5-12-36. Authority to convey property to state when debt paid or payment provided for--Reversion to authority.
98 words·~1 min read·
/sd/title-5/chapter-5-12/5-12-36·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
To accomplish projects of the kind listed in this chapter, the Building Authority may convey property, without charge, to the State of South Dakota, if all debts which have been secured by the income from the property have been paid. The authority may transfer title and jurisdiction to the State of South Dakota of facilities, for which bonds have been issued and payment for the bonds has been provided for by an escrow. The facility shall revert to the authority if the lessee fails to make lease payments in connection with the facility until the bonds are paid.