South Dakota Codified Laws 9-41A-55. Pledge of revenues to bonds, notes and contractual obligations
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A municipal power agency may pledge its rates, rents, and other revenues, or any part thereof, as security for the repayment, with interest and redemption premiums, if any, of the moneys borrowed by it or advanced to it for any of its authorized purposes and as security for the payment of amounts due and owed by it under any contract.
Terms Used In South Dakota Codified Laws 9-41A-55
- Contract: A legal written agreement that becomes binding when signed.
Source: SL 1978, ch 66, § 47.