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Code · South Dakota · Title 1 · Chapter 1-16

1-16A-88. Bonds or certificates of participation not secured for payment by proceeds of irrepealable tax levies.

83 words·~1 min read·/sd/title-1/chapter-1-16/1-16a-88

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Any revenue bond, certificate of participation or other instrument which is not directly or indirectly secured for payment of principal and interest by the proceeds of irrepealable tax levies shall state on its face that it is not secured for payment by irrepealable tax levies of the state or any political subdivision, that it is payable only out of certain specified funds or revenues therein described and that it does not constitute a debt or liability of the state or any political subdivision.
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