Section 46A-7A-98 - Covenants to secure revenue bonds. - South Dakota Statutes

46A-7A-98. Covenants to secure revenue bonds. The board, in a resolution authorizing issuance of revenue bonds, may covenant to operate and maintain facilities producing the revenues pledged for security of the revenue bonds; may covenant to set and collect tolls, charges, rates, or fees which will produce revenues sufficient to provide for payment of the principal and interest on the revenue bonds; and to provide additional sums for further security of the revenue bonds as the resolution may prescribe. The board may make other covenants with respect to insurance, investment of funds, accounting records, independent audits, events of default, limitations upon competitive facilities, and any other matters relating to the bonds and their security as the board deems necessary, convenient, or desirable to secure the bonds or make them more marketable.

Source: SL 1985, ch 360, § 98.