2011 South Dakota Code
Title 13 EDUCATION
Chapter 39. Vocational And Technical Education
§13-39-66 Lease-purchase agreements made by LEA or secretary of education--Terms--Approval by secretary.
13-39-66. Lease-purchase agreements made by LEA or secretary of education--Terms--Approval by secretary. Any LEA may enter into lease-purchase agreements with the health and educational facilities authority or the secretary of education for capital improvements for the design, acquisition, construction, equipping, or improvement of facilities the LEA considers necessary or appropriate. In addition, the secretary may enter into any lease-purchase agreement of such facilities either with an LEA or the health and educational facilities authority.
Such lease-purchase agreements shall include such terms as the health and educational facilities authority considers necessary, including without limitation, terms of default, remedies, representations, and covenants of the lessee.
No such lease-purchase agreements are effective until approved by the secretary of education. The term lease-purchase agreements as used in this section includes any sublease.
Source: SL 1987, ch 144, § 1; SL 1988, ch 149, § 2; SL 2003, ch 272, § 63.
Disclaimer: These codes may not be the most recent version. South Dakota may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
