South Dakota § 49-16B-36 Interim notes--Secured by pledge--Repayment from sale of revenue bonds and property acquired.

South Dakota Statutes

§ 49-16B-36 — Interim notes--Secured by pledge--Repayment from sale of revenue bonds and property acquired.

South Dakota·Title 49 PUBLIC UTILITIES AND CARRIERS·Ch. 49-16B SOUTH DAKOTA RAILROAD AUTHORITY

All such notes and the interest thereon may be secured by a pledge of any income and revenue derived by the authority from the project to be undertaken with the proceeds of the notes, after deducting from such income and revenue any reasonable and necessary maintenance and operation expenses, and shall be payable solely from the proceeds to be derived from the sale of any revenue bonds for permanent financing authorized to be issued under §§ 49-16B-23 to 49-16B-30 , inclusive, and from the property acquired with the proceeds of the notes.

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All such notes and the interest thereon may be secured by a pledge of any income and revenue derived by the authority from the project to be undertaken with the proceeds of the notes, after deducting from such income and revenue any reasonable and necessary maintenance and operation expenses, and shall be payable solely from the proceeds to be derived from the sale of any revenue bonds for permanent financing authorized to be issued under §§ 49-16B-23 to 49-16B-30 , inclusive, and from the property acquired with the proceeds of the notes.

South Dakota § 49-16B-36 (Interim notes--Secured by pledge--Repayment from sale of revenue bonds and property acquired.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.