46A-1-36. Covenant to collect revenues sufficient for retirement of bonds.
123 words·~1 min read·
/sd/title-46/chapter-46-1/46a-1-36A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The district may covenant with or for the benefit of the holder of any bonds issued under this chapter that if any such bonds remain outstanding and unpaid, the district will fix, maintain, and collect in such installments as may be agreed upon, all revenues authorized to be pledged under § 46A-1-33 until the bonds and accruing interest have been paid in accordance with their terms. The aggregate revenues shall be sufficient at all times to pay all necessary expenses of the operation and maintenance of any project, to pay the bonds at maturity and accruing interest on the bonds in accordance with their terms, and to create and maintain all reserves for the bonds as provided by the resolution authorizing the bonds.