6-20-2. Contents of authorizing resolution or ordinance.
251 words·~1 min read·
/sd/title-6/chapter-6-20/6-20-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The revenue bonds shall be issued pursuant to and in accordance with the resolution or ordinance adopted by the governing body of the municipality or county, describing one or more buildings, hangars, runways, or structures whose revenues are to be pledged for the payment of the bonds, stating the total amount of revenues derived therefrom in the then next preceding fiscal year, determining the minimum amount of additional revenues estimated to be derived therefrom annually by virtue of the improvements to be financed by the issuance of the bonds, pledging all revenues to a separate and special airport revenue capital projects fund, so far as necessary to pay when due the principal and interest on the bonds and to create and maintain an additional reserve at all times equal to the maximum amount of principal and interest to become due in any subsequent fiscal year, stating the current cost of operation and maintenance of the airport during the immediately preceding fiscal year, estimating the maximum annual additional cost of the operation and maintenance in any subsequent fiscal year during the term of the bonds, and stating the total amount of the revenues received in the preceding year other than those pledged for the payment of the bonds, and the total amount possible to be raised by the levy of taxes for the operation and maintenance of the airport within the limitations prescribed by law, based on the assessed valuation of taxable property within the municipality or county for the preceding year.