28-18-9. Municipal revenue bonds payable solely from revenues--Credit and taxing power 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.
Source: SL 1963, ch 286, ยงยง1, 7.
Structure South Dakota Codified Laws
Title 28 - Public Welfare and Assistance
Chapter 18 - Facilities For Care Of The Aged
Section 28-18-1 - Formation of nonprofit corporations for care of aged authorized.
Section 28-18-2 - Area of operation of nonprofit corporation--Control by board of directors.
Section 28-18-3 - Self-liquidating bonds issued by nonprofit corporation.
Section 28-18-5 - Lease of property to nonprofit corporation by Department of Social Services.
Section 28-18-8 - Authorization, issuance, and sale of bonds.
Section 28-18-12 - Reference in bonds to authorizing resolutions--Negotiability.
Section 28-18-14 - Special fund created prior to delivery of bonds--Gross receipts pledged to fund.
Section 28-18-18 - Operational expenses paid from special fund--Appropriations for payment of bonds.
Section 28-18-19 - Findings and determinations binding on municipality.