9-51-14. Ordinance authorizing revenue bonds--Pledge and definition of net revenues.
153 words·~1 min read·
/sd/title-9/chapter-9-51/9-51-14A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The bonds described in § 9-51-13 shall be authorized by an ordinance duly adopted by the governing body and subject to referendum as other ordinances, in which ordinance the governing body may pledge all or any part of any one or more of the following:
(1)The net revenues derived from the property acquired or constructed from the proceeds of such bonds;
(2)Any net revenues of any other similar project or automobile parking facility whether acquired from proceeds of similar bonds or otherwise;
(3)Any net revenues derived by the municipality from on - street parking meters.
The governing body shall make such investigation of facts and circumstances as is necessary and based upon the findings made in such investigation and in accordance with sound accounting practices shall find and determine what portion of the revenues are net revenues and shall so define "net revenues" in the ordinance or ordinances adopted hereunder.