SDCL § 46A-18-66: Pledge of security for obligations--Revenue.

A district may pledge security for any district obligations. Any district issuing obligations under the provisions of this chapter may pledge all or any part of the revenues which the district may derive from the sale, conveyance, or distribution of water or other services as security for payment of the principal and interest. Any pledge of revenues shall be made by the directors of the district by resolution or by agreement with the holders of district obligations. Any resolution or agreement may specify the particular revenues that are pledged, the terms and conditions to be performed by the district and the rights of the holders of district obligations and may provide for priorities of liens on any revenues between holders of district obligations issued at different times or under different resolutions or agreements.

Source: SL 1984, ch 293, § 65.