Section 46A-9-71 - Mortgage or hypothecation of property to secure payment of loans fromgovernmental agencies. - South-dakota Statutes

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46A-9-71. Mortgage or hypothecation of property to secure payment of loans from governmental agencies. If, in order to borrow money from the federal government or from any of its agencies, or from the State of South Dakota, it shall become necessary that the water user district mortgage or otherwise hypothecate any or all of its said property or assets to secure the payment of a loan or loans made to it by or from such source or sources, the district is hereby authorized and empowered to mortgage or hypothecate such property and assets for such purposes. Nothing in this section contained shall prevent the district from assigning, pledging, or otherwise hypothecating its revenues, incomes, receipts, or profits to secure the payment of indebtedness to the federal government or any agency thereof, or the State of South Dakota. Provided, however, that the State of South Dakota shall never pledge its credit or funds, or any part thereof, for the payment or settlement of any indebtedness or obligation whatsoever of any district created under the provisions of this chapter; nor shall anything in this chapter be construed as authorizing any agency of the State of South Dakota to make loans to any such district, unless such agency is otherwise authorized by law to make such loans.

Source: SL 1939, ch 291, § 15; SDC Supp 1960, § 61.1315 (2); SDCL, § 46-16-69.

State Codes and Statutes

Statutes > South-dakota > Title-46a > Chapter-09 > Statute-46a-9-71

46A-9-71. Mortgage or hypothecation of property to secure payment of loans from governmental agencies. If, in order to borrow money from the federal government or from any of its agencies, or from the State of South Dakota, it shall become necessary that the water user district mortgage or otherwise hypothecate any or all of its said property or assets to secure the payment of a loan or loans made to it by or from such source or sources, the district is hereby authorized and empowered to mortgage or hypothecate such property and assets for such purposes. Nothing in this section contained shall prevent the district from assigning, pledging, or otherwise hypothecating its revenues, incomes, receipts, or profits to secure the payment of indebtedness to the federal government or any agency thereof, or the State of South Dakota. Provided, however, that the State of South Dakota shall never pledge its credit or funds, or any part thereof, for the payment or settlement of any indebtedness or obligation whatsoever of any district created under the provisions of this chapter; nor shall anything in this chapter be construed as authorizing any agency of the State of South Dakota to make loans to any such district, unless such agency is otherwise authorized by law to make such loans.

Source: SL 1939, ch 291, § 15; SDC Supp 1960, § 61.1315 (2); SDCL, § 46-16-69.

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State Codes and Statutes

Statutes > South-dakota > Title-46a > Chapter-09 > Statute-46a-9-71

46A-9-71. Mortgage or hypothecation of property to secure payment of loans from governmental agencies. If, in order to borrow money from the federal government or from any of its agencies, or from the State of South Dakota, it shall become necessary that the water user district mortgage or otherwise hypothecate any or all of its said property or assets to secure the payment of a loan or loans made to it by or from such source or sources, the district is hereby authorized and empowered to mortgage or hypothecate such property and assets for such purposes. Nothing in this section contained shall prevent the district from assigning, pledging, or otherwise hypothecating its revenues, incomes, receipts, or profits to secure the payment of indebtedness to the federal government or any agency thereof, or the State of South Dakota. Provided, however, that the State of South Dakota shall never pledge its credit or funds, or any part thereof, for the payment or settlement of any indebtedness or obligation whatsoever of any district created under the provisions of this chapter; nor shall anything in this chapter be construed as authorizing any agency of the State of South Dakota to make loans to any such district, unless such agency is otherwise authorized by law to make such loans.

Source: SL 1939, ch 291, § 15; SDC Supp 1960, § 61.1315 (2); SDCL, § 46-16-69.