46A-6-15. Covenants and agreements to protect security and payment of bonds.
110 words·~1 min read·
/sd/title-46/chapter-46-6/46a-6-15A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Any resolution authorizing the issuance of bonds of the irrigation district may contain covenants and agreements on the part of the district to protect and safeguard the security and payment of the bonds. The covenants and agreements shall be a part of the contract with the holders of the bonds, including agreements for setting aside reserves or debt service funds and the regulation, investment, and disposition of the reserves or debt service funds; agreements on the use of trustees to further protect the interest of bondholders; and any other agreements, of a like or different nature, that in any way affect the security or protection of bonds of the district.