The obligation of the State Investment Council to purchase any general obligation funding bonds pursuant to any agreement or arrangement described in § 4-5-40 is not enforceable to the extent that the principal amount of such general obligation funding bonds would cause an eligible participating school district to be in violation of the limitations on indebtedness of school districts provided for in Article XIII, § 4 of the Constitution.
S.D. Codified Laws § 4-5-43
Obligation to purchase--Enforceability
Known as the Investment of State Funds Law
The act spans §§ 4–4 (70 sections).
Source: SL 1998, ch 24, § 4.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.