South Dakota § 6-8B-57 Debt service reserve fund or credit facility.

South Dakota Statutes

§ 6-8B-57 — Debt service reserve fund or credit facility.

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

If a municipality or county determines that it is not precluded by any applicable law or regulation which may govern the exclusion of interest on the bonds or other obligations from federal income taxation, the terms and conditions applicable to the borrowing by the qualified nonprofit corporation shall include a debt service reserve fund or account or similar arrangement or credit facility as shall be approved by the health and educational facilities authority in an amount approximately equal to maximum annual debt service on the bonds or other obligations to be secured by the credit enhancement obligation.

Free access — add to your briefcase to read the full text and ask questions with AI

If a municipality or county determines that it is not precluded by any applicable law or regulation which may govern the exclusion of interest on the bonds or other obligations from federal income taxation, the terms and conditions applicable to the borrowing by the qualified nonprofit corporation shall include a debt service reserve fund or account or similar arrangement or credit facility as shall be approved by the health and educational facilities authority in an amount approximately equal to maximum annual debt service on the bonds or other obligations to be secured by the credit enhancement obligation.

South Dakota § 6-8B-57 (Debt service reserve fund or credit facility.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.