Section 34A-14-9 - Bonds payable solely out of authority's revenue--Exception--Inspection fee--Additional security. - South Dakota Statutes

34A-14-9. Bonds payable solely out of authority's revenue--Exception--Inspection fee--Additional security. Except as otherwise expressly provided by the authority, every issue of its bonds shall be payable solely out of revenue or assets of the authority. The authority may request the secretary of transportation to establish an inspection fee for the purpose of payment of bonds up to twenty percent of the face value of defaulted bonds but not to exceed four million dollars. Additionally the two million dollars of fund assets available for financing purposes may be pledged as security for the issuance of the bonds or may be used in connection with any loans or other financing arrangements authorized by the authority as provided in this chapter. The bonds may be additionally secured by a pledge of any grant, contribution, or guarantee from the federal government or agency thereof or any corporation, limited liability company, association, institution, or person or a pledge of any money, income, revenue, property, or assets of the authority from any source.

Source: SL 1988, ch 290, § 48; SL 1989, ch 310, § 13; SL 1990, ch 292, § 26; SL 1994, ch 351, § 74; SL 1995, ch 321 (Ex. Ord. 95-5), § 17.