South Dakota Codified Laws 6-20-1. Local government airport improvement contracts–Authorization, issuance, andsale of revenue bonds
Any municipality or county owning and operating an airport which has been approved by the state Aeronautics Commission for public use may contract to construct, improve, and equip buildings, hangars, runways, and structures for the improvement of its municipal or county airport. In lieu of issuing general obligation bonds for the projects or financing them, the municipality or county may issue revenue bonds. All revenue bonds shall be authorized, issued, and sold as provided in chapter 6-8B, except as specifically provided otherwise in this chapter. No election is required for the issuance of revenue bonds under this chapter.
Terms Used In South Dakota Codified Laws 6-20-1
- Contract: A legal written agreement that becomes binding when signed.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
Source: SL 1963, ch 1, § 1; SL 1984, ch 43, § 126; SL 2010, ch 228, § 1; SDCL § 50-8-1; SL 2019, ch. 203, § 83.