South Dakota § 5-12-35 Accounts maintained by authority--Purpose of disbursements from public building fund.

South Dakota Statutes

§ 5-12-35 — Accounts maintained by authority--Purpose of disbursements from public building fund.

South Dakota·Title 5 PUBLIC PROPERTY, PURCHASES AND CONTRACTS·Ch. 5-11 SOUTH DAKOTA BUILDING AUTHORITY

The Building Authority shall keep account of the gross total income derived from each separate project or any combination thereof undertaken pursuant to this chapter. Disbursements from a given account in the public building fund shall be ordered by the authority only for the payment of:

(1)The cost of maintenance and operation of the facility or facilities, unless otherwise provided for;

(2)The principal of and interest on the bonds issued for each project, or combination thereof; and (3) Any other purposes set forth in the resolution authorizing the issuance of said bonds.

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The Building Authority shall keep account of the gross total income derived from each separate project or any combination thereof undertaken pursuant to this chapter. Disbursements from a given account in the public building fund shall be ordered by the authority only for the payment of: (1) The cost of maintenance and operation of the facility or facilities, unless otherwise provided for; (2) The principal of and interest on the bonds issued for each project, or combination thereof; and (3) Any other purposes set forth in the resolution authorizing the issuance of said bonds.

South Dakota § 5-12-35 (Accounts maintained by authority--Purpose of disbursements from public building fund.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.