Section 5-17-26 - Sale of bonds for enlargement of plant--Form and execution--Negotiability--Costsof bond issue. - South-dakota Statutes

State Codes and Statutes

Statutes > South-dakota > Title-5 > Chapter-17 > Statute-5-17-26

5-17-26. Sale of bonds for enlargement of plant--Form and execution--Negotiability--Costs of bond issue. The bonds issued under § 5-17-23 shall be sold at public sale upon at least two weeks notice published in a legal newspaper of the state. The bonds shall be executed in the name and on behalf of the state by the chairman and secretary of the Cement Plant Commission. The form of bond shall be such as prescribed by the commission and each shall bear as an imprint across the face thereof the words "Internal Improvement Bond of South Dakota," shall have affixed thereto the great seal of the state and before delivery shall be registered in the Office of the State Treasurer. If requested by the commission, the bonds and a certified copy of the resolutions providing for their issuance may be submitted to the attorney general of South Dakota for his examination and when such bonds and resolutions have been examined by the attorney general and he shall find the same to be legal obligations, he shall execute a certificate to that effect. A copy thereof may be printed on each bond and such bonds shall then be incontestable in any court of this state except for forgery, fraud or violation of the Constitution. Said bonds shall be sold by the commission for not less than the par value thereof and the holders thereof shall have all rights of a holder of negotiable securities. The commission is authorized to employ recognized bond attorneys and/or fiscal agents in connection with the sale of any such bonds and to pay costs of the printing and other costs of issuing such bonds.

Source: SL 1949, ch 231, § 4; SDC Supp 1960, § 55.3319.

State Codes and Statutes

Statutes > South-dakota > Title-5 > Chapter-17 > Statute-5-17-26

5-17-26. Sale of bonds for enlargement of plant--Form and execution--Negotiability--Costs of bond issue. The bonds issued under § 5-17-23 shall be sold at public sale upon at least two weeks notice published in a legal newspaper of the state. The bonds shall be executed in the name and on behalf of the state by the chairman and secretary of the Cement Plant Commission. The form of bond shall be such as prescribed by the commission and each shall bear as an imprint across the face thereof the words "Internal Improvement Bond of South Dakota," shall have affixed thereto the great seal of the state and before delivery shall be registered in the Office of the State Treasurer. If requested by the commission, the bonds and a certified copy of the resolutions providing for their issuance may be submitted to the attorney general of South Dakota for his examination and when such bonds and resolutions have been examined by the attorney general and he shall find the same to be legal obligations, he shall execute a certificate to that effect. A copy thereof may be printed on each bond and such bonds shall then be incontestable in any court of this state except for forgery, fraud or violation of the Constitution. Said bonds shall be sold by the commission for not less than the par value thereof and the holders thereof shall have all rights of a holder of negotiable securities. The commission is authorized to employ recognized bond attorneys and/or fiscal agents in connection with the sale of any such bonds and to pay costs of the printing and other costs of issuing such bonds.

Source: SL 1949, ch 231, § 4; SDC Supp 1960, § 55.3319.

State Codes and Statutes

Back To Homepage

State Codes and Statutes

Statutes > South-dakota > Title-5 > Chapter-17 > Statute-5-17-26

5-17-26. Sale of bonds for enlargement of plant--Form and execution--Negotiability--Costs of bond issue. The bonds issued under § 5-17-23 shall be sold at public sale upon at least two weeks notice published in a legal newspaper of the state. The bonds shall be executed in the name and on behalf of the state by the chairman and secretary of the Cement Plant Commission. The form of bond shall be such as prescribed by the commission and each shall bear as an imprint across the face thereof the words "Internal Improvement Bond of South Dakota," shall have affixed thereto the great seal of the state and before delivery shall be registered in the Office of the State Treasurer. If requested by the commission, the bonds and a certified copy of the resolutions providing for their issuance may be submitted to the attorney general of South Dakota for his examination and when such bonds and resolutions have been examined by the attorney general and he shall find the same to be legal obligations, he shall execute a certificate to that effect. A copy thereof may be printed on each bond and such bonds shall then be incontestable in any court of this state except for forgery, fraud or violation of the Constitution. Said bonds shall be sold by the commission for not less than the par value thereof and the holders thereof shall have all rights of a holder of negotiable securities. The commission is authorized to employ recognized bond attorneys and/or fiscal agents in connection with the sale of any such bonds and to pay costs of the printing and other costs of issuing such bonds.

Source: SL 1949, ch 231, § 4; SDC Supp 1960, § 55.3319.