Section 9-40-18 - Taxing power not used for payment of revenue bonds--Restriction on use ofother municipal funds. - South-dakota Statutes

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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.

State Codes and Statutes

Statutes > South-dakota > Title-9 > Chapter-40 > Statute-9-40-18

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.

State Codes and Statutes

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State Codes and Statutes

Statutes > South-dakota > Title-9 > Chapter-40 > Statute-9-40-18

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.