SB 229 — require an election to approve the issuance of certain capital outlay certificates, lease-purchase contracts, or installment purchase contracts.

26.201.2926.201.30 101st Legislative Session 229 South Dakota Legislature Senate Bill 229 SENATE EDUCATION ENGROSSED Introduced by:

Senator Nelson An Act to require an election to approve the issuance of certain capital outlay certificates.certificates, lease-purchase contracts, or installment purchase contracts.

Any A proposed installment purchase contract, or lease-purchase, or issue issuance of capital outlay certificates authorized pursuant to § 13-16-6 or 13-16-6.2 which will obligate the school district for future payments on the principal, the total of which will exceed one and one-half percent of the taxable valuation of taxable property within the districtdistrict, fifty thousand dollars, may not be entered into, or certificates issued, unless prior thereto the school board conducts a public hearing thereon after having given notice by publication at least twice in its official newspaper at least ten days before the hearing.

Upon theExcept approvalas ofotherwise theprovided boardin duringthis section, the hearing,hearing the board may approve the action or may shall refer the matter to the voters of the district.

CapitalA proposed installment purchase contract, lease-purchase, or issuance of outlay certificates authorized pursuant to § 13-16-6 or 13-16-6.213-16-6.2, maywhich notobligate bethe issueddistrict unlessto priorfuture theretopayments, theor schoolwith boarda conductsmaturity adate, publicin hearingexcess afterof havingten givenyears, noticemay bynot publicationbe atissued leastor twiceentered ininto itsunless officialthe newspaperboard atrefers leastthe tenmatter daysto beforethe voters of the hearing.district.

Upon the approval of the board during the hearing, the board shall refer the matter to the voters of the district.

26.201.2926.201.30 2 229 Section 3.

Approval Except as otherwise provided in this section, approval to enter into an agreement or issue capital outlay certificates pursuant to § 13-16-6.3 is subject to a referendum if five percent of the registered voters, based upon the total number of registered voters at the last preceding general election, petition, within twenty days thereafter, to have the question of approval to enter into the agreement or issue capital outlay certificates placed upon the ballot at a.

The board of a school district may issue capital outlay certificates pursuant to §§ 13-16-6.2 and 13-16-13-16-6.3, 6.3with a maturity date in excess of ten years from the date of issuance, only if the question of issuing the capital outlay certificates is approved by the voters of the district.