A regional airport authority may be decreased if each of the subdivisions then included in the regional authority and the commissioners of the regional authority consent to the decrease and make provisions for the retention or disposition of its assets and liabilities; provided that, if the regional authority has any bonds outstanding no decrease shall be effected unless one hundred per cent of the holders of the bonds consent thereto in writing.

Terms Used In South Dakota Codified Laws 50-6A-12

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.

Source: SL 1976, ch 303, § 4.

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