Section 50-6A-31 - Covenants and indentures for bond security--Priority over operating costs. - South Dakota Statutes

50-6A-31. Covenants and indentures for bond security--Priority over operating costs. For the security of any such bonds the authority may by resolution make and enter into any covenant, agreement, or indenture authorized to be made as security for revenue bonds. The sums required from time to time to pay principal and interest and to create and maintain a reserve for the bonds may be made payable from any and all revenues referred to in this chapter, prior to the payment of current costs of operation and maintenance of the facilities.

Source: SL 1976, ch 303, § 17.