South Dakota § 13-16-4 Lease payments from general fund in federally affected areas--Purchase on option made from capital outlay fund.

South Dakota Statutes

§ 13-16-4 — Lease payments from general fund in federally affected areas--Purchase on option made from capital outlay fund.

South Dakota·Title 13 EDUCATION·Ch. 13-15A SCHOOL DISTRICT FUNDS AND ACCOUNTS

The general fund in any school district authorized to receive funds from the federal government under Public Law 874 may be utilized for lease payments on equipment, teacherages, buildings, and other real estate, subject to the limitation that no more than ten percent of the general fund budget may be expended for lease payments during any school fiscal year. If the lease agreement provides for an option to purchase the leased property at the end of the lease period upon payment of a stipulated amount, the final payment at the end of the lease which shall result in acquisition of the property and title thereto, shall be made from the capital outlay fund subject to the provisions of §§ 13-16-6 to 13-16-9 , inclusive.

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The general fund in any school district authorized to receive funds from the federal government under Public Law 874 may be utilized for lease payments on equipment, teacherages, buildings, and other real estate, subject to the limitation that no more than ten percent of the general fund budget may be expended for lease payments during any school fiscal year. If the lease agreement provides for an option to purchase the leased property at the end of the lease period upon payment of a stipulated amount, the final payment at the end of the lease which shall result in acquisition of the property and title thereto, shall be made from the capital outlay fund subject to the provisions of §§ 13-16-6 to 13-16-9 , inclusive.

South Dakota § 13-16-4 (Lease payments from general fund in federally affected areas--Purchase on option made from capital outlay fund.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.