9-40-17. Revenue pledged to payment of extension and improvement bonds--Prior pledge for original bond issue.
If revenue bonds were issued pursuant to this chapter to make extensions, additions, or improvements to a utility previously owned by the municipality, then only the net income or revenues from such utility as so extended, added to, or improved can be pledged to the payment of such revenue bonds. The net income from the utility as extended, added to, or improved in such case shall be the excess of revenues or income remaining from time to time after first paying all reasonable and current expenses of maintenance, repairs, replacements, and operation including the interest on any general obligation bonds authorized to construct or acquire or improve such original utility and including the necessary debt service funds required to be provided for the retirement of said bond issues, and including the interest and debt service funds required annually to be paid or set aside on any refunding bonds issued to refund such general bonds issued for the original construction or acquisition or improvement of said utility, so extended, added to, or improved.
Source: SL 1931, ch 194, §9; SDC 1939, §45.2409; SL 1949, ch 191, §4.
Structure South Dakota Codified Laws
Title 9 - Municipal Government
Chapter 40 - Utility Facilities And Revenue Bonds
Section 9-40-2 - Systems defined as utilities.
Section 9-40-3 - Combining of systems and services into single utility system.
Section 9-40-4 - Utility facilities outside municipal limits.
Section 9-40-4.1 - Water pollution prevention contracts.
Section 9-40-4.2 - Financial aid for sewerage and water facility systems--Federal contracts.
Section 9-40-6 - Revenue bond issue for extension or improvement of utility.
Section 9-40-8 - Provision for additional bond issues of equal standing.
Section 9-40-11 - Ordinance provisions for utility operation and security of bondholders.
Section 9-40-15 - Bonds payable from revenue--Circumstances not requiring election.
Section 9-40-19 - Chapter and resolution or ordinance incorporated in terms of bonds.
Section 9-40-21 - Separate or combined acquisition of utilities--Purchase price.
Section 9-40-22 - Payment of purchase price by issuance of bonds.
Section 9-40-24 - Exchange of bonds for underlying debt--Application of proceeds to debt.
Section 9-40-26 - Statutory lien continued until bonds paid.
Section 9-40-27 - Enforcement by bondholders of statutory mortgage and requirements of chapter.
Section 9-40-28 - Rates to cover bond retirement and operational costs.
Section 9-40-29 - Municipality to pay for services rendered by utility.
Section 9-40-31 - Expenditures from depreciation account--Investment of accumulations.
Section 9-40-32 - Surplus applied to other municipal or public purposes.
Section 9-40-33 - Receivership on default or mismanagement--Powers of receiver.
Section 9-40-35 - Termination of receivership and restoration of municipal control.
Section 9-40-37 - Sale and lease-back arrangements for waterworks and waste disposal facilities.
Section 9-40-38 - Sale of waterworks and waste disposal facilities--Conditions.
Section 9-40-39 - Tax exemption of waterworks and waste disposal facilities.
Section 9-40-40 - Sale and lease-back powers additional--Restrictions.