South Dakota Codified Laws
Chapter 41 - Municipal Telephone Systems
Section 9-41-3 - Additional bonds authorized when original issue insufficient--Priority of issues.

9-41-3. Additional bonds authorized when original issue insufficient--Priority of issues.
If the governing body finds that the bonds authorized by the original resolution or ordinance shall be insufficient to accomplish the purpose desired, additional bonds may be authorized, issued, and disposed of under the procedure provided in this chapter, but the additional issues shall be junior to all prior issues, unless provision has been made in the contract and covenants of the first or second class municipality with the holders of the original bonds for the issuance of additional bonds on a parity therewith.

Source: SL 1953, ch 275, §6; SDC Supp 1960, §45.24C06; SL 1984, ch 43, §83; SL 1992, ch 60, §2.

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Structure South Dakota Codified Laws

South Dakota Codified Laws

Title 9 - Municipal Government

Chapter 41 - Municipal Telephone Systems

Section 9-41-1 - Power of municipality to establish and operate telephone system--Connection and joint operation with rural telephone system.

Section 9-41-1.1 - Purchase of equipment for resale.

Section 9-41-2 - Revenue bonds authorized--Issuance--Sale--Segregated revenue or income.

Section 9-41-3 - Additional bonds authorized when original issue insufficient--Priority of issues.

Section 9-41-4 - Ordinance provisions for operation of system and security of bondholders.

Section 9-41-7 - Bondholders' statutory mortgage on telephone improvements--Disposition of system prohibited until bonds retired.