Tax increment bonds are payable only out of the special fund created under § 11-9-31. Each bond must state that the bond is only payable out of the special fund and that the bond does not constitute a general indebtedness of the political subdivision or a charge against the general taxing power of the political subdivision.
S.D. Codified Laws § 11-9-36
Bonds payable only from special fund
Applied in 1 court decision — leading case Meierhenry v. City of Huron (1984)
Most recently applied in Meierhenry v. City of Huron (June 1984)
Source: SL 1978, ch 91, §§ 21, 24; SL 1983, ch 37, § 10; SL 2011, ch 73, § 13; SL 2018, ch 70, § 37; SL 2024, ch 45, § 16.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.