50-6A-29. Bonds issued by authority--Terms--Minimum sale price--Interest rate.
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/sd/title-50/chapter-50-6/50-6a-29·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
An authority shall have the power to borrow money for any of its corporate purposes and issue its bonds therefor, including refunding bonds, in such form and upon such terms as it may determine, payable out of any revenues of the authority, including grants or contributions from the federal government or other sources, which bonds may be sold at not less than ninety - eight percent of par plus the interest accrued on the bonds to the date of the delivery thereof. There shall be no interest rate ceiling on those issues sold at public sale.