7-21-16.2. County authorized to issue promissory notes.
169 words·~1 min read·
/sd/title-7/chapter-7-21/7-21-16-2·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The provisions of § 7-21-16 or any other provision of law notwithstanding, a county may borrow money from any source willing to lend the money by issuing a promissory note subject to the limitations set in §§ 7-21-16.3 to 7-21-16.6 , inclusive. Notes issued pursuant to this section are payable solely from the sources provided in § 7-21-16.3 and do not constitute an indebtedness of the county within the meaning of any constitutional or statutory provisions or limitations. The notes shall specify the authority under which the notes are issued and shall state that the notes are issued in conformity with the provisions, restrictions, and limitations of §§ 7-21-16.3 to 7-21-16.6 , inclusive, and that the notes and the interest on the notes are payable from the sources specified in §§ 7-21-16.3 to 7-21-16.6 , inclusive.
The notes shall be authorized, issued, and sold in accordance with chapter 6-8B . No election is required, and the notes may not be issued for a term in excess of five years.