South Dakota SB229 requires an election for approval before issuing certain capital outlay certificates, lease-purchase contracts, or installment.

South Dakota SB229 amends existing laws to require a public hearing and voter approval for certain financial agreements. Specifically, school boards must hold a public hearing and seek voter approval before issuing capital outlay certificates, lease-purchase contracts, or installment purchase contracts that exceed one and one-half percent of the district's taxable property valuation. If the board approves the agreement, it must be placed on the ballot for a vote. Approval requires at least sixty percent of the voters.

South Dakota SB229 requires an election for approval before issuing certain capital outlay certificates, lease-purchase contracts, or installment.

South Dakota SB229 amends existing laws to require a public hearing and voter approval for certain financial agreements. Specifically, school boards must hold a public hearing and seek voter approval before issuing capital outlay certificates, lease-purchase contracts, or installment purchase contracts that exceed one and one-half percent of the district's taxable property valuation. If the board approves the agreement, it must be placed on the ballot for a vote. Approval requires at least sixty percent of the voters.