South Dakota Codified Laws
Chapter 52 - Municipal Auditoriums
Section 9-52-17 - Operation for purpose of profit prohibited.

9-52-17. Operation for purpose of profit prohibited.
Municipalities shall not be authorized to operate revenue-producing enterprises of the nature described in this chapter for the purpose of profit or return greater than necessary to pay the cost of acquisition, improvement, operation, and maintenance thereof and interest on money borrowed or advanced from general funds for such purposes.

Source: SL 1951, ch 246, §2; SDC Supp 1960, §45.24B02.

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Structure South Dakota Codified Laws

South Dakota Codified Laws

Title 9 - Municipal Government

Chapter 52 - Municipal Auditoriums

Section 9-52-1 - Power to construct, operate, and maintain auditorium.

Section 9-52-1.1 - Lease of auditorium or convention center--Terms--Rent.

Section 9-52-2 - Power to create auditorium board.

Section 9-52-3 - Auditorium revenue bonds authorized--Purposes for which proceeds used.

Section 9-52-4 - Authorization, issuance and sale of bonds--Vote required.

Section 9-52-5 - Municipal indebtedness not authorized by chapter.

Section 9-52-6 - Revenue bonds payable solely from auditorium revenues--Credit and taxing powers not pledged.

Section 9-52-8 - Auditorium revenues appropriated to special fund--Operating expenses paid from fund--Net revenue pledged to separate account for bond retirement and reserves.

Section 9-52-9 - Covenants and agreements with bondholders for administration and security of bonds--Bondholders' right to compel performance.

Section 9-52-11 - Findings and determinations as binding covenants.

Section 9-52-12 - Reference to authorizing resolutions for matters not covered in bonds--Negotiability.

Section 9-52-15 - Bondholders' statutory mortgage on auditorium property--Enforcement of lien and compelling performance of duties.

Section 9-52-16 - Admission charges and auditorium rentals--Adequacy for expenses, return on municipal investment and retirement of bonds.

Section 9-52-17 - Operation for purpose of profit prohibited.

Section 9-52-23 - General powers of auditorium board--Copies of board proceedings as evidence.

Section 9-52-24 - Custody and disbursement of auditorium funds--Petty cash fund.

Section 9-52-25 - Annual report by auditorium board to governing body--Records subject to inspection.

Section 9-52-26 - Auditorium board governed by terms of bonds and resolutions.

Section 9-52-27 - Receivership on default in bonds or dissipation of auditorium assets--Powers of receiver--Termination of receivership.

Section 9-52-28 - Severability of chapter and resolutions.

Section 9-52-29 - Sale and lease-back arrangements--Tax exemption.

Section 9-52-30 - Sale and lease-back arrangements--Validation of prior actions.

Section 9-52-31 - Sale and lease-back arrangements--Powers additional.