South Dakota Codified Laws 46A-9-56. Borrowing power of district–Sources from which obligations payable–Authorization, issuance, and sale of bonds
Any district organized pursuant to this chapter may borrow money and incur indebtedness for any corporate use or purpose authorized in this chapter and to the extent applicable pursuant to chapter 9-40, provided the indebtedness, liability, or obligation of the district for the payment of money in any manner, and whether arising from contract, implied contract, or otherwise, is payable solely:
(1) From revenues, income, receipts, and profits derived by the district from its operation and management of systems and irrigation works as provided in this chapter or in chapter 9-40; or
Terms Used In South Dakota Codified Laws 46A-9-56
- Contract: A legal written agreement that becomes binding when signed.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(2) From the issuance or sale by the district of its warrants, notes, revenue bonds, debentures, or other evidences of indebtedness, (hereinafter referred to in this section as “district obligations”) payable solely from such revenues, income, receipts, and profits. All bonds shall be authorized, issued, and sold as provided in chapter 6-8B and to the extent applicable under chapter 9-40. However, no bond election is required.
Source: SL 1939, ch 291, § 10; SDC Supp 1960, § 61.1310; SDCL, § 46-16-54; SL 1978, ch 330, § 2; SL 1984, ch 43, § 124; SL 1985, ch 361; SL 2022, ch 166, § 1.