- back arrangements--Tax exemption. The governing body of a municipality may by ordinance exercise all the powers conferred on the South Dakota Building Authority and the Governor pursuant to and in the manner provided by §§ 5-12-15 , 5-12-19 , 5-12-42 to 5-12-45 , inclusive, with respect to the acquisition, lease, sale and lease - back of land, improvements and capital equipment for the municipality's auditorium or convention center and all related facilities, except that the proceeds of sale of any such facility are subject to § 6-13-8 . All land, improvements and capital equipment owned or being leased or acquired by the municipality pursuant to a lease having a fixed term plus renewal options exceeding three years or a lease - purchase or installment purchase contract shall constitute a separate class of property which is exempt from all taxation.
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