46A-5-19. Deposit of district bonds as security for federal contract.
If any contract is made with the United States as provided in this chapter, bonds of the district may be deposited with the United States at ninety percent of their par value, to secure the amount to be paid by the district to the United States under any such contract. The bonds may be held by the United States, and if deemed desirable, or if the appraised value of the land is double the bonded indebtedness, the bonds may be sold by the United States. The net proceeds received from the sale of the bonds shall be applied to the liquidation of the contract indebtedness of the district to the United States. The interest and principal on the bonds shall be provided for by assessment and levy as in the case of other bonds of the district and regularly paid to the United States, to be applied as provided in the contract.
Source: SDC 1939, §61.0810; SL 1953, ch 482; SDCL §46-13-19; SL 2011, ch 165, §384.
Structure South Dakota Codified Laws
Chapter 05 - Irrigation District Projects And Operations
Section 46A-5-2 - Resolution of board of directors--General plan of proposed operation, contents.
Section 46A-5-4.1 - Eligibility to vote in bond election.
Section 46A-5-6 - Location of line of canal and branches--Purchase or condemnation of property.
Section 46A-5-8 - Right-of-way for laterals--Duties of board of directors--Eminent domain.
Section 46A-5-9 - Right-of-way for works for collection of water over state lands and waters.
Section 46A-5-10 - Construction of works across streams, watercourses, highways, and railways.
Section 46A-5-12 - Acquisition of property--Actions and proceedings by and against district.
Section 46A-5-14 - Contractor's bond--Sureties--Approval by board of directors--Terms.
Section 46A-5-15 - Work done under engineer--Approval by board of directors.
Section 46A-5-17 - Bids unnecessary for contract with United States.
Section 46A-5-19 - Deposit of district bonds as security for federal contract.
Section 46A-5-20 - District bonds not deposited as security for federal contract.
Section 46A-5-23 - Flow of water through ditches and canals at full capacity.
Section 46A-5-25 - Apportionment of water by board.
Section 46A-5-28 - Appropriation from district general fund for advertising.