Section  1.  That § 1-16A-77 be amended to read as follows:

     1-16A-77.   The aggregate outstanding principal amount of bonds, notes , or other obligations of the authority which are payable out of receipts, rentals , and other payments made pursuant to lease purchase agreements with an LEA or the South Dakota Board of Education under the authority of chapter 13-39, may not exceed twenty-three thirty-eight million dollars for obligations issued by the authority in connection with any lease-purchase agreement with the Western Dakota Vocational Technical Institute, the Southeast Area Vocational Technical Institute, the Lake Area Vocational Technical Institute or the Mitchell Vocational Technical Institute. However, at the option of the authority to be expressed in a resolution or an indenture which authorizes orauthorized any refunding bonds, the principal amount of the bonds, notes , or other obligations which are issued to refund, pay, discharge , or defease any outstanding bonds, notes , or other obligations or which are, as a result of issuance of any such refunding obligations, deemed to be paid, discharged , or defeased by reason of an irrevocable deposit of cash or securities, may be excluded from the total principal amount of obligations of the authority for the purpose of determining compliance with the limitation of this section.

     Section  2.  Notwithstanding the provisions of §  5-12-23, the executive secretary of the South Dakota Building Authority shall transfer accumulated savings from prior refundings and unused project funds in an amount not to exceed one million two hundred thousand dollars ($1,200,000) to the South Dakota Health and Education Facilities Authority. Such funds are hereby appropriated for expenditure on projects authorized pursuant to section 1 of this Act.

     Section  3.  Whereas, this Act is necessary for the support of the state government and its existing public institutions, an emergency is hereby declared to exist, and this Act shall be in full force and effect from and after its passage and approval.

     Signed February 25, 1998.