Obligations issued under the provisions of this chapter shall not be deemed to constitute a debt or liability or obligation of the state or of any political subdivision thereof or a pledge of the faith and credit of the state or of any political subdivision thereof but shall be payable solely from the revenues or assets of the authority. Each obligation issued under this chapter shall contain on the face thereof a statement to the effect that the authority shall not be obligated to pay the same nor the interest thereon except from the revenues or assets pledged therefor and that neither the 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.
S.D. Codified Laws § 11-11-49
Public debt not created by authority obligations--Statement on face of obligations
Known as the South Dakota Housing Development Authority Act
The act spans §§ 11-11-1 to 11-11-99 (141 sections).
Source: SL 1973, ch 180, § 46; SDCL Supp, § 28-19-40.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.