Section 50-8-12 - Covenants respecting operation and maintenance of airport. - South Dakota Statutes

50-8-12. Covenants respecting operation and maintenance of airport. Without limitation of the generality hereof, covenants may be entered into as to the manner of operation and maintenance of the airport, the insurance of properties whose revenues are pledged for payment of the bonds, the collection, segregation, deposit, investment, safekeeping, and disbursement of the pledged revenues, the fixing, maintenance, and revision of rentals and charges in such manner as to assure the sufficiency of the revenues derived therefrom for the payment of the bonds and interest, the establishment of a reserve, either from the proceeds of the bonds or from surplus revenues, the conditions for the issuance of additional bonds, the continued ownership, operation, and maintenance of the airport until the bonds and interest are paid, and the remedies available to bondholders in the event of default in the payment of principal or interest or in the performance of any covenant.

Source: SL 1963, ch 1, § 5.