Section 9-40-25 – Bondholders’ statutory mortgage on utility–Disposition of utility prohibited until bonds retired.
9-40-25. Bondholders’ statutory mortgage on utility–Disposition of utility prohibited until bonds retired. There shall be a statutory mortgage lien upon such utility and the extensions, additions, and improvements thereto acquired pursuant to this chapter, in favor of and for the equal benefit of the lawful holders of bonds issued pursuant to this chapter and interest […]
Section 9-40-26 – Statutory lien continued until bonds paid.
9-40-26. Statutory lien continued until bonds paid. Any such utility shall remain subject to the statutory lien described in §9-40-25, subject always, however, to the limitations specified in said section, until the payment in full of the principal and interest of such bonds. Source: SL 1931, ch 194, §7; SDC 1939, §45.2407.
Section 9-40-27 – Enforcement by bondholders of statutory mortgage and requirements of chapter.
9-40-27. Enforcement by bondholders of statutory mortgage and requirements of chapter. Any holder of bonds issued pursuant to this chapter or of any of the coupons may by proper proceeding protect and enforce the statutory mortgage lien conferred by §9-40-25 and may enforce and compel performance of all duties required by this chapter, including the […]
Section 9-40-28 – Rates to cover bond retirement and operational costs.
9-40-28. Rates to cover bond retirement and operational costs. The rates to be charged for the service from such utility shall be sufficient to provide for the payment of interest upon all bonds and to create a debt service fund to pay the principal thereof as and when the same becomes due, and to provide […]
Section 9-40-29 – Municipality to pay for services rendered by utility.
9-40-29. Municipality to pay for services rendered by utility. The reasonable cost and value of any service rendered to such municipality by such utility subject to revenue bonds issued pursuant to this chapter shall be charged against the municipality and shall be paid for monthly as the service accrues from the current funds applicable to […]
Section 9-40-31 – Expenditures from depreciation account–Investment of accumulations.
9-40-31. Expenditures from depreciation account–Investment of accumulations. The funds accumulating to the depreciation account shall be expended in balancing depreciation in such utility, or in making any constructions, extensions, or additions thereto. Any such accumulations may be invested as the governing body may designate, to the same extent and in the same manner as any […]
Section 9-40-21 – Separate or combined acquisition of utilities–Purchase price.
9-40-21. Separate or combined acquisition of utilities–Purchase price. One or more such utilities owned by one or more persons may be acquired hereunder separately as a single enterprise or otherwise, and the governing board may agree with the owner or owners as to the value thereof and purchase the same at such agreed price or […]
Section 9-40-22 – Payment of purchase price by issuance of bonds.
9-40-22. Payment of purchase price by issuance of bonds. Any contract for the purchase, construction, or acquisition of a utility may provide that payment therefor shall be made in revenue bonds issued pursuant to this chapter. Source: SL 1931, ch 194, §5; SDC 1939, §45.2405; SL 1982, ch 75, §8; SL 1984, ch 43, §80.
Section 9-40-8 – Provision for additional bond issues of equal standing.
9-40-8. Provision for additional bond issues of equal standing. Any municipality may at the time of the issuance of revenue bonds for acquisition, extensions, or improvements of any utility provide for additional bonds of the same issue for extensions, additions, and permanent improvements, to be negotiated from time to time as may be necessary to […]
Section 9-40-9 – Provision for extension or improvement of utility by additional bond issue–Junior to prior issues.
9-40-9. Provision for extension or improvement of utility by additional bond issue–Junior to prior issues. In like manner such municipality acquiring or improving any utility under the provisions hereof may provide for additions to and extensions or improvements of such utility by an additional issue or issues of bonds in the manner and form provided […]