5-12-20. Resolutions for revenue bonds authorized--Purpose--Legislative approval required.
109 words·~1 min read·
/sd/title-5/chapter-5-12/5-12-20A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Building Authority may provide by resolution for the issuance of negotiable revenue bonds for the purpose of paying all or any part of the cost of one or a combination of projects. However, no project may be let for construction, nor any revenue bonds be sold to raise the funds for payment of such construction until after the Legislature by law declares the project to be in the public interest and no revenue bonds may be sold to raise funds for the accomplishment of any project of the kind listed in this chapter until after the Legislature by law declares the project to be in the public interest.