LegalFix
Sign In

§ 1-16E-20 State pledge not to alter rights of authority to detriment of its bondholders.

SD Codified L § 1-16E-20 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

1-16E-20. State pledge not to alter rights of authority to detriment of its bondholders. The state does hereby pledge to and agree with the holder of any bonds issued under this chapter that the state will not limit or alter the rights vested in the authority to fulfill the terms of any agreements made with the holders thereof or in any way impair the rights or remedies of the holders until the bonds, together with the interest thereon, with interest on any unpaid installments of interest, and all costs and expenses in connection with any action or proceeding by or on behalf of the holders, are fully met and discharged. The authority may include this pledge and agreement of the state in any agreement with the holders of the bonds.

Source: SL 1986, ch 16, § 21.

Previous Section
§ 1-16E-19 Immunity from personal liability on bonds.
Next Section
§ 1-16E-21 Conflict of interest--Disclosure--Participation in transaction.