reglab/housing_qa huggingface dataset:
SD Codified L § 9-40-7 (2021)
2021 South Dakota Codified Laws|Title 9 - Municipal Government|Chapter 40 - Utility Facilities And Revenue Bonds|Section 9-40-7 - Additional revenue bonds authorized when original issue insufficient--Priority of issues.

9-40-7. Additional revenue bonds authorized when original issue insufficient--Priority of issues.If the governing body finds that the bonds authorized by ordinance or resolution will be insufficient to accomplish the purpose desired, additional bonds may be authorized, issued, and disposed of under the procedure provided in §§9-40-8 and 9-40-9, but the additional issues shall be junior to all prior issues, unless provision has been made in the contract and covenants of the first or second class municipality with the holders of the original bonds for the issuance of the additional bonds on a parity therewith. Source: SL 1931, ch 194, §14; SDC 1939, §45.2414; SL 1949, ch 191, §6; SL 1984, ch 43, §77; SL 1992, ch 60, §2.
SD Codified L § 9-40-8 (2021)
2021 South Dakota Codified Laws|Title 9 - Municipal Government|Chapter 40 - Utility Facilities And Revenue Bonds|Section 9-40-8 - Provision for additional bond issues of equal standing.

9-40-8. Provision for additional bond issues of equal standing.Any municipality may at the time of the issuance of revenue bonds for acquisition, extensions, or improvements of any utility provide for additional bonds of the same issue for extensions, additions, and permanent improvements, to be negotiated from time to time as may be necessary to defray the cost of such extensions, additions, and improvements. Such bonds when so issued and negotiated shall have equal standing with the other bonds of the same issue. Source: SL 1931, ch 194, §15; SDC 1939, §45.2415; SL 1949, ch 191, §7.
SD Codified L § 9-40-9 (2021)
2021 South Dakota Codified Laws|Title 9 - Municipal Government|Chapter 40 - Utility Facilities And Revenue Bonds|Section 9-40-9 - Provision for extension or improvement of utility by additional bond issue--Junior to prior issues.

9-40-9. Provision for extension or improvement of utility by additional bond issue--Junior to prior issues.In like manner such municipality acquiring or improving any utility under the provisions hereof may provide for additions to and extensions or improvements of such utility by an additional issue or issues of bonds in the manner and form provided in this chapter; but such additional issue or issues of bonds shall be junior to all prior issues as provided in §9-40-7, unless provision shall have been made in the contract and covenants of the first or second class municipality with the holders of the prior bonds for the issuance of such additional bonds on a parity therewith. Source: SL 1931, ch 194, §16; SDC 1939, §45.2415; SL 1949, ch 191, §7; SL 1992, ch 60, §2.
SD Codified L § 9-40-10 (2021)
2021 South Dakota Codified Laws|Title 9 - Municipal Government|Chapter 40 - Utility Facilities And Revenue Bonds|Section 9-40-10 - Resolution or ordinance to refer to chapter--Purchase price for utility to be specified.

9-40-10. Resolution or ordinance to refer to chapter--Purchase price for utility to be specified.The resolution or ordinance shall provide that the proposed utility or the proposed extensions, additions, and improvements thereto, are to be acquired pursuant to the provisions of this chapter. It shall further describe or specify the agreed price for the purchase or acquisition of the utility, if the price has been agreed to between the owner or owners thereof and the governing body. Source: SL 1931, ch 194, §2; SDC 1939, §45.2402; SL 1949, ch 191, §2; SL 1984, ch 43, §78.
SD Codified L § 9-40-11 (2021)
2021 South Dakota Codified Laws|Title 9 - Municipal Government|Chapter 40 - Utility Facilities And Revenue Bonds|Section 9-40-11 - Ordinance provisions for utility operation and security of bondholders.

9-40-11. Ordinance provisions for utility operation and security of bondholders.A municipality acquiring, adding to, improving, or extending any utility under the provisions of this chapter may provide by ordinance or resolution duly adopted by its governing body any such lawful provisions and stipulations for the proper operation and maintenance thereof, the administration of the income and revenues, and for the security of the bondholders as the governing body may deem necessary. Source: SL 1931, ch 194, §17; SDC 1939, §45.2416; SL 1949, ch 191, §8.
SD Codified L § 9-40-15 (2021)
2021 South Dakota Codified Laws|Title 9 - Municipal Government|Chapter 40 - Utility Facilities And Revenue Bonds|Section 9-40-15 - Bonds payable from revenue--Circumstances not requiring election.

