9-54-6. Bonds not general obligations nor payable by taxation--Recitals in bonds.
Revenue bonds issued pursuant to this chapter shall not be general obligations of the municipality nor shall they be payable in any manner by taxation. Such revenue bonds shall recite the authority under which they are issued, and shall state that they are issued in conformity with the provisions, restrictions, and limitations of this chapter, and that such bonds and the interest thereon are to be paid from the revenue received from the project financed, in whole or in part, by the issuance of the revenue bonds.
Source: SL 1964, ch 148, §8; SL 1973, ch 59, §6; SL 1984, ch 43, §98E.
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.