South Dakota Codified Laws 9-52-6. Revenue bonds payable solely from auditorium revenues–Credit and taxingpowers not pledged
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Revenue bonds issued under this chapter shall be payable solely from the net revenue 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, and the credit and taxing powers of the municipality shall not be pledged for the payment thereof, 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.
Terms Used In South Dakota Codified Laws 9-52-6
- 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
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
Source: SL 1951, ch 246, § 1; SDC Supp 1960, § 45.24B01.