South Dakota Codified Laws
Chapter 52 - Municipal Auditoriums
Section 9-52-15 - Bondholders' statutory mortgage on auditorium property--Enforcement of lien and compelling performance of duties.

9-52-15. Bondholders' statutory mortgage on auditorium property--Enforcement of lien and compelling performance of duties.
There shall be a statutory mortgage lien upon all properties acquired by any municipality for auditorium purposes by the use of the proceeds of revenue bonds issued under the provisions of this chapter, and all additions and improvements thereto financed out of the earnings of the auditorium or by the issuance of revenue bonds, in favor of and for the benefit of the lawful holders of all revenue bonds issued pursuant hereto, but no such lien shall attach to or become a charge upon or against any other property of the municipality by whatever means or funds acquired. Said properties shall remain subject to such statutory mortgage lien until the payment in full of the principal and interest of all revenue bonds issued pursuant to this chapter. Any holder of said bonds or of any coupons thereto attached may by proper proceeding either at law or in equity protect and enforce said lien and compel performance of all duties required by this chapter.

Source: SL 1951, ch 246, §4; SDC Supp 1960, §45.24B04.

Structure South Dakota Codified Laws

South Dakota Codified Laws

Title 9 - Municipal Government

Chapter 52 - Municipal Auditoriums

Section 9-52-1 - Power to construct, operate, and maintain auditorium.

Section 9-52-1.1 - Lease of auditorium or convention center--Terms--Rent.

Section 9-52-2 - Power to create auditorium board.

Section 9-52-3 - Auditorium revenue bonds authorized--Purposes for which proceeds used.

Section 9-52-4 - Authorization, issuance and sale of bonds--Vote required.

Section 9-52-5 - Municipal indebtedness not authorized by chapter.

Section 9-52-6 - Revenue bonds payable solely from auditorium revenues--Credit and taxing powers not pledged.

Section 9-52-8 - Auditorium revenues appropriated to special fund--Operating expenses paid from fund--Net revenue pledged to separate account for bond retirement and reserves.

Section 9-52-9 - Covenants and agreements with bondholders for administration and security of bonds--Bondholders' right to compel performance.

Section 9-52-11 - Findings and determinations as binding covenants.

Section 9-52-12 - Reference to authorizing resolutions for matters not covered in bonds--Negotiability.

Section 9-52-15 - Bondholders' statutory mortgage on auditorium property--Enforcement of lien and compelling performance of duties.

Section 9-52-16 - Admission charges and auditorium rentals--Adequacy for expenses, return on municipal investment and retirement of bonds.

Section 9-52-17 - Operation for purpose of profit prohibited.

Section 9-52-23 - General powers of auditorium board--Copies of board proceedings as evidence.

Section 9-52-24 - Custody and disbursement of auditorium funds--Petty cash fund.

Section 9-52-25 - Annual report by auditorium board to governing body--Records subject to inspection.

Section 9-52-26 - Auditorium board governed by terms of bonds and resolutions.

Section 9-52-27 - Receivership on default in bonds or dissipation of auditorium assets--Powers of receiver--Termination of receivership.

Section 9-52-28 - Severability of chapter and resolutions.

Section 9-52-29 - Sale and lease-back arrangements--Tax exemption.

Section 9-52-30 - Sale and lease-back arrangements--Validation of prior actions.

Section 9-52-31 - Sale and lease-back arrangements--Powers additional.