South Dakota § 11-9-37 Pledge of special fund to bonds--Restrictions on use of fund--Lien.

South Dakota Statutes

§ 11-9-37 — Pledge of special fund to bonds--Restrictions on use of fund--Lien.

South Dakota § 11-9-37

Title 11PLANNING, ZONING AND HOUSING PROGRAMS

Ch. 11-8TAX INCREMENT FINANCING DISTRICTS

This text of South Dakota § 11-9-37 (Pledge of special fund to bonds--Restrictions on use of fund--Lien.) is published on Counsel Stack Legal Research, covering South Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.D. Codified Laws § 11-9-37 (2026).

Text

The governing body shall irrevocably pledge all or a stated percentage of the special fund created under § 11-9-31 to the payment of the bonds. The special fund or designated part may be used only for the payment of the bonds and interest until the bonds have been fully paid, and any holder of the bonds or of any coupons related thereto shall have a lien against the special fund for payment of the bonds and interest and may either at law or in equity protect and enforce the lien.

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The governing body shall irrevocably pledge all or a stated percentage of the special fund created under § 11-9-31 to the payment of the bonds. The special fund or designated part may be used only for the payment of the bonds and interest until the bonds have been fully paid, and any holder of the bonds or of any coupons related thereto shall have a lien against the special fund for payment of the bonds and interest and may either at law or in equity protect and enforce the lien.