South Dakota Administrative Rules
Title 24 - EDUCATION
Article 24:59 - Postsecondary Technical Institutes
Chapter 24:59:04 - Postsecondary Technical Institute Lease Purchase Agreements
Section 24:59:04:03 - Bond amount limited by pledged revenues
Universal Citation: SD Admin Rules 24:59:04:03
Current through Register Vol. 51, page 43, September 23, 2024
The Board of Technical Education may not approve any revenue bonds for new projects that, when combined with the debt service on outstanding bonds, provide for a coverage ratio less than one hundred and three percent (103%) coverage for the estimated receipts, rentals, and other payments, including appropriations by the Legislature, student fee payments, or other balances or revenues pledged under the applicable bond indenture.
General Authority: SDCL 13-39A-24
Law Implemented: SDCL 13-39A-24, 13-39A-25, 13-39A-26.
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