9-41A-55. Pledge of revenues to bonds, notes and contractual obligations.
60 words·~1 min read·
/sd/title-9/chapter-9-41/9-41a-55A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.