South Dakota Codified Laws 1-16A-69. Health education assistance loan program–Security for principal and interest of bonds
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Notwithstanding § 1-16A-43, the principal of and interest on any bonds issued by the authority pursuant to § 1-16A-67 shall be secured by a pledge of the revenues and other money out of which the same shall be made payable and may be secured by a trust indenture or mortgage or deed of trust, including an assignment of the HEAL loans or other contract rights of the authority thereunder, covering all or any part of the HEAL loans from which the revenues or receipts so pledged may be derived.
Terms Used In South Dakota Codified Laws 1-16A-69
- Authority: means the South Dakota Health and Educational Facilities Authority created by this chapter. See South Dakota Codified Laws 1-16A-2
- Contract: A legal written agreement that becomes binding when signed.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- HEAL loans: means loans to finance the graduate education of health professionals, which have been made pursuant to the Federal Health Education Assistance Loan Program created pursuant to P. See South Dakota Codified Laws 1-16A-2
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
Source: SL 1982, ch 10, § 8.