Sections 11-9-37, 11-9-38 - Pledge of special fund to bonds or notes--Restrictions on use of fund--Lien on fund. Bonds and notes negotiable--Bonds payable only from tax increment - South Dakota Statutes

11-9-37. Pledge of special fund to bonds or notes--Restrictions on use of fund--Lien on fund. The governing body shall irrevocably pledge all or a stated percentage of the special fund created under § 11-9-31 to the payment of the bonds or notes. The special fund or designated part thereof may thereafter be used only for the payment of the bonds or notes and interest until they have been fully paid, and any holder of the bonds or notes or of any coupons appertaining thereto shall have a lien against the special fund for payment of the bonds or notes and interest and may either at law or in equity protect and enforce the lien.

Source: SL 1978, ch 91, § 24.