South Dakota Codified Laws 9-51-6. Contract for purchase or lease of parking lot authorized–Maximum term
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The governing body of any municipality may enter into a contract for a term of years, not exceeding fifteen, for the purchase or lease by the municipality of real property to be used as a parking lot and area.
Terms Used In South Dakota Codified Laws 9-51-6
- Contract: A legal written agreement that becomes binding when signed.
- 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
- Lot: includes parcel or tract of land. See South Dakota Codified Laws 9-1-1
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
Source: SL 1953, ch 273; SDC Supp 1960, § 45.0201-1 (14).