6-20-5. Funds available for payment of bonds--Pledge of revenue from future facilities.
126 words·~1 min read·
/sd/title-6/chapter-6-20/6-20-5A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The revenue bonds authorized by this chapter shall be payable solely from the revenues described in the resolution or ordinance initially adopted, except that the resolution or ordinance may also pledge therefor the revenues of any other facilities to be acquired in future, and may authorize or may limit the issuance of additional bonds, payable from the same revenues on a parity with the original issue or subordinate thereto, upon conditions as may be prescribed. The bonds shall be payable solely from the revenues defined and pledged in the initial resolution, and no other funds or revenues or property of the municipality or county may be used to pay the bonds or interest thereon except as may be otherwise required by law or by the Constitution.