South Dakota § 46A-6-15 Covenants and agreements to protect security and payment of bonds.

South Dakota Statutes

§ 46A-6-15 — Covenants and agreements to protect security and payment of bonds.

South Dakota § 46A-6-15

Title 46AWATER MANAGEMENT

Ch. 46A-5IRRIGATION DISTRICT CONTRACTS AND FINANCING

This text of South Dakota § 46A-6-15 (Covenants and agreements to protect security and payment of bonds.) 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 § 46A-6-15 (2026).

Text

Any resolution authorizing the issuance of bonds of the irrigation district may contain covenants and agreements on the part of the district to protect and safeguard the security and payment of the bonds. The covenants and agreements shall be a part of the contract with the holders of the bonds, including agreements for setting aside reserves or debt service funds and the regulation, investment, and disposition of the reserves or debt service funds; agreements on the use of trustees to further protect the interest of bondholders; and any other agreements, of a like or different nature, that in any way affect the security or protection of bonds of the district.

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Any resolution authorizing the issuance of bonds of the irrigation district may contain covenants and agreements on the part of the district to protect and safeguard the security and payment of the bonds. The covenants and agreements shall be a part of the contract with the holders of the bonds, including agreements for setting aside reserves or debt service funds and the regulation, investment, and disposition of the reserves or debt service funds; agreements on the use of trustees to further protect the interest of bondholders; and any other agreements, of a like or different nature, that in any way affect the security or protection of bonds of the district.