Section 11-9-39 - Other provisions to secure holders of bonds and notes.
11-9-39. Other provisions to secure holders of bonds and notes. To increase the security and marketability of its tax incremental bonds or notes, a municipality may:
(1) Create a lien for the benefit of the bondholders upon any public improvements or public works financed thereby or the revenues therefrom; or
(2) Make covenants and do any and all acts, not inconsistent with the South Dakota Constitution, necessary, convenient, or desirable in order to additionally secure bonds or notes or to make the bonds or notes more marketable according to the best judgment of the governing body, including the establishment of a reserve for the payment of principal of and interest on the bonds or notes funded from the proceeds of such bonds or notes or other revenues, including tax increments, of the municipality; or
(3) Comply with both subdivisions (1) and (2) of this section.
Source: SL 1978, ch 91, § 25; SL 1983, ch 37, § 11.