South Dakota § 6-8B-66 Aggregate indebtedness of municipality or county--Limit--Calculation.

South Dakota Statutes

§ 6-8B-66 — Aggregate indebtedness of municipality or county--Limit--Calculation.

South Dakota·Title 6 LOCAL GOVERNMENT GENERALLY·Ch. 6-8A BONDS OF LOCAL PUBLIC BODIES

No credit enhancement obligation may cause the aggregate amount of indebtedness of the municipality or county which issues such credit enhancement obligation to exceed the maximum allowable constitutional or statutory provisions, if any, applicable to such municipality or county. In computing the aggregate amount of indebtedness of any municipality or county which issues the credit enhancement obligation as provided in this chapter, there shall be included as indebtedness the unpaid principal amount of the outstanding bonds or other obligations secured by the credit enhancement obligation less any amounts on deposit with the health and educational facilities authority or any financial institution acting as trustee, paying agent, or in any other fiduciary capacity with respect to such oblig

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No credit enhancement obligation may cause the aggregate amount of indebtedness of the municipality or county which issues such credit enhancement obligation to exceed the maximum allowable constitutional or statutory provisions, if any, applicable to such municipality or county. In computing the aggregate amount of indebtedness of any municipality or county which issues the credit enhancement obligation as provided in this chapter, there shall be included as indebtedness the unpaid principal amount of the outstanding bonds or other obligations secured by the credit enhancement obligation less any amounts on deposit with the health and educational facilities authority or any financial institution acting as trustee, paying agent, or in any other fiduciary capacity with respect to such obligations.

South Dakota § 6-8B-66 (Aggregate indebtedness of municipality or county--Limit--Calculation.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.