South Dakota Codified Laws 9-51-23. Net revenues pledged to payment of special obligation bonds–Additional covenantsauthorized
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Bonds authorized and issued under §§ 9-51-22 to 9-51-28, inclusive, may be made payable as to both principal and interest out of the net revenues or moneys levied and appropriated as set forth in § 9-51-14, provided that in the ordinance authorizing such bonds the governing body may on behalf of the municipality make any or all of the irrevocable covenants in §§ 9-51-24 to 9-51-28, inclusive, with and for the benefit of the holders from time to time of said bonds.
Terms Used In South Dakota Codified Laws 9-51-23
- ordinance: as used in this title shall mean a permanent legislative act of the governing body of a municipality within the limits of its powers. See South Dakota Codified Laws 9-19-1
Source: SL 1955, ch 216, § 6; SDC Supp 1960, § 45.02A06.