Section 46A-1-39 - Trust agreements for protection of bondholders.
46A-1-39. Trust agreements for protection of bondholders. The district shall have power to vest in a trustee or trustees the right to receive all or any part of the proceeds of the bonds and all or any part of the income and revenue pledged and assigned to, or for the benefit of the holder or holders of bonds issued under this chapter, and to hold, apply and dispose of the same and the right to enforce any covenant made to secure or pay or in relation to the bonds; execute and deliver a trust agreement or trust agreements which may set forth the powers and duties and the remedies available to the trustee or trustees and limiting the liabilities thereof and describing what occurrences shall constitute events of default and prescribing the terms and conditions upon which the trustee or trustees or the holder or holders of any specified amount or percentage of the bonds may exercise such right and enforce any and all such covenants and resort to remedies as may be appropriate.
Source: SL 1972, ch 241, § 38; SL 1980, ch 310, § 10; SDCL Supp, § 46-17A-37.