakota Codified Laws 49-16B-19. Leases to Department of Transportation–Rents payable solely from appropriations–Amount
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Leases to the Department of Transportation shall contain the provision that rents under the leases are payable solely from appropriations to be made by the Legislature for the payment of rent under the leases may not exceed an amount sufficient to pay principal of and interest on the bonds and a proportion of the administrative expenses of the authority as provided for by each lease, and such reserves as may be provided in the resolutions of issuance.
Terms Used In South Dakota Codified Laws 49-16B-19
- 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 1980, ch 323, § 19; SL 1996, ch 20, § 26.