9-54-12. Compliance with federal requirements for tax exemption.
Notwithstanding any provision under the laws of the State of South Dakota, a municipality in order to accomplish the purposes provided in this section and chapter 6-8B may perform all acts necessary to comply with the requirements of §103 of the Internal Revenue Code of 1954, as amended, and any regulation promulgated pursuant to §103 to insure that all interest from bonds issued under this chapter is tax exempt.
All hearings or acts necessary to comply with §103(k) of the Internal Revenue Code of 1954, as amended, and any regulations promulgated pursuant to §103(k) are exempt from the requirements and procedures of chapter 1-26.
The Governor is the approving representative for the state for the purpose of complying with the applicable provisions of §103(k) of the Internal Revenue Code of 1954, as amended, and any regulation promulgated pursuant to §103(k) necessary to insure that all interest from bonds issued is tax exempt.
Source: SL 1984, ch 43, §58.