South Dakota Codified Laws 9-40-9. Provision for extension or improvement of utility by additional bond issue–Junior to prior issues
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In like manner such municipality acquiring or improving any utility under the provisions hereof may provide for additions to and extensions or improvements of such utility by an additional issue or issues of bonds in the manner and form provided in this chapter; but such additional issue or issues of bonds shall be junior to all prior issues as provided in § 9-40-7, unless provision shall have been made in the contract and covenants of the first or second class municipality with the holders of the prior bonds for the issuance of such additional bonds on a parity therewith.
Terms Used In South Dakota Codified Laws 9-40-9
- Contract: A legal written agreement that becomes binding when signed.
- utility: as used in this chapter means any system or part of system as referred to in §. See South Dakota Codified Laws 9-40-2
Source: SL 1931, ch 194, § 16; SDC 1939, § 45.2415; SL 1949, ch 191, § 7; SL 1992, ch 60, § 2.