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·Title 11 PLANNING, ZONING AND HOUSING PROGRAMS·Ch. 11-8 TAX INCREMENT FINANCING DISTRICTS

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.

South Dakota § 11-9-37 (Pledge of special fund to bonds--Restrictions on use of fund--Lien.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.