South Dakota § 49-16B-41 Income of authority--Payment to state treasurer or trustee--Railroad authority fund--Disbursements.

South Dakota Statutes

§ 49-16B-41 — Income of authority--Payment to state treasurer or trustee--Railroad authority fund--Disbursements.

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

The gross total income derived by the authority from:

(1)The sale of bonds;

(2)Charges, fees, or rentals; and (3) All other revenue derived from any project undertaken pursuant to this chapter; shall be paid to the treasurer of the State of South Dakota or to a trustee under a resolution, trust indenture or other security agreement. The income shall beheld by the state treasurer or a trustee in trust for the purposes of this chapter, in a special fund known as the railroad authority fund. In all cases, the state treasurer shall be ex officio custodian of such fund. Disbursements shall be made from such fund upon the order of the authority.

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The gross total income derived by the authority from: (1) The sale of bonds; (2) Charges, fees, or rentals; and (3) All other revenue derived from any project undertaken pursuant to this chapter; shall be paid to the treasurer of the State of South Dakota or to a trustee under a resolution, trust indenture or other security agreement. The income shall beheld by the state treasurer or a trustee in trust for the purposes of this chapter, in a special fund known as the railroad authority fund. In all cases, the state treasurer shall be ex officio custodian of such fund. Disbursements shall be made from such fund upon the order of the authority.

South Dakota § 49-16B-41 (Income of authority--Payment to state treasurer or trustee--Railroad authority fund--Disbursements.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.