Section 49-39-5 - Payment of pledged revenues into special fund--Use of revenues--Designation of depository

49-39-5. Payment of pledged revenues into special fund--Use of revenues--Designation of depository.Any resolution or agreement pursuant to §49-39-2 may provide that all or any part of the revenues of the district shall be paid into a special fund, and may set forth all the terms and conditions on which such special fund is to be collected, held and disposed of, whether partly or wholly for the benefit of the holders of such revenue debentures, notes, warrants, or other evidences of indebtedness. Provision may be made that such special fund shall be held by depositories designated or described in such resolution or agreement. Source: SL 1950 (SS), ch 17, §49; SDC Supp 1960, §52.1749.