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, ยง26.
Structure South Dakota Codified Laws
Title 49 - Public Utilities and Carriers
Chapter 17A - Regional Railroad Authorities
Section 49-17A-1 - Definition of terms.
Section 49-17A-2 - Creation of authority by agreement of subdivisions.
Section 49-17A-3 - Contents of agreement creating authority.
Section 49-17A-3.1 - Authority may not change resolution eschewing taxing power.
Section 49-17A-5 - Hearing before adoption of resolution--Publication of notice.
Section 49-17A-6 - Election of commissioners--Terms of office--Vacancies.
Section 49-17A-7 - Power vested in commissioners--Rules for operation.
Section 49-17A-8 - Chairman and secretary-treasurer of authority.
Section 49-17A-9 - Executive director and other agents--Delegation of powers and duties.
Section 49-17A-10 - Reimbursement of commissioners' expenses.
Section 49-17A-11 - Addition of subdivision to authority.
Section 49-17A-12 - Withdrawal of subdivision from authority--Disposition of assets and liabilities.
Section 49-17A-14 - Powers of political subdivisions in aid of regional authority.
Section 49-17A-15 - Corporate powers of authority.
Section 49-17A-17 - Use of public waters by authority--Buildings, roadways and bridges.
Section 49-17A-19 - Public purpose and necessity for acquisitions.
Section 49-17A-20 - Exemption from taxation of property and income of authority.
Section 49-17A-21 - Annual certification of tax levy for authority--Levy of tax--Collection.
Section 49-17A-21.1 - Zones of benefit--Tax levy applied to.
Section 49-17A-22 - Maximum tax levy--County levy not applied in subdivision making levy.
Section 49-17A-23 - Deposit of tax proceeds--Expenditure.
Section 49-17A-24 - Covenant to levy taxes until bonds paid.
Section 49-17A-25 - Acceptance and expenditure of federal and other grants and loans.
Section 49-17A-27 - Issuance of bonds and notes--Purposes for which proceeds used.
Section 49-17A-28 - Revenues and funds pledged to payment of bonds and notes--Negotiability.
Section 49-17A-29 - Resolutions for bonds or notes--Security agreement--Terms and conditions.
Section 49-17A-30 - Mortgages and deeds of trust to secure obligations--Filing.
Section 49-17A-31 - Bond recital conclusive as to authority and purpose.
Section 49-17A-32 - Continuing validity of signatures on bonds and notes--Temporary bonds.
Section 49-17A-33 - Sale of bonds.
Section 49-17A-34 - Bonds exempt from taxation.
Section 49-17A-35 - Persons executing bonds not personally liable.
Section 49-17A-36 - Arrangements for operating and providing railroad service.
Section 49-17A-37 - Grant of operating privileges and use of railroad and facilities.