9-40-15. Bonds payable from revenue--Circumstances not requiring election.Bonds issued pursuant to this chapter shall be payable solely from the revenue or income derived from the operation of such utility constructed or otherwise acquired or extended or improved hereunder. The municipality may, in the resolution or ordinance authorizing the bonds, provide that all or any portion of the revenue or income from the utility to be constructed, or otherwise acquired, extended, or improved hereunder, or any part thereof, be segregated from the other revenue or income of the utility, and that only the segregated portion of the revenue or income so segregated be used for the payment of such bonds. The municipality may for this purpose establish a special charge or surcharge for the services of the facilities financed by the bonds. If the bonds are made payable solely from such segregated revenue or income, or if the bonds are issued in connection with a financing agreement described in §46A-1-49, then no election is required to authorize the issuance of the bonds, unless required by S.D. Const., Art. XIII, §4. Source: SL 1931, ch 194, §5; SDC 1939, §45.2405; SL 1989, ch 77; SL 1990, ch 65.
SD Codified L § 9-40-15.1 (2021)
2021 South Dakota Codified Laws|Title 9 - Municipal Government|Chapter 40 - Utility Facilities And Revenue Bonds|Section 9-40-15.1 - Collection of charges for sewerage, water services, and drainage basin utility districts--Amount and basis of charges--Surcharge on water bills.

9-40-15.1. Collection of charges for sewerage, water services, and drainage basin utility districts--Amount and basis of charges--Surcharge on water bills.The governing body of each municipality issuing bonds under this chapter shall establish and collect equitable rates, charges, or rentals for all services and benefits furnished by such sewerage and water facility system or systems or drainage basin utility districts. The rates, charges, or rentals shall be sufficient to produce net revenues adequate to pay the principal of and interest on the bonds issued hereunder as such principal and interest become due, and to create and maintain reasonable reserves therefor. The charges may include a reasonable minimum amount for standby or ready-to-serve benefits and may be based on any factors reasonably related to the character, quantity, and quality of the service or benefits furnished. Rates and charges for sewerage improvements may, but need not, be established as a surcharge on water bills to the extent that the governing body shall determine either that water consumed is a fair measure of sewage produced or that the sewerage improvement prevents pollution of the water supply. Source: SL 1975, ch 92, §4; SL 1989, ch 388, §18.
SD Codified L § 9-40-16 (2021)
2021 South Dakota Codified Laws|Title 9 - Municipal Government|Chapter 40 - Utility Facilities And Revenue Bonds|Section 9-40-16 - Pledge of revenue to separate fund--Separate account for bond payments and reserve--Depreciation account and operational costs.

9-40-16. Pledge of revenue to separate fund--Separate account for bond payments and reserve--Depreciation account and operational costs.At or before the issuance of such revenue bonds the governing body by ordinance or resolution shall set aside, appropriate, and pledge the income and revenues of such utility, or such specified portion thereof as shall be determined by the governing body, into a separate and special fund or funds to be used and applied in payment of the cost thereof and in the maintenance, operation, repair, and depreciation thereof. Said ordinance or resolution shall provide that so much of the revenues from said utility as shall be necessary shall be set apart in a separate account and applied to the payment of the principal and interest of such revenue bonds and the accumulation of such reserve therefor as may be determined by the governing body to be necessary, and shall fix and determine as near as may be the monthly or annual proportion or amount of such income and revenues which is to be set aside as a proper and adequate depreciation account, and the balance shall be set aside and applied to the extent necessary for the reasonable and proper operation and maintenance thereof. Source: SL 1931, ch 194, §9; SDC 1939, §45.2409; SL 1949, ch 191, §4.
SD Codified L § 9-40-17 (2021)
2021 South Dakota Codified Laws|Title 9 - Municipal Government|Chapter 40 - Utility Facilities And Revenue Bonds|Section 9-40-17 - Revenue pledged to payment of extension and improvement bonds--Prior pledge for original bond issue.

