Section 5-12-52 - Corporation issued bonds not a lien, charge or liability against the state--Tobaccosettlement revenues as security for bonds prohibited. - South Dakota Statutes

5-12-52. Corporation issued bonds not a lien, charge or liability against the state--Tobacco settlement revenues as security for bonds prohibited. No bond of the corporation issued, incurred, or created under §§ 5-12-48 to 5-12-60, inclusive, may be or become a lien, charge, or liability against the State of South Dakota or the authority, nor against the property or funds of the State of South Dakota or the authority within the meaning of the Constitution or statutes of South Dakota. In no event may any of the funds deposited into the permanent tobacco settlement development trust fund, the tobacco settlement interest fund, or the tobacco settlement residual fund be pledged to secure payment of any bonds issued under the authority of §§ 5-12-48 to 5-12-60, inclusive.

Source: SL 2001, ch 27, § 5.