Section 50-6A-30 - Bonds payable solely from airport revenues--Special obligation if within debtlimitation. - South Dakota Statutes

50-6A-30. Bonds payable solely from airport revenues--Special obligation if within debt limitation. Any bonds issued pursuant to this chapter by an authority shall be payable, as to principal and interest, solely from revenues of an airport or air navigation facility or facilities, and shall so state on their face, but if any such issue of bonds constitutes an indebtedness within the meaning of any constitutional or statutory debt limitation or restriction, each bond of the issue shall be an equally valid and binding special obligation of the authority in accordance with its terms, in an amount proportionate to the total amount of the issue which is within such limitation or restriction.

Source: SL 1976, ch 303, § 14.