South Dakota Codified Laws 11-7-93. Income and revenues from which bonds payable–Additional pledge of other fundsor assets
A commission may issue such types of bonds as it may determine, including (without limiting the generality of the foregoing) bonds on which the principal and interest are payable:
(1) Exclusively from the income and revenues of the project financed with the proceeds of such bonds;
Terms Used In South Dakota Codified Laws 11-7-93
- Federal government: includes the United States of America, the housing and home finance agency, the public housing administration, or any other department, agency, or instrumentality, corporate or otherwise, of the United States of America. See South Dakota Codified Laws 11-7-1
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
(2) Exclusively from the income and revenues of certain designated projects whether or not they are financed in whole or in part with the proceeds of such bonds; or
(3) From its revenues generally, provided that the housing projects and redevelopment projects of a commission shall be separately financed, and there shall be no confusion of financing or funds between projects of these two separate types.
Any such bonds may be additionally secured by a pledge of any grant or contributions, or parts thereof, from the federal government or other source, or a pledge of any income or revenues of the commission, or a mortgage of any project, projects, or other property of the commission.
Source: SL 1950 (SS), ch 13, § 21; SDC Supp 1960, § 45.3621.