2015 South Dakota Codified Laws
Title 9 - MUNICIPAL GOVERNMENT
Chapter 40 - Utility Facilities And Revenue Bonds
§ 9-40-18 Taxing power not used for payment of revenue bonds--Restriction on use of other municipal funds.
9-40-18. Taxing power not used for payment of revenue bonds--Restriction on use of other municipal funds.
The taxing powers of such municipality shall never be used for the payment of either the principal of or interest on revenue bonds issued pursuant to this chapter or any part thereof.
No other funds or revenues or property of said municipality shall ever be used to pay such bonds or interest thereon except as may be otherwise provided by law.
Source: SL 1931, ch 194, § 5; SDC 1939, § 45.2405.
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