13-16-4. Lease payments from general fund in federally affected areas--Purchase on option made from capital outlay fund.The general fund in any school district authorized to receive funds from the federal government under Public Law 874 may be utilized for lease payments on equipment, teacherages, buildings, and other real estate, subject to the limitation that no more than ten percent of the general fund budget may be expended for lease payments during any school fiscal year. If the lease agreement provides for an option to purchase the leased property at the end of the lease period upon payment of a stipulated amount, the final payment at the end of the lease which shall result in acquisition of the property and title thereto, shall be made from the capital outlay fund subject to the provisions of §§13-16-6 to 13-16-9, inclusive. Source: SDC Supp 1960, §15.2202 as added by SL 1963, ch 74, §2; SL 1964, ch 40.
South Dakota Legal Code