South Dakota § 49-16B-42 Authority to account for income--Disbursements from accounts in fund.

South Dakota Statutes

§ 49-16B-42 — Authority to account for income--Disbursements from accounts in fund.

South Dakota·Title 49 PUBLIC UTILITIES AND CARRIERS·Ch. 49-16B SOUTH DAKOTA RAILROAD AUTHORITY

The authority shall keep account of the gross total income derived from each separate project or any combination thereof undertaken pursuant to this chapter. Disbursements from a given account in the railroad authority fund shall be ordered by the authority only for the payment of:

(1)The principal of and interest on the bonds issued for each project, or combination thereof;

(2)The cost of maintenance and operation of the facility or facilities, unless otherwise provided for; and (3) Any other purposes set forth in the resolution authorizing the issuance of said bonds.

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The authority shall keep account of the gross total income derived from each separate project or any combination thereof undertaken pursuant to this chapter. Disbursements from a given account in the railroad authority fund shall be ordered by the authority only for the payment of: (1) The principal of and interest on the bonds issued for each project, or combination thereof; (2) The cost of maintenance and operation of the facility or facilities, unless otherwise provided for; and (3) Any other purposes set forth in the resolution authorizing the issuance of said bonds.

South Dakota § 49-16B-42 (Authority to account for income--Disbursements from accounts in fund.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.