Statutes, codes, and regulations
South Dakota Codified Laws
Title 5 - PUBLIC PROPERTY, PURCHASES AND CONTRACTS
Chapter 12 - SOUTH DAKOTA BUILDING AUTHORITY
Section 5-12-36 - Authority to convey property to state when debt paid or payment provided for-Reversion to authority

S.D. Codified Laws § 5-12-36

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Current with legislation signed by the governor on or before 3/6/2024
Section 5-12-36 - Authority to convey property to state when debt paid or payment provided for-Reversion to authority

To accomplish projects of the kind listed in this chapter, the Building Authority may convey property, without charge, to the State of South Dakota, if all debts which have been secured by the income from the property have been paid. The authority may transfer title and jurisdiction to the State of South Dakota of facilities, for which bonds have been issued and payment for the bonds has been provided for by an escrow. The facility shall revert to the authority if the lessee fails to make lease payments in connection with the facility until the bonds are paid.

SDCL 5-12-36

SL 1967, ch 276, § 5; SL 1986, ch 50, § 2; SL 1994, ch 50, § 10.