All bonds issued pursuant to this chapter shall be obligations of the board payable only in accordance with the terms thereof and shall not be obligations general, special, or otherwise, of the State of South Dakota. Such bonds shall not constitute a debt, legal or moral, of the State of South Dakota, and shall not be enforceable against the state, nor shall payment thereof be enforceable out of any funds of the board, or of any institution, other than the income and revenues pledged and assigned to, or in trust for the benefit of, the holder or holders of such bonds.
S.D. Codified Laws § 13-51A-24
Limited obligation of bonds
Known as the Board of Regents Revenue Bond Act
The act spans §§ 13–13 (44 sections).
Applied in 2 court decisions — leading case Kanaly v. State by and Through Janklow (1985)
Most recently applied in 624 F. Supp. 1179 - South Dakota Board of Regents v. Hoops (January 1986)
Source: SL 1971, ch 134, § 10.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.