South Dakota Codified Laws 28-18-9. Municipal revenue bonds payable solely from revenues–Credit and taxingpower not pledged–Indebtedness not within constitutional limits
Such revenue bonds shall be payable solely from and shall constitute a lien upon the gross revenues derived from and traceable to properties acquired by the expenditure of the proceeds of revenue bonds, or of bonds refunded thereby, as fixed and determined by the governing body in accordance with the provisions of this chapter. The credit and taxing powers of the municipality shall not be pledged for the payment of revenue bonds issued hereunder and the bondholders shall have no right to compel the appropriation of any of the municipality’s other funds, money, or property for the payment of the principal thereof or interest thereon. Nothing herein contained shall be deemed to authorize the incurring by any municipality of indebtedness within the meaning of any constitutional or statutory limitation upon municipal indebtedness.
Terms Used In South Dakota Codified Laws 28-18-9
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Lien: A claim against real or personal property in satisfaction of a debt.
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
Source: SL 1963, ch 286, §§ 1, 7.