South Dakota § 1-16A-88 Bonds or certificates of participation not secured for payment by proceeds of irrepealable tax levies.

South Dakota Statutes

§ 1-16A-88 — Bonds or certificates of participation not secured for payment by proceeds of irrepealable tax levies.

South Dakota·Title 1 STATE AFFAIRS AND GOVERNMENT·Ch. 1-16 HEALTH AND EDUCATIONAL FACILITIES AUTHORITY

Any revenue bond, certificate of participation or other instrument which is not directly or indirectly secured for payment of principal and interest by the proceeds of irrepealable tax levies shall state on its face that it is not secured for payment by irrepealable tax levies of the state or any political subdivision, that it is payable only out of certain specified funds or revenues therein described and that it does not constitute a debt or liability of the state or any political subdivision.

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Any revenue bond, certificate of participation or other instrument which is not directly or indirectly secured for payment of principal and interest by the proceeds of irrepealable tax levies shall state on its face that it is not secured for payment by irrepealable tax levies of the state or any political subdivision, that it is payable only out of certain specified funds or revenues therein described and that it does not constitute a debt or liability of the state or any political subdivision.

South Dakota § 1-16A-88 (Bonds or certificates of participation not secured for payment by proceeds of irrepealable tax levies.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.