South Dakota § 5-12-25 Restrictions on obligation stated on face of bonds.

South Dakota Statutes

§ 5-12-25 — Restrictions on obligation stated on face of bonds.

South Dakota § 5-12-25

Title 5PUBLIC PROPERTY, PURCHASES AND CONTRACTS

Ch. 5-11SOUTH DAKOTA BUILDING AUTHORITY

This text of South Dakota § 5-12-25 (Restrictions on obligation stated on face of bonds.) is published on Counsel Stack Legal Research, covering South Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.D. Codified Laws § 5-12-25 (2026).

Text

Each such bond shall state upon its face that it is payable solely from revenues derived by the Building Authority from the operation of facilities acquired, constructed, completed, remodeled, or equipped in whole or in part with the proceeds of the sale of such bonds, including income to be derived from rental leases as provided in §§ 5-12-13 to 5-12-18 , inclusive. Each such bond shall state upon its face that it does not constitute an obligation of the State of South Dakota within the meaning of any provisions of the Constitution or statutes of the State of South Dakota.

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Each such bond shall state upon its face that it is payable solely from revenues derived by the Building Authority from the operation of facilities acquired, constructed, completed, remodeled, or equipped in whole or in part with the proceeds of the sale of such bonds, including income to be derived from rental leases as provided in §§ 5-12-13 to 5-12-18 , inclusive. Each such bond shall state upon its face that it does not constitute an obligation of the State of South Dakota within the meaning of any provisions of the Constitution or statutes of the State of South Dakota.