1-16H-26. State not liable for principal or interest on bonds, notes, instruments, or obligations of authority.
Nothing in this chapter may be construed to authorize the authority to create a debt of the state within the meaning of the Constitution or statutes of South Dakota and all revenue bonds, notes, other instruments and obligations issued by the authority pursuant to the provisions of this chapter are payable and shall state that they are payable solely from the funds pledged for their payment in accordance with the resolution authorizing their issuance or in any trust indenture or mortgage or deed of trust executed as security therefor. The state is not in any event liable for the payment of the principal of or interest on any bonds, notes, instruments, or obligations issued by the authority or for the performance of any pledge, mortgage, obligation, or agreement of any kind whatsoever which may be undertaken by the authority. No breach of any such pledge, mortgage, obligation, or agreement may impose any pecuniary liability upon the state or any charge upon its general credit or against its taxing power.
Source: SL 2004, ch 15, §26.
Structure South Dakota Codified Laws
Title 1 - State Affairs and Government
Chapter 16H - Science And Technology Authority
Section 1-16H-1 - Legislative findings.
Section 1-16H-2 - Purpose of authority.
Section 1-16H-3 - Definitions.
Section 1-16H-4 - Science and Technology Authority created.
Section 1-16H-5 - Board of directors--Appointment and terms.
Section 1-16H-6 - Removal of members--Grounds.
Section 1-16H-7 - Compensation of members--Reimbursement of expenses.
Section 1-16H-8 - Oath of office.
Section 1-16H-9 - Executive director, agents, and employees--Duties--Compensation.
Section 1-16H-10 - Meetings of the board.
Section 1-16H-11 - Quorum--Vote required for action.
Section 1-16H-13 - Open meetings--Notice.
Section 1-16H-14 - Record of proceedings--Filings--Copies--Certification.
Section 1-16H-15 - Powers and duties of authority.
Section 1-16H-16 - Promulgation of rules.
Section 1-16H-17 - Loans and grants made by authority.
Section 1-16H-18 - Investment of funds.
Section 1-16H-18.1 - Investment of funds with State Investment Council.
Section 1-16H-19 - Issuance of bonds, notes, or other evidence of indebtedness.
Section 1-16H-23 - Pledge of revenues from lease or loan agreement--Trust agreement.
Section 1-16H-25 - Pledge by state not to impair rights and remedies of holders of bonds and notes.
Section 1-16H-29 - Title to projects.
Section 1-16H-30 - Acquisition of property.
Section 1-16H-31 - Acquisition, improvement, maintenance, and decommissioning of projects.
Section 1-16H-31.1 - Subsurface property defined.
Section 1-16H-31.3 - Declaration of taking--Contents.
Section 1-16H-31.4 - Effective date of condemnation and right to just compensation.
Section 1-16H-31.6 - Service or mailing of copy of declaration of taking and amendments.
Section 1-16H-31.7 - Amendments to the declaration of taking--Filing.
Section 1-16H-32 - Intergovernmental agreements.
Section 1-16H-33 - Sharing of agency employees.
Section 1-16H-34 - Inapplicability of § 5-2-19.
Section 1-16H-35 - Transfer or exchange of property with other state agencies.
Section 1-16H-36 - Designation of depositories.
Section 1-16H-37 - Tax exemption of authority.
Section 1-16H-38 - Authority reports to Governor's Office of Economic Development.
Section 1-16H-39 - Informational budget.
Section 1-16H-40 - Transfer of functions and programs of Homestake Laboratory Conversion Project.
Section 1-16H-41 - Homestake Mine donation.
Section 1-16H-42 - Severability of provisions.
Section 1-16H-43 - Immunity from liability for condition or use of certain donated property.
Section 1-16H-44 - Property tax exemption for certain leased property in Lawrence County.