7-25A-27. Defeasance of bondholders--Provisions determined by board--Surplus funds.
The board may make such provision with respect to the defeasance of the right, title, and interest of the holders of any of the bonds and obligations of the district in any revenues, funds, or other properties by which such bonds are secured as the board deems appropriate. The board without limitation on the foregoing, may provide that when the bonds or obligations become due and payable or have called for redemption and the whole amount of the principal and interest and premium, if any, due and payable upon the bonds or obligations then outstanding shall be held in trust for such purpose and provision shall also be made for paying all other sums payable in connection with such bonds or other obligations, then and if the right, title, and interest of the holders of the bonds in any revenues, funds, or other properties by which such bonds are secured shall thereupon cease, terminate and become void. The board may apply any surplus in any sinking fund established in connection with such bonds or obligations and all balances remaining in all other funds or accounts other than money held for the redemption or payment of the bonds or other obligations to any lawful purpose of the district as the board shall determine.
Source: SL 1989, ch 59, ยง27.
Structure South Dakota Codified Laws
Chapter 25A - Improvement Districts
Section 7-25A-1 - Definition of terms.
Section 7-25A-2 - Petition for establishment of improvement district--Contents.
Section 7-25A-3 - Hearing upon petition--Notice.
Section 7-25A-4 - Factors for consideration--Requirements.
Section 7-25A-6 - Filing of order required.
Section 7-25A-7 - Powers of district.
Section 7-25A-8 - Hearing prerequisite to purchase or sale of certain water or sewer utilities.
Section 7-25A-9 - Powers of board--Composition--Term of office.
Section 7-25A-10 - Election of board members.
Section 7-25A-11 - Conduct of elections--Costs borne by district.
Section 7-25A-12 - Conduct of campaigns.
Section 7-25A-13 - Appointments made by supervisor of elections--Other duties.
Section 7-25A-14 - Board members known as supervisors--Oath and term of office--Vacancies.
Section 7-25A-15 - Majority constitutes quorum.
Section 7-25A-16 - Election of chairman--Other officers.
Section 7-25A-17 - Compensation of board members.
Section 7-25A-18 - District manager--Compensation--Duties.
Section 7-25A-19 - Relationships not constituting conflict of interest.
Section 7-25A-20 - Authority of manager to hire--Compensation of employees determined by board.
Section 7-25A-21 - Designation of treasurer--Powers and duties--Disbursement of funds--Bond.
Section 7-25A-22 - Selection of depository.
Section 7-25A-23 - Provision of utilities--Powers of district.
Section 7-25A-24 - District's authority to obtain loans--Purpose--Interest.
Section 7-25A-25 - District's authority to issue negotiable notes--Payment.
Section 7-25A-26 - Board's authority to issue bonds--Purpose--Limitation.
Section 7-25A-27 - Defeasance of bondholders--Provisions determined by board--Surplus funds.
Section 7-25A-28 - Bonds constituting legal investments.
Section 7-25A-29 - Default not to constitute debt or obligation of local government or state.
Section 7-25A-30 - Assessment of ad valorem tax--Purpose--Maximum amount--Collection.
Section 7-25A-31 - Ad valorem taxes--Delinquency and penalties.
Section 7-25A-32 - Interest on bonds exempt.
Section 7-25A-34 - Provisions of other chapters pertaining to taxation applicable.
Section 7-25A-37 - Final adoption of schedule--Filing requirements--Scope of coverage.
Section 7-25A-38 - Requirements for charges--Uniformity--Production of minimum revenues.
Section 7-25A-39 - Recovery of charges or penalties upon default.
Section 7-25A-40 - Board's authority to make contracts.
Section 7-25A-41 - Petition for termination or contraction of districts--Contents.
Section 7-25A-42 - Commission's authority to order termination or contraction.
Section 7-25A-43 - Hearing upon petition to terminate--Notice.
Section 7-25A-44 - Factors for consideration by commission.
Section 7-25A-45 - Order for termination or contraction--Requirements.