46A-1-33. Pledge of revenues to secure payment 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 district shall have the power to provide that bonds issued under this chapter, subject only to the prior payment of the operation and maintenance expenses of any project, shall be payable from and secured by a pledge of and lien on all or any part of the income and revenues derived from, and to pledge and assign to, or in trust for the benefit of, the holder or holders of bonds issued under this chapter all or any part of the income and revenues derived from:

(1)    Fees, rentals, and other charges as may be established by the district from persons using or being served by, or having the right to use or the right to be served by, or to operate, any project; and

(2)    Rentals from any facility or building leased to the United States of America;

(3)    Payments or obligations of any public entity or person pursuant to a financing agreement authorized by § 46A-1-49.

Source: SL 1972, ch 241, § 34; SL 1980, ch 310, § 8; SDCL Supp, § 46-17A-33.

46A-1-33.1. District may contract to manage payment or interest rate risk for bonds.

The district may enter into any contract that the district determines necessary or appropriate to manage payment or interest rate risk for bonds issued pursuant to this chapter, the investment of proceeds, or other funds of the district. The contracts may include: interest rate exchange agreements; contracts providing for payment or receipt of funds based on levels of or changes in interest rates; contracts to exchange cash flows or series of payments; or contracts incorporating interest rate caps, collars, floors, or locks.

Source: SL 2003, ch 10, § 6.