13-19-27. Financing arrangements for capital improvements and expenditures incident to consolidation.Any school district may enter into lease-purchase agreements or other financing arrangement with or issue capital outlay certificates that are secured by a pledge of state aid to education funds in connection with a program sponsored by the Health and Educational Facilities Authority for capital improvements, the acquisition of equipment, or improvement of school facilities or other lawful purpose that the school board considers necessary or appropriate or as a result of a consolidation or proposed consolidation of one school district with another school district. Source: SL 1986, ch 124, §1; SL 1988, ch 140, §2; SL 1999, ch 84, §5; SL 2015, ch 90, §1.
South Dakota Legal Code