The indemnifying agreements authorized in §§ 50-7-17 and 50-7-18 are limited: (1) To agreements which obligate the department, acting for and on behalf of the State of South Dakota, to refund to the United States of America as represented by the administrator of the Federal Aviation Administration, a sum equal to the full amount of federal funds contributed for the purchase of land or construction of airport improvements thereon; or (2) At the option of the administrator, to provide and construct at state expense and without further contributions by the federal government, an airport facility equivalent to that developed with the aid of federal funds and located as near as practicable to the site of the existing facilities on land with good title satisfactory to the administrator of the Federal Aviation Administration as prescribed by the provisions of section 9 of the Federal Airport Act (Public Law 377, 79th Congress, 2nd session as amended to January 1, 2014).
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