The provisions of § 1-16A-56 shall not apply to any educational or health facility financed pursuant to §§ 1-16A-52.1 to 1-16A-52.5, inclusive, but the authority shall return the securities purchased through the issuance of bonds thereunder to the issuer of such securities when such securities have been fully paid or when such bonds have been fully paid and retired or when adequate provision, not involving the application of such securities, has been made to pay and retire the same fully, all other conditions of the trust agreement or indenture creating such bonds have been satisfied and the lien thereof has been released in accordance with the provisions hereof.
S.D. Codified Laws § 1-16A-52.5
Return of securities to issuer when provision made for payment
Known as the South Dakota Health and Educational Facilities Authority Act
The act spans §§ 1-16A-1 to 1-16A-99 (121 sections).
Source: SL 1979, ch 7, § 6.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.