2013 South Dakota Codified Laws
Title 49 - PUBLIC UTILITIES AND CARRIERS
Chapter 17A - Regional Railroad Authorities
§ 49-17A-28 Revenues and funds pledged to payment of bonds and notes--Negotiability.
49-17A-28. Revenues and funds pledged to payment of bonds and notes--Negotiability. Every issue of bonds or notes of the authority shall be payable out of revenues or funds of the authority, subject only to agreements with the holders of particular bonds or notes pledging any particular revenues or funds. An authority may issue types of bonds or notes as it may determine, including those payable as to principal and interest solely from one or more revenue producing contracts made by the authority or from its revenues generally. Any bonds or notes may additionally be secured by a pledge of any grant, subsidy or contribution from any public agency, or other person, or a pledge of revenue, income or funds from any source whatsoever. All such bonds and notes shall be negotiable within the meaning of the Uniform Commercial Code, subject only to any registration requirement.
Source: SL 1978, ch 344, § 26.
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