Section 34A-14-18 - Pledge and agreement of state not to limit rights of authority or bondholders untilbonds discharged. - South Dakota Statutes

34A-14-18. Pledge and agreement of state not to limit rights of authority or bondholders until bonds discharged. The state does hereby pledge to and agree with the holder of any bonds issued under this chapter that the state will not limit or alter the rights vested in the authority to fulfill the terms of any agreements made with the holders thereof or in any way impair the rights or remedies of the holders until the bonds, together with the interest and any premium thereon, with interest on any unpaid installments of interest, and all costs and expenses in connection with any action or proceeding by or on behalf of the holders, are fully met and discharged in accordance with their terms. The authority may include this pledge and agreement of the state in any agreement with the holders of the bonds.

Source: SL 1988, ch 290, § 57; SL 1990, ch 292, § 31.