Section 11-11-155 - Surety bonds and other assurances of payment and performance

11-11-155. Surety bonds and other assurances of payment and performance.If the authority is providing mortgage financing, the authority shall require the housing sponsor receiving a loan or its contractor to post surety bonds or other assurances of payment of labor and materials, and construction performance in such amounts as the authority may deem necessary and to execute such other assurances and guarantees as the authority may deem necessary. Source: SL 1973, ch 180, §19 (6); SDCL Supp, §28-19-133; SL 1995, ch 80, §23; SL 2012, ch 78, §98.