South Dakota Codified Laws 9-21-18.1. Municipality authorized to enter into lease-purchase agreements
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The provisions of § 9-21-18 or any other provision of law notwithstanding, any municipality may enter into a lease-purchase agreement for a term of years, not exceeding ten years for equipment and twenty years for an improvement to real property, for the purchase or lease by the municipality of real or personal property. Any lease-purchase agreement for a term exceeding one year requires the approval of more than sixty percent of the members-elect of the governing body of the municipality.
Terms Used In South Dakota Codified Laws 9-21-18.1
- 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
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
Source: SL 1995, ch 37, § 2; SL 2018, ch 52, § 1.