9-52-6. Revenue bonds payable solely from auditorium revenues--Credit and taxing powers not pledged.
Revenue bonds issued under this chapter shall be payable solely from the net revenue derived from and traceable to properties acquired by the expenditure of the proceeds of revenue bonds, or of bonds refunded thereby, as fixed and determined by the governing body in accordance with the provisions of this chapter, and the credit and taxing powers of the municipality shall not be pledged for the payment thereof, and the bondholders shall have no right to compel the appropriation of any of the municipality's other funds, money, or property for the payment of the principal thereof or interest thereon.
Source: SL 1951, ch 246, §1; SDC Supp 1960, §45.24B01.
Structure 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 9-52-11 - Findings and determinations as binding covenants.
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 9-52-26 - Auditorium board governed by terms of bonds and resolutions.
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.