2020 South Dakota Codified Laws
Title 6 - Local Government Generally
Chapter 20 - Airport Revenue Bonds
Section 6-20-8 - Default in payment of bonds--Mismanagement of airport--Appointment of receiver for payment of bonds--Restoration of airport to local control.
6-20-8. Default in payment of bonds--Mismanagement of airport--Appointment of receiver for payment of bonds--Restoration of airport to local control.
In addition to any other remedy, if there be any default in the payment of the principal or interest or in any covenant materially affecting the rights of any bondholder, and such default shall continue for a period of not less than three months, or if the airport shall be mismanaged by the authorities in charge thereof, or the revenues therefrom shall be dissipated, wasted, or diverted from their proper application in any manner, then any court having jurisdiction of the action, in a proper suit commenced by either a resident taxpayer of the municipality or county whose rights may have been or may be affected, injured, or lost thereby, or commenced by any bondholder similarly affected by any such default, may appoint a receiver to operate and administer the airport, with power on the part of such receiver to charge and collect rentals and charges reasonably sufficient to provide for the payment of the bonds, and for the payment of maintenance, operating and administration expenses other than those which may be paid from taxes levied within legal limitations, and to apply the pledged revenues in conformity with this chapter and the resolutions referred to herein. When and if the default is made good through the operation of the airport by the receiver, then the airport and the operation and control thereof shall be restored to the proper municipal authorities by court order.
Source: SL 1963, ch 1, §5; SDCL §50-8-13; SL 2019, ch. 203, §83.
