Section 34A-14-10 - Obligations payable solely from revenue and assets of authority--Statement on face--Authority revenue bonds not general obligations of state. - South Dakota Statutes

34A-14-10. Obligations payable solely from revenue and assets of authority--Statement on face--Authority revenue bonds not general obligations of state. Obligations issued under the provisions of this chapter may not be deemed to constitute a debt, liability or obligation of the state or of any other political subdivision thereof, nor a pledge of the full faith and credit of the state or any other political subdivision, but shall be payable solely from the revenues or assets of the authority pledged therefor. Each obligation issued under this chapter, shall contain on the face thereof a statement to the effect that the authority may not be obligated to pay the same, nor the interest thereon, except from the revenues or assets pledged therefor and that neither the full faith and credit, nor the taxing power of the state, or of any political subdivision thereof is pledged to the payment of the principal of or the interest on such obligation. All obligations of the authority issued under the provisions of this chapter shall be authority revenue bonds, notes or other obligations and may not be general obligations of the State of South Dakota.

Source: SL 1988, ch 290, § 49; SL 1989, ch 310, § 14; SL 1990, ch 292, § 27.