The district may issue bonds authorized by the Legislature pursuant to § 46A-1-29 or by § 46A-1-31 for the following purposes, which are hereby determined to be in the public interest and to constitute lawful and public purposes:

(1) To acquire, construct, plan, or arrange for acquisition and construction of any one project, or more than one;

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

(2) To issue bonds to effectuate § 46A-2-16;

(3) To refund bonds heretofore and hereafter issued, including the refunding of bonds in advance of their call or maturity date. The refunding bonds may be partially or wholly secured by and payable from obligations of the United States government or the income from such obligations;

(4) To fund a debt service reserve for the bonds;

(5) To provide for capitalized interest during the estimated construction period of the projects and for a period of one year thereafter;

(6) For any of the preceding purposes;

(7) To enter into financing agreements to make loans pursuant to § 46A-1-49;

(8) To provide for the payment of the costs of issuance of the bonds. At no time may district indebtedness exceed the aggregate indebtedness authorized by the Legislature pursuant to § 46A-1-29, plus any additional amount authorized by that section, less the cumulative regular amortization payments made on each bond issue, except as specifically provided by § 46A-1-31. The bonds shall be authorized by resolution of the Board of Water and Natural Resources. The resolution may provide that any signatures, other than the authentication signature of the trustee, on the bonds may be printed, lithographed, engraved, or otherwise reproduced on the bond;

(9) To purchase or otherwise finance or provide for the purchase or payment of loans made by the United States Department of Agriculture, as provided in § 46A-1-31;

(10) To purchase or otherwise finance or provide for the purchase or payment of bonds or other obligations of any public entity or person in connection with the water pollution control revolving fund program and the drinking water revolving fund program, as provided in § 46A-1-31.

Source: SL 1972, ch 241, § 32; SL 1976, ch 282, § 1; SL 1977, ch 369, § 2; SL 1977, ch 377, § 2; SL 1980, ch 310, § 7; SL 1981 (2d SS), ch 1, § 18; SDCL Supp, § 46-17A-31; SL 1988, ch 363, § 1; SL 1989, ch 385, § 20; SL 1991, ch 17 (Ex. Ord. 91-4), § 17; SL 1994, ch 347, § 1; SL 2011, ch 165, § 294.