South Dakota Codified Laws 1-16A-56. Conveyance of facility to participating institution when debt paid
When the principal of and interest on bonds issued by the authority to finance the cost of facilities or to refinance outstanding indebtedness of one or more participating health institutions or participating educational institutions, as the case may be, including any refunding bonds issued to refund and refinance such bonds, have been fully paid and retired or when adequate provision has been made to fully pay and retire the same, and all other conditions of the resolution, the lease, the trust indenture and the mortgage or deed of trust, if any, authorizing and securing the same have been satisfied and the lien of such mortgage or deed of trust has been released in accordance with the provisions thereof, the authority shall promptly do all things and execute such deeds and conveyances as are necessary and required to convey its right, title and interest in such facilities so financed, and any other facilities mortgaged to secure the bonds, to such participating health institution or institutions or to such participating educational institution or institutions, as the case may be.
Terms Used In South Dakota Codified Laws 1-16A-56
- Authority: means the South Dakota Health and Educational Facilities Authority created by this chapter. See South Dakota Codified Laws 1-16A-2
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Educational institution: means any private nonprofit corporation or institution authorized by law to provide or operate educational facilities and to provide a program of education beyond the high school level in this state. See South Dakota Codified Laws 1-16A-2
- Health institution: means any private nonprofit corporation or institution authorized by law to provide or operate health facilities in this state, or any private nonprofit corporation or institution authorized by law to provide or operate health facilities outside this state. See South Dakota Codified Laws 1-16A-2
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
Source: SL 1972, ch 10, § 16.