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 airport 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.
S.D. Codified Laws § 50-6A-30
Bonds payable solely from airport revenues--Special obligation if within debt limitation
Known as the Airport Authorities Act
The act spans §§ 50-6A-1 to 50-6A-9 (55 sections).
Source: SL 1976, ch 303, § 14; SL 2018, ch 269, § 17.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.