Section 5-17-25 - Issuance of bonds for enlargement of plant--Terms and covenants--Tax exemptionof bonds. - South Dakota Statutes

5-17-25. Issuance of bonds for enlargement of plant--Terms and covenants--Tax exemption of bonds. The Cement Plant Commission may issue such bonds from time to time as may be required to provide money for the purposes set forth in § 5-17-23. The commission shall provide by resolution for the issuance of bonds in one or more series and shall fix the date, maturities, maximum interest rate, and payment dates and all of the terms of sale, including the terms under which any or all of said bonds may be redeemed prior to maturity. In such resolution the commission shall covenant as to the issuance of additional bonds payable from said net revenues, as to maintaining insurance on its plant or plants and the contents thereof and suitable fidelity bonds, as to the completion of the proposed additions including the maximum amount to be expended therefor, as to financial records, audits, and reports and as to such other matters as may be necessary to provide security for said bonds. No mortgage or other lien on any plant or plants or equipment therein shall be given to secure any such bonds. All bonds issued hereunder and the interest thereon shall be exempt from taxation by the State of South Dakota or any political subdivision thereof.

Source: SL 1949, ch 231, § 3; SDC Supp 1960, § 55.3318.