9-40-17. Revenue pledged to payment of extension and improvement bonds--Prior pledge for original bond issue.If revenue bonds were issued pursuant to this chapter to make extensions, additions, or improvements to a utility previously owned by the municipality, then only the net income or revenues from such utility as so extended, added to, or improved can be pledged to the payment of such revenue bonds. The net income from the utility as extended, added to, or improved in such case shall be the excess of revenues or income remaining from time to time after first paying all reasonable and current expenses of maintenance, repairs, replacements, and operation including the interest on any general obligation bonds authorized to construct or acquire or improve such original utility and including the necessary debt service funds required to be provided for the retirement of said bond issues, and including the interest and debt service funds required annually to be paid or set aside on any refunding bonds issued to refund such general bonds issued for the original construction or acquisition or improvement of said utility, so extended, added to, or improved. Source: SL 1931, ch 194, §9; SDC 1939, §45.2409; SL 1949, ch 191, §4.
SD Codified L § 9-40-18 (2021)
2021 South Dakota Codified Laws|Title 9 - Municipal Government|Chapter 40 - Utility Facilities And Revenue Bonds|Section 9-40-18 - Taxing power not used for payment of revenue bonds--Restriction on use of other municipal funds.

9-40-18. Taxing power not used for payment of revenue bonds--Restriction on use of other municipal funds.The taxing powers of such municipality shall never be used for the payment of either the principal of or interest on revenue bonds issued pursuant to this chapter or any part thereof.No other funds or revenues or property of said municipality shall ever be used to pay such bonds or interest thereon except as may be otherwise provided by law. Source: SL 1931, ch 194, §5; SDC 1939, §45.2405.
SD Codified L § 9-40-19 (2021)
2021 South Dakota Codified Laws|Title 9 - Municipal Government|Chapter 40 - Utility Facilities And Revenue Bonds|Section 9-40-19 - Chapter and resolution or ordinance incorporated in terms of bonds.

9-40-19. Chapter and resolution or ordinance incorporated in terms of bonds.Revenue bonds issued pursuant to this chapter shall refer expressly to the resolution or ordinance, this chapter and any acts amendatory thereto and shall state that they are subject to all of the provisions and limitations thereof, and thereby all provisions and limitations of the resolution or ordinance and of this chapter and amendments thereto shall become a part of the bonds the same as if set forth at length. Source: SL 1931, ch 194, §5; SDC 1939, §45.2405; SL 1984, ch 43, §79.
SD Codified L § 9-40-21 (2021)
2021 South Dakota Codified Laws|Title 9 - Municipal Government|Chapter 40 - Utility Facilities And Revenue Bonds|Section 9-40-21 - Separate or combined acquisition of utilities--Purchase price.

9-40-21. Separate or combined acquisition of utilities--Purchase price.One or more such utilities owned by one or more persons may be acquired hereunder separately as a single enterprise or otherwise, and the governing board may agree with the owner or owners as to the value thereof and purchase the same at such agreed price or value. Source: SL 1931, ch 194, §3; SDC 1939, §45.2403.
SD Codified L § 9-40-22 (2021)
2021 South Dakota Codified Laws|Title 9 - Municipal Government|Chapter 40 - Utility Facilities And Revenue Bonds|Section 9-40-22 - Payment of purchase price by issuance of bonds.

9-40-22. Payment of purchase price by issuance of bonds.Any contract for the purchase, construction, or acquisition of a utility may provide that payment therefor shall be made in revenue bonds issued pursuant to this chapter. Source: SL 1931, ch 194, §5; SDC 1939, §45.2405; SL 1982, ch 75, §8; SL 1984, ch 43, §80.
SD Codified L § 9-40-23 (2021)
2021 South Dakota Codified Laws|Title 9 - Municipal Government|Chapter 40 - Utility Facilities And Revenue Bonds|Section 9-40-23 - Bonds set apart for payment of underlying debt--Income set aside for debt retirement.

