South Dakota Codified Laws 50-6A-29. Bonds issued by authority–Terms–Minimum sale price–Interest rate
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An authority shall have the power to borrow money for any of its corporate purposes and issue its bonds therefor, including refunding bonds, in such form and upon such terms as it may determine, payable out of any revenues of the authority, including grants or contributions from the federal government or other sources, which bonds may be sold at not less than ninety–eight percent of par plus the interest accrued on the bonds to the date of the delivery thereof. There shall be no interest rate ceiling on those issues sold at public sale.
Terms Used In South Dakota Codified Laws 50-6A-29
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
Source: SL 1976, ch 303, § 13.