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 § 6-8B-54

Title 6LOCAL GOVERNMENT GENERALLY

Ch. 6-8ABONDS OF LOCAL PUBLIC BODIES

This text of South Dakota § 6-8B-54 (Securities purchased for debt service fund limited.) is published on Counsel Stack Legal Research, covering South Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.D. Codified Laws § 6-8B-54 (2026).

Text

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.