Section 34A-5-38 - Rates and charges for retirement of bonds in lieu of special assessmentcertificates--Financing of improvements. - South Dakota Statutes

34A-5-38. Rates and charges for retirement of bonds in lieu of special assessment certificates--Financing of improvements. In the event of the issuance of bonds in lieu of special assessment certificates in accordance with the provisions of chapter 9-43, the sanitary district board of trustees may provide that such rates and charges shall be so fixed and from time to time revised as to produce net revenues at all times sufficient, with special assessments and interest pledged to the bond fund and actually collected and received therein, to pay all principal and interest when due on such bonds and to create and maintain such further reserves for the security thereof as may be agreed in the resolutions authorizing such bonds. Bonds issued and secured as authorized in the preceding sentence may be designated as special assessment and revenue bonds, and may be issued to finance an improvement or a group of improvements to the facilities of the district, when any portion of the cost thereof is to be paid by the levy of special assessments.

Source: SDC Supp 1960, § 45.3815 (8) as added by SL 1964, ch 144, § 7; SDCL, § 34-17-31.