Section 50-8-10 - Revenues available for operation and maintenance of airport--Taxing power notused to liquidate bonds--Exceptions. - South-dakota Statutes

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50-8-10. Revenues available for operation and maintenance of airport--Taxing power not used to liquidate bonds--Exceptions. The pledge of revenues made by the initial resolution shall be sufficient to pay the interest and the principal thereof when due, and shall be irrepealable until the bonds and the interest are paid, and that the revenues not pledged and the taxes levied by the municipality or county within the limitations prescribed by law for airport purposes shall be sufficient to provide for payment of all costs necessarily incurred in the operation, administration and maintenance of the airport and the continued ownership and operation of the facilities whose revenues are pledged, until the bonds and interest are fully paid. Accordingly, the taxing powers of any municipality or county issuing such bonds shall never be used, directly or indirectly, for the payment of either the principal thereof or the interest thereon or any part thereof, except as herein expressly provided.

Source: SL 1963, ch 1, § 4; SL 1984, ch 43, § 130A.

State Codes and Statutes

Statutes > South-dakota > Title-50 > Chapter-08 > Statute-50-8-10

50-8-10. Revenues available for operation and maintenance of airport--Taxing power not used to liquidate bonds--Exceptions. The pledge of revenues made by the initial resolution shall be sufficient to pay the interest and the principal thereof when due, and shall be irrepealable until the bonds and the interest are paid, and that the revenues not pledged and the taxes levied by the municipality or county within the limitations prescribed by law for airport purposes shall be sufficient to provide for payment of all costs necessarily incurred in the operation, administration and maintenance of the airport and the continued ownership and operation of the facilities whose revenues are pledged, until the bonds and interest are fully paid. Accordingly, the taxing powers of any municipality or county issuing such bonds shall never be used, directly or indirectly, for the payment of either the principal thereof or the interest thereon or any part thereof, except as herein expressly provided.

Source: SL 1963, ch 1, § 4; SL 1984, ch 43, § 130A.

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State Codes and Statutes

Statutes > South-dakota > Title-50 > Chapter-08 > Statute-50-8-10

50-8-10. Revenues available for operation and maintenance of airport--Taxing power not used to liquidate bonds--Exceptions. The pledge of revenues made by the initial resolution shall be sufficient to pay the interest and the principal thereof when due, and shall be irrepealable until the bonds and the interest are paid, and that the revenues not pledged and the taxes levied by the municipality or county within the limitations prescribed by law for airport purposes shall be sufficient to provide for payment of all costs necessarily incurred in the operation, administration and maintenance of the airport and the continued ownership and operation of the facilities whose revenues are pledged, until the bonds and interest are fully paid. Accordingly, the taxing powers of any municipality or county issuing such bonds shall never be used, directly or indirectly, for the payment of either the principal thereof or the interest thereon or any part thereof, except as herein expressly provided.

Source: SL 1963, ch 1, § 4; SL 1984, ch 43, § 130A.