13-51A-19. Covenant against alienation of project so as to endanger bond security.
121 words·~1 min read·
/sd/title-13/chapter-13-51/13-51a-19A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In connection with the issuance of any bonds under this chapter, and in order to secure the payment of any such bonds and the interest thereon, the board shall have the power for each such institution to covenant that so long as any of the bonds issued under this chapter shall remain outstanding and unpaid, it will not, except upon such terms and conditions as may be determined, convey or otherwise alienate any project or the real estate upon which such project shall be located, except at a price sufficient to pay all the bonds issued for such project then outstanding and interest accrued thereon, and then only in accordance with any agreements with the holder or holders of such bonds.