9-40-23. Bonds set apart for payment of underlying debt--Income set aside for debt retirement.The governing body may also set apart bonds hereunder authorized equal to the amount of any lien, secured debt, or charge then subsisting against any utility at the time of the purchase or acquisition of such utility pursuant to this chapter, and shall set aside for interest and debt service funds from the balance of the income and revenues of such utility, remaining after setting aside the necessary amount or funds for the payment of principal of and interest on the revenue bonds, a sum sufficient to comply with the requirements of the instrument or contract creating the underlying lien, debt, or charge; or, if such instrument or contract does not make any provision therefor, said governing body shall fix and determine the amount which shall be set aside into said interest and debt service funds for interest and principal payments on said underlying lien, debt, or charge at the maturity thereof. Any surplus after satisfying the underlying lien, debt, or charge may be transferred to the fund for the redemption of the principal and interest of bonds issued hereunder. Source: SL 1931, ch 194, §18; SDC 1939, §45.2417; SL 1949, ch 191, §9.
SD Codified L § 9-40-24 (2021)
2021 South Dakota Codified Laws|Title 9 - Municipal Government|Chapter 40 - Utility Facilities And Revenue Bonds|Section 9-40-24 - Exchange of bonds for underlying debt--Application of proceeds to debt.

9-40-24. Exchange of bonds for underlying debt--Application of proceeds to debt.Bonds may be issued and negotiated subject to this chapter, in exchange for or in satisfaction of an underlying lien, debt, or charge on the utility, and the proceeds applied in payment of the same at or before maturity of the underlying lien or debt. Source: SL 1931, ch 194, §18; SDC 1939, §45.2417; SL 1949, ch 191, §9; SL 1984, ch 43, §81.
SD Codified L § 9-40-25 (2021)
2021 South Dakota Codified Laws|Title 9 - Municipal Government|Chapter 40 - Utility Facilities And Revenue Bonds|Section 9-40-25 - Bondholders' statutory mortgage on utility--Disposition of utility prohibited until bonds retired.

9-40-25. Bondholders' statutory mortgage on utility--Disposition of utility prohibited until bonds retired.There shall be a statutory mortgage lien upon such utility and the extensions, additions, and improvements thereto acquired pursuant to this chapter, in favor of and for the equal benefit of the lawful holders of bonds issued pursuant to this chapter and interest coupons and each of them, but no such lien shall attach to or become a charge upon or against any property or utility or any part thereof previously owned by such municipality by whatever means or funds acquired. Until all such bonds are fully paid with interest, the municipality shall not sell or otherwise dispose of said utility and shall not establish, authorize, or grant a franchise for the operation of any other utility for supplying like products or services in competition therewith. Source: SL 1931, ch 194, §6; SDC 1939, §45.2406; SL 1949, ch 191, §3.
SD Codified L § 9-40-26 (2021)
2021 South Dakota Codified Laws|Title 9 - Municipal Government|Chapter 40 - Utility Facilities And Revenue Bonds|Section 9-40-26 - Statutory lien continued until bonds paid.

9-40-26. Statutory lien continued until bonds paid.Any such utility shall remain subject to the statutory lien described in §9-40-25, subject always, however, to the limitations specified in said section, until the payment in full of the principal and interest of such bonds. Source: SL 1931, ch 194, §7; SDC 1939, §45.2407.
SD Codified L § 9-40-27 (2021)
2021 South Dakota Codified Laws|Title 9 - Municipal Government|Chapter 40 - Utility Facilities And Revenue Bonds|Section 9-40-27 - Enforcement by bondholders of statutory mortgage and requirements of chapter.

9-40-27. Enforcement by bondholders of statutory mortgage and requirements of chapter.Any holder of bonds issued pursuant to this chapter or of any of the coupons may by proper proceeding protect and enforce the statutory mortgage lien conferred by §9-40-25 and may enforce and compel performance of all duties required by this chapter, including the making and collecting of sufficient rates, the segregation of the income and revenue, and the proper application thereof. Source: SL 1931, ch 194, §7; SDC 1939, §45.2407.
SD Codified L § 9-40-28 (2021)
2021 South Dakota Codified Laws|Title 9 - Municipal Government|Chapter 40 - Utility Facilities And Revenue Bonds|Section 9-40-28 - Rates to cover bond retirement and operational costs.

9-40-28. Rates to cover bond retirement and operational costs.The rates to be charged for the service from such utility shall be sufficient to provide for the payment of interest upon all bonds and to create a debt service fund to pay the principal thereof as and when the same becomes due, and to provide for the operation and maintenance and repairs thereof and depreciation, and shall be revised from time to time so as to produce these amounts. Source: SL 1931, ch 194, §9; SDC 1