South Dakota § 13-51A-20 - Additional covenants for security of bonds.
Full text of South Dakota South Dakota Codified Laws § 13-51A-20 — Additional covenants for security of bonds., with citation guidance and answers to common questions.
§ 13-51A-20. Additional covenants for security of bonds.
In connection with the issuance of any bonds under this chapter, and in order to secure the payment of any such bonds and the interest thereon, the board shall have the power for each such institution to covenant with or for the benefit of the holder or holders of bonds issued under this chapter as to all matters deemed advisable by the board, including:
(1) The purposes, terms, and conditions for the issuance of additional parity or junior lien bonds that may thereafter be issued, and for the payment of the principal, redemption premiums, and interest on such bonds.
(2) The kind and amount of all insurance to be carried, the cost of which shall be charged as an operation and maintenance expense of any project.
(3) The operation, maintenance, and management of any project to assure the maximum use and occupancy thereof; the accounting for, and the auditing of, all income revenue from, and all expenses of, any project; the employment of engineers and consultants; and the keeping of records, reports, and audits of any project.
(4) The obligation of the board to maintain any project in good condition and to operate the same at all times in an economical and efficient manner.
(5) The terms and conditions for creating and maintaining debt service funds, reserve funds, and such other special funds as may be created in the resolution authorizing said bonds, separate and apart from all other funds and accounts of said board and said institution.
(6) The procedure by which the terms of any contract with the holders of the bonds may be amended, the amount of bonds the holders of which must consent thereto, and the manner in which consent may be given.
(7) Providing the procedure for refunding such bonds.
(8) Such other covenants as may be deemed necessary or desirable to assure a successful operation of any project and the prompt payment of the principal of and interest upon the bonds so authorized.
Source: SL 1971, ch 134, § 5, subdiv 4.
Source: official South Dakota text · Last verified 2026-08-27
Frequently Asked Questions About South Dakota § 13-51A-20
What does South Dakota Codified Laws § 13-51A-20 cover?
Section 13-51A-20 ("Additional covenants for security of bonds.") is part of the South Dakota Codified Laws, the codified statutory law of South Dakota. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite South Dakota § 13-51A-20?
A common citation format is "South Dakota Codified Laws § 13-51A-20" (South Dakota). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of South Dakota law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Dakota official source linked on this page or consult a licensed South Dakota attorney.
How does South Dakota § 13-51A-20 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Dakota can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in South Dakota.