If an educational or health facility is financed pursuant to §§ 1-16A-54.1 to 1-16A-54.3, inclusive, the title to the facility shall remain in the participating educational or health institution owning the facility. The title is subject to the lien of the mortgage, if any, securing the securities being purchased. There may not be a lease of the facility between the authority and the institution.
S.D. Codified Laws § 1-16A-54.4
Title of financed facility to remain in participating institution--Mortgage--Lease prohibited
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 1976, ch 9, § 2; SL 2013, ch 5, § 3.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.