Section 34A-5-37 - Rates and charges to be sufficient for retirement of revenue bonds. - South Dakota Statutes

34A-5-37. Rates and charges to be sufficient for retirement of revenue bonds. In the event of the issuance of revenue bonds in accordance with the provisions of chapter 9-40, the sanitary district shall be obligated, until all such bonds and interest thereon are fully paid, to fix such rates and charges and to revise them from time to time in such manner that the collections thereof will be adequate to pay all current, reasonable and necessary expenses of the operation and maintenance of all facilities whose revenues are pledged for the payment of the bonds, and to produce net revenues, in excess of such current costs of operation and maintenance, at all times sufficient to pay the principal and interest due on the bonds and to accumulate and maintain reserves for the further security thereof in such amounts as may be agreed in the resolutions authorizing the bonds.

Source: SDC Supp 1960, § 45.3815 (8) as added by SL 1964, ch 144, § 7; SDCL, § 34-17-30.