S.D. Admin. R. 24:59:04:03

Current through Register Vol. 51, page 67, December 16, 2024

Section 24:59:04:03 - Bond amount limited by pledged revenues

The Board of Technical Education may not approve any revenue bonds for new projects that, when combined with the debt service on outstanding bonds, provide for a coverage ratio less than one hundred and three percent (103%) coverage for 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.

S.D. Admin. R. 24:59:04:03

Transferred from 24:10:46:03, 44 SDR 184, effective 6/25/2018

General Authority: SDCL 13-39A-24

Law Implemented: SDCL 13-39A-24, 13-39A-25, 13-39A-26.