Section 11-11-130 - Terms of loans to assure payment of authority obligations. - South Dakota Statutes

11-11-130. Terms of loans to assure payment of authority obligations. The interest or rates and other terms of the loans to mortgage lenders made from the proceeds of any issue of bonds of the authority shall be at least sufficient so as to assure the payment of said bonds and the interest thereon as the same become due including bonds and the interest thereon issued by the authority to fund reserves from the amounts received by the authority in repayment of such loans and interest thereon.

Source: SL 1973, ch 180, § 20 (5); SDCL Supp, § 28-19-112.