South Dakota Codified Laws 9-51-5. Utility revenue bonds and general obligation bonds authorized for acquisition,improvement, and operation of off-street parking lots
Every municipality shall have the power to acquire, improve, equip, operate, maintain, and regulate parking lots and areas for the off–street parking of vehicles, to fix and collect parking fees for the parking of vehicles therein and to issue its revenue bonds for such purposes in the manner and after authorization as provided by chapter 9-40 payable solely from the revenues from such parking lots and on–street or off–street parking meters and also for such purposes to issue its general obligation bonds after authorization as provided by statute for payment of which the municipality in addition to pledging its general credit may set aside or pledge in whole or in part the revenues from parking lots or parking meters, or both, operated by it.
Terms Used In South Dakota Codified Laws 9-51-5
- 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.
- Statute: A law passed by a legislature.
Source: SL 1947, ch 223; SL 1949, ch 195; SDC Supp 1960, § 45.0201-1 (11).