6-20-4. Minimum revenues for issuance of bonds--Items includable in estimated future revenues.
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/sd/title-6/chapter-6-20/6-20-4·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
No bonds may be issued unless the existing and estimated revenues pledged to the payment of the bonds are at least equal to the maximum amount of principal and interest to become due thereon in any fiscal year, and the revenues not pledged plus the taxes which may be levied within legal limitations are sufficient to pay the existing and estimated future operating expenses, all as stated in the resolution or ordinance. The past and estimated future revenues shall include all rentals of the facilities whose revenues are pledged, all other charges for the use thereof, and all profits, if any, from the sale of commodities or services on or about the premises whose revenues are pledged, deducting from the gross sale price only the actual cost necessarily incurred of acquiring the commodity or furnishing the service.