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Code · South Dakota · Title 49 · Chapter 49-16

49-16B-42. Authority to account for income--Disbursements from accounts in fund.

93 words·~1 min read·/sd/title-49/chapter-49-16/49-16b-42·

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The authority shall keep account of the gross total income derived from each separate project or any combination thereof undertaken pursuant to this chapter. Disbursements from a given account in the railroad authority fund shall be ordered by the authority only for the payment of:
(1)The principal of and interest on the bonds issued for each project, or combination thereof;
(2)The cost of maintenance and operation of the facility or facilities, unless otherwise provided for; and
(3)Any other purposes set forth in the resolution authorizing the issuance of said bonds.
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