Section 5-17-19 - Cement plant bonds authorized--Execution, terms, sale, and securing of bonds. - South-dakota Statutes

State Codes and Statutes

Statutes > South-dakota > Title-5 > Chapter-17 > Statute-5-17-19

5-17-19. Cement plant bonds authorized--Execution, terms, sale, and securing of bonds. The State Cement Plant Commission may borrow money and issue and dispose of bonds to be used in the purchase, repair, or lease of real estate and buildings, structures, and equipment as it may require in connection with the business under its control, as well as for leasing, purchasing, constructing, equipping, managing, maintaining, and operating cement plants or terminals as follows:
(1) The bonds or notes shall be executed in the name and on behalf of the state by the chairman and secretary of the commission. The total of all loans issued and outstanding may not exceed the sum of seven million dollars, and shall be issued in denominations as the commission may determine and in any event not less than one thousand dollars, and shall bear interest at a rate as negotiated by the parties, payable at least annually;
(2) The bonds or notes shall be due and payable on a date or dates to be determined by the State Cement Plant Commission and to be inserted in the loan documents as part of the terms thereof, not more than twenty years from the date of issue, both principal and interest being payable at a place designated by the commission;
(3) The form of any bonds shall be prescribed by the commission and shall bear as an imprint across the face thereof the words "Internal Improvement Bonds of South Dakota," shall have affixed thereto the great seal of the state and before sale shall be registered in the Office of the State Treasurer;
(4) The bonds shall be negotiated by the commission in a manner as it shall deem expedient. However, no bond may be sold for less than its par value;
(5) The State Cement Commission may pledge, mortgage, and grant security interest in real estate and improvements, equipment, inventory, and proceeds for the purpose of securing loans or bonds issued under this section.

Source: SL 1919, ch 324, § 6; SL 1921, ch 377; SDC 1939, § 55.3307; SL 1983, ch 28, § 7; SL 1988, ch 55, § 1.

State Codes and Statutes

Statutes > South-dakota > Title-5 > Chapter-17 > Statute-5-17-19

5-17-19. Cement plant bonds authorized--Execution, terms, sale, and securing of bonds. The State Cement Plant Commission may borrow money and issue and dispose of bonds to be used in the purchase, repair, or lease of real estate and buildings, structures, and equipment as it may require in connection with the business under its control, as well as for leasing, purchasing, constructing, equipping, managing, maintaining, and operating cement plants or terminals as follows:
(1) The bonds or notes shall be executed in the name and on behalf of the state by the chairman and secretary of the commission. The total of all loans issued and outstanding may not exceed the sum of seven million dollars, and shall be issued in denominations as the commission may determine and in any event not less than one thousand dollars, and shall bear interest at a rate as negotiated by the parties, payable at least annually;
(2) The bonds or notes shall be due and payable on a date or dates to be determined by the State Cement Plant Commission and to be inserted in the loan documents as part of the terms thereof, not more than twenty years from the date of issue, both principal and interest being payable at a place designated by the commission;
(3) The form of any bonds shall be prescribed by the commission and shall bear as an imprint across the face thereof the words "Internal Improvement Bonds of South Dakota," shall have affixed thereto the great seal of the state and before sale shall be registered in the Office of the State Treasurer;
(4) The bonds shall be negotiated by the commission in a manner as it shall deem expedient. However, no bond may be sold for less than its par value;
(5) The State Cement Commission may pledge, mortgage, and grant security interest in real estate and improvements, equipment, inventory, and proceeds for the purpose of securing loans or bonds issued under this section.

Source: SL 1919, ch 324, § 6; SL 1921, ch 377; SDC 1939, § 55.3307; SL 1983, ch 28, § 7; SL 1988, ch 55, § 1.

State Codes and Statutes

Back To Homepage

State Codes and Statutes

Statutes > South-dakota > Title-5 > Chapter-17 > Statute-5-17-19

5-17-19. Cement plant bonds authorized--Execution, terms, sale, and securing of bonds. The State Cement Plant Commission may borrow money and issue and dispose of bonds to be used in the purchase, repair, or lease of real estate and buildings, structures, and equipment as it may require in connection with the business under its control, as well as for leasing, purchasing, constructing, equipping, managing, maintaining, and operating cement plants or terminals as follows:
(1) The bonds or notes shall be executed in the name and on behalf of the state by the chairman and secretary of the commission. The total of all loans issued and outstanding may not exceed the sum of seven million dollars, and shall be issued in denominations as the commission may determine and in any event not less than one thousand dollars, and shall bear interest at a rate as negotiated by the parties, payable at least annually;
(2) The bonds or notes shall be due and payable on a date or dates to be determined by the State Cement Plant Commission and to be inserted in the loan documents as part of the terms thereof, not more than twenty years from the date of issue, both principal and interest being payable at a place designated by the commission;
(3) The form of any bonds shall be prescribed by the commission and shall bear as an imprint across the face thereof the words "Internal Improvement Bonds of South Dakota," shall have affixed thereto the great seal of the state and before sale shall be registered in the Office of the State Treasurer;
(4) The bonds shall be negotiated by the commission in a manner as it shall deem expedient. However, no bond may be sold for less than its par value;
(5) The State Cement Commission may pledge, mortgage, and grant security interest in real estate and improvements, equipment, inventory, and proceeds for the purpose of securing loans or bonds issued under this section.

Source: SL 1919, ch 324, § 6; SL 1921, ch 377; SDC 1939, § 55.3307; SL 1983, ch 28, § 7; SL 1988, ch 55, § 1.