Section 46A-11-24 - Drainage bonds--Execution--Purpose of issue--Negotiation--Recital--Charge againstlands.
46A-11-24. Drainage bonds--Execution--Purpose of issue--Negotiation--Recital--Charge against lands. Bonds issued pursuant to § 46A-11-23 shall be signed by the chairman of the board and the auditor, shall be issued for the benefit of the particular drainage district, and shall be numbered, recorded, and indexed in the office of the county auditor. The board shall negotiate the bonds at not less than their par value and the proceeds and any premium received on the bonds shall be credited to the fund of the particular drainage project. The bonds shall state that they are issued pursuant to this chapter and that they are to be paid out of funds to be obtained as provided in this chapter. The bonds shall be a charge against the lands for which benefit the bonds are issued until the principal and interest thereon have been fully paid.
Source: SDC 1939, § 61.1024; SDCL, § 46-21-24; SL 1985, ch 362, § 121.