Section 5-17-24 - Revenue pledged for retirement of enlargement bond issue--State credit pledged--Advancements from state general fund. - South Dakota Statutes

5-17-24. Revenue pledged for retirement of enlargement bond issue--State credit pledged--Advancements from state general fund. The bonds to be issued under § 5-17-23 shall be secured by a pledge of the net revenues from all operations in the manufacture and sale of cement and cement products, which net revenues shall constitute the remainder of the entire revenues after deducting therefrom all ordinary expense of current operations, including repairs and maintenance and reasonable depreciation and depletion. The full faith and credit of the state shall be and is hereby pledged to provide any amounts which may be required to meet each payment of principal of and interest on any of said bonds when such payment becomes due and for the payment of which such net revenues are then insufficient and the state treasurer shall advance the amount of such deficiency, if any, out of moneys in the state general fund not otherwise appropriated. Any moneys so advanced from the state general fund shall be repaid to it out of the net revenues after payment of principal and interest as above provided. Such part of the net revenues as the Cement Plant Commission shall designate by resolution prior to the issue of said bonds and such other moneys in the state general fund as above provided are hereby appropriated to the payment of said bonds and interest thereon.

Source: SL 1949, ch 231, § 2; SDC Supp 1960, § 55.3317.