South Dakota Statutes
§ 46A-1-42 — Bonds not a state obligation--Payment restricted to revenues.
Any bonds issued pursuant to this chapter are obligations of the district payable only in accordance with the terms of the bonds and are not obligations general, special, or otherwise, of the State of South Dakota. Such bonds do not constitute a debt, legal or moral, of the State of South Dakota, and are not enforceable against the state. Payment of the bonds is not enforceable out of any funds of the district other than the income and revenues pledged and assigned to, or in trust for the benefit of, the holder or holders of the bonds.
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South Dakota § 46A-1-42 (Bonds not a state obligation--Payment restricted to revenues.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
SL 1972, ch 241, § 41; SDCL Supp, § 46-17A-40; SL 2011, ch 165, § 301.
Nearby Sections
15
§ 46A-1-1
Legislative findings and policy.§ 46A-1-100
Definition of terms.§ 46A-1-102
Disbursement and administration of money from subfunds--Rules--Application of provisions.§ 46A-1-103
Promulgation of rules by board--Content.§ 46A-1-13
Presentation of cost data to Governor and Legislature--Requests for financing authorization.§ 46A-1-13.10
Lewis and Clark Rural Water System authorized.§ 46A-1-13.11
Southern Black Hills Water System authorized.§ 46A-1-13.12
Belle Fourche irrigation upgrade project authorized.