Section 6-8B-54 - Securities purchased for debt service fund limited. - South-dakota Statutes

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Statutes > South-dakota > Title-6 > Chapter-08b > Statute-6-8b-54

6-8B-54. Securities purchased for debt service fund limited. Securities purchased for the debt service fund shall be limited to:
(1) General obligations of the United States, securities whose principal and interest payments are guaranteed by the United States, and securities issued by the following agencies of the United States: banks for cooperatives, federal home loan banks, federal intermediate credit banks, federal land banks, and the federal national mortgage association; or
(2) Obligations issued or guaranteed by any state or any political subdivision of a state, which at the date of purchase are rated the highest or the next highest rating given by Standard and Poor's Corporation, Moody's Investors Service, or a similar nationally recognized rating agency, but not less than the rating on the refunded bonds immediately prior to the refunding.

Source: SL 1987, ch 66, § 2.

State Codes and Statutes

Statutes > South-dakota > Title-6 > Chapter-08b > Statute-6-8b-54

6-8B-54. Securities purchased for debt service fund limited. Securities purchased for the debt service fund shall be limited to:
(1) General obligations of the United States, securities whose principal and interest payments are guaranteed by the United States, and securities issued by the following agencies of the United States: banks for cooperatives, federal home loan banks, federal intermediate credit banks, federal land banks, and the federal national mortgage association; or
(2) Obligations issued or guaranteed by any state or any political subdivision of a state, which at the date of purchase are rated the highest or the next highest rating given by Standard and Poor's Corporation, Moody's Investors Service, or a similar nationally recognized rating agency, but not less than the rating on the refunded bonds immediately prior to the refunding.

Source: SL 1987, ch 66, § 2.

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State Codes and Statutes

Statutes > South-dakota > Title-6 > Chapter-08b > Statute-6-8b-54

6-8B-54. Securities purchased for debt service fund limited. Securities purchased for the debt service fund shall be limited to:
(1) General obligations of the United States, securities whose principal and interest payments are guaranteed by the United States, and securities issued by the following agencies of the United States: banks for cooperatives, federal home loan banks, federal intermediate credit banks, federal land banks, and the federal national mortgage association; or
(2) Obligations issued or guaranteed by any state or any political subdivision of a state, which at the date of purchase are rated the highest or the next highest rating given by Standard and Poor's Corporation, Moody's Investors Service, or a similar nationally recognized rating agency, but not less than the rating on the refunded bonds immediately prior to the refunding.

Source: SL 1987, ch 66, § 2.