There is a newer version of the South Dakota Codified Laws
2012 South Dakota Codified Laws
Title 6 LOCAL GOVERNMENT GENERALLY
Chapter 08B. Bonds of Local Public Bodies
§6-8B-57 Debt service reserve fund or credit facility.
SD Codified L § 6-8B-57 (through 2012) What's This?
6-8B-57. Debt service reserve fund or credit facility. 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.
Source: SL 1992, ch 3, § 6.
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