South Dakota § 9-52-6 Revenue bonds payable solely from auditorium revenues--Credit and taxing powers not pledged.

South Dakota Statutes

§ 9-52-6 — Revenue bonds payable solely from auditorium revenues--Credit and taxing powers not pledged.

South Dakota·Title 9 MUNICIPAL GOVERNMENT·Ch. 9-52 MUNICIPAL AUDITORIUMS

Revenue bonds issued under this chapter shall be payable solely from the net revenue derived from and traceable to properties acquired by the expenditure of the proceeds of revenue bonds, or of bonds refunded thereby, as fixed and determined by the governing body in accordance with the provisions of this chapter, and the credit and taxing powers of the municipality shall not be pledged for the payment thereof, and the bondholders shall have no right to compel the appropriation of any of the municipality's other funds, money, or property for the payment of the principal thereof or interest thereon.

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Revenue bonds issued under this chapter shall be payable solely from the net revenue derived from and traceable to properties acquired by the expenditure of the proceeds of revenue bonds, or of bonds refunded thereby, as fixed and determined by the governing body in accordance with the provisions of this chapter, and the credit and taxing powers of the municipality shall not be pledged for the payment thereof, and the bondholders shall have no right to compel the appropriation of any of the municipality's other funds, money, or property for the payment of the principal thereof or interest thereon.

South Dakota § 9-52-6 (Revenue bonds payable solely from auditorium revenues--Credit and taxing powers not pledged.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.