Section 46A-1-36 - Covenant to collect revenues sufficient for retirement of bonds. - South Dakota Statutes

46A-1-36. Covenant to collect revenues sufficient for retirement of bonds. The district shall have power to covenant with or for the benefit of the holder or holders of the bonds issued under this chapter that so long as any such bonds shall remain outstanding and unpaid the district will fix, maintain and collect in such installments as may be agreed upon, all revenues authorized to be pledged under § 46A-1-33, the aggregate of which shall be sufficient at all times to pay all necessary expenses of the operation and maintenance of any project, to pay the bonds at maturity and accruing interest thereon in accordance with their terms, and to create and maintain all reserves therefor as provided by the resolution authorizing said bonds, until said bonds and accruing interest have been paid in accordance with their terms.

Source: SL 1972, ch 241, § 35; SDCL Supp, § 46-17A-34.