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§ 11-9-39 Other security and marketability provisions.

SD Codified L § 11-9-39 (2019) (N/A)
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11-9-39. Other security and marketability provisions. To increase the security and marketability of its tax increment bonds, a municipality may do either or both of the following:

(1) Create a lien for the benefit of the bondholders upon any public improvements or public works financed by the bonds or the revenues from the bonds; or

(2) Make covenants and do any and all acts, not inconsistent with the South Dakota Constitution, necessary, convenient, or desirable in order to additionally secure bonds or to make the bonds more marketable according to the best judgment of the governing body, including the establishment of a reserve for the payment of principal and interest on the bonds funded from the proceeds of the bonds or other revenues, including tax increments, of the municipality.Source: SL 1978, ch 91, § 25; SL 1983, ch 37, § 11; SL 2011, ch 73, § 16; SL 2018, ch 70, § 40.

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§ 11-9-38 Bonds to be negotiable and payable only from tax increment.
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§ 11-9-39.1 State pledge not to alter rights vested in bondholders until bonds fully discharged.