South Dakota § 6-8B-54 Securities purchased for debt service fund limited.

South Dakota Statutes

§ 6-8B-54 — Securities purchased for debt service fund limited.

South Dakota·Title 6 LOCAL GOVERNMENT GENERALLY·Ch. 6-8A BONDS OF LOCAL PUBLIC BODIES

Securities purchased for the debt service fund shall be limited to:

(1)General obligations of the United States, securities whose principal and interest payments are guaranteed by the United States, and securities issued by the following agencies of the United States: banks for cooperatives, federal home loan banks, federal intermediate credit banks, federal land banks, and the federal national mortgage association; or (2) Obligations issued or guaranteed by any state or any political subdivision of a state, which at the date of purchase are rated the highest or the next highest rating given by Standard and Poor's Corporation, Moody's Investors Service, or a similar nationally recognized rating agency, but not less than the rating on the refunded bonds immediately prior to the refun

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Securities purchased for the debt service fund shall be limited to: (1) General obligations of the United States, securities whose principal and interest payments are guaranteed by the United States, and securities issued by the following agencies of the United States: banks for cooperatives, federal home loan banks, federal intermediate credit banks, federal land banks, and the federal national mortgage association; or (2) Obligations issued or guaranteed by any state or any political subdivision of a state, which at the date of purchase are rated the highest or the next highest rating given by Standard and Poor's Corporation, Moody's Investors Service, or a similar nationally recognized rating agency, but not less than the rating on the refunded bonds immediately prior to the refunding.

South Dakota § 6-8B-54 (Securities purchased for debt service fund limited.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.