13-51A-24. Limited obligation of bonds.
101 words·~1 min read·
/sd/title-13/chapter-13-51/13-51a-24A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
All bonds issued pursuant to this chapter shall be obligations of the board payable only in accordance with the terms thereof and shall not be obligations general, special, or otherwise, of the State of South Dakota. Such bonds shall not constitute a debt, legal or moral, of the State of South Dakota, and shall not be enforceable against the state, nor shall payment thereof be enforceable out of any funds of the board, or of any institution, other than the income and revenues pledged and assigned to, or in trust for the benefit of, the holder or holders of such bonds.