§ 9-52-9 Covenants and agreements with bondholders for administration and security of bonds--Bondholders' right to compel performance.

SD Codified L § 9-52-9 (2019) (N/A)

Copy with citation

Copy as parenthetical citation

9-52-9. Covenants and agreements with bondholders for administration and security of bonds--Bondholders' right to compel performance. In and by the resolutions authorizing revenue bonds the governing body shall also have the power to make and enter into on the part of the municipality covenants and agreements with the purchasers and holders thereof from time to time concerning minimum rentals and charges, continuance of ownership and proper operation and maintenance of the auditorium, administration, application, and investment of and accounting for the revenues thereof and the proceeds of the bonds, insurance on auditorium properties and bonds of employees, relative priorities of lien of outstanding and future bonds upon the net revenues, refunding of bonds, and the enforcement of bondholders' rights, and any other lawful stipulations and covenants which the governing body deems suitable for the security of the bondholders or to reduce the interest cost on the bonds, and the holder of any bond issued hereunder shall have the right to compel by appropriate court action the performance thereof, whether or not his bond is then in default.

Source: SL 1951, ch 246, § 3; SDC Supp 1960, § 45.24B03.

Previous Section

§ 9-52-8 Auditorium revenues appropriated to special fund--Operating expenses paid from fund--Net revenue pledged to separate account for bond retirement and reserves.

Next Section

§ 9-52-10 Repealed.