49-39-8. Pledging revenues to secure federal indebtedness--State not liable.
Nothing contained in chapters 49-35 to 49-40, inclusive, shall prevent the district from assigning, pledging, or otherwise hypothecating, its revenues, incomes, receipts or profits to secure the payment of indebtedness to the federal government; provided, that the State of South Dakota shall never pledge its credit or funds, or any part thereof, for the payment of settlement of any indebtedness or obligation whatsoever of any district created under the provisions of chapter 49-35.
Source: SL 1950 (SS), ch 17, §60; SDC Supp 1960, §52.1759.
Structure South Dakota Codified Laws
Title 49 - Public Utilities and Carriers
Chapter 39 - Consumers Power District Borrowing And Indebtedness
Section 49-39-1 - Authority to borrow--Funds available for repayment--Security for loan.
Section 49-39-2 - Pledging revenues as security for borrowing.
Section 49-39-3 - Resolution specifying particular revenues pledged.
Section 49-39-6 - Sale of bonds.
Section 49-39-6.1 - Issuance of variable rate obligations--Authorization by resolution--Scope.
Section 49-39-7 - Agreement with bondholders respecting charges for electricity.
Section 49-39-8 - Pledging revenues to secure federal indebtedness--State not liable.