9-54-2. Power to issue bonds, acquire or construct projects and enter revenue agreements--Location of projects.
For the purposes stated in §9-54-1, any municipality may issue revenue bonds, the proceeds of which shall be used only to purchase, construct, reconstruct, acquire sites for, enlarge, improve, or remodel buildings, structures, or equipment, and to enter into revenue agreements as defined in §9-54-3.1 with any person, firm, limited liability company, corporation, or governmental entity, the projects to be situated in any municipality or its environs without limitation as to distance, providing the governing body of the municipality declares that the project, if in being, would promote the welfare of the municipality.
Source: SL 1964, ch 148, §2; SL 1972, ch 45, §4; SL 1973, ch 59, §2; SL 1981, ch 77, §2; SL 1984, ch 43, §98A; SL 1994, ch 351, §9.
Structure South Dakota Codified Laws
Title 9 - Municipal Government
Chapter 54 - Economic Development Projects
Section 9-54-1 - Purpose of chapter.
Section 9-54-2.2 - Restriction on use of bonds for elderly housing projects.
Section 9-54-3 - "Revenue bonds" defined.
Section 9-54-3.1 - "Revenue agreement" defined.
Section 9-54-4 - Costs to be covered by bonds--Authorization, issuance and sale of bonds.
Section 9-54-5 - Amount of bond issue limited by costs.
Section 9-54-6 - Bonds not general obligations nor payable by taxation--Recitals in bonds.
Section 9-54-9 - Municipal obligations restricted by contractual payments from facilities.
Section 9-54-10 - County and sanitary district powers.
Section 9-54-11 - Municipal joint or cooperative agreements.
Section 9-54-12 - Compliance with federal requirements for tax exemption.