South Dakota § 6-20-4 Minimum revenues for issuance of bonds--Items includable in estimated future revenues.

South Dakota Statutes

§ 6-20-4 — Minimum revenues for issuance of bonds--Items includable in estimated future revenues.

South Dakota·Title 6 LOCAL GOVERNMENT GENERALLY·Ch. 6-20 AIRPORT REVENUE BONDS

No bonds may be issued unless the existing and estimated revenues pledged to the payment of the bonds are at least equal to the maximum amount of principal and interest to become due thereon in any fiscal year, and the revenues not pledged plus the taxes which may be levied within legal limitations are sufficient to pay the existing and estimated future operating expenses, all as stated in the resolution or ordinance. The past and estimated future revenues shall include all rentals of the facilities whose revenues are pledged, all other charges for the use thereof, and all profits, if any, from the sale of commodities or services on or about the premises whose revenues are pledged, deducting from the gross sale price only the actual cost necessarily incurred of acquiring the commodity or f

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No bonds may be issued unless the existing and estimated revenues pledged to the payment of the bonds are at least equal to the maximum amount of principal and interest to become due thereon in any fiscal year, and the revenues not pledged plus the taxes which may be levied within legal limitations are sufficient to pay the existing and estimated future operating expenses, all as stated in the resolution or ordinance. The past and estimated future revenues shall include all rentals of the facilities whose revenues are pledged, all other charges for the use thereof, and all profits, if any, from the sale of commodities or services on or about the premises whose revenues are pledged, deducting from the gross sale price only the actual cost necessarily incurred of acquiring the commodity or furnishing the service.

South Dakota § 6-20-4 (Minimum revenues for issuance of bonds--Items includable in estimated future revenues.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.