Any lease of the facilities entered into pursuant to the provisions of this chapter shall be for a term not shorter than the longest maturity of any bonds issued to finance such facilities or a portion thereof and shall provide for rentals adequate to pay principal and interest on such bonds as the same fall due and to create and maintain such reserves and accounts for depreciation as the authority shall determine to be necessary.
S.D. Codified Laws § 1-16A-27
Duration of leases--Rentals required
Known as the South Dakota Health and Educational Facilities Authority Act
The act spans §§ 1–1 (121 sections).
Source: SL 1972, ch 10, § 8.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.