9-40-18. Taxing power not used for payment of revenue bonds--Restriction on use of other municipal funds.
The taxing powers of such municipality shall never be used for the payment of either the principal of or interest on revenue bonds issued pursuant to this chapter or any part thereof.
No other funds or revenues or property of said municipality shall ever be used to pay such bonds or interest thereon except as may be otherwise provided by law.
Source: SL 1931, ch 194, §5; SDC 1939, §45.2405.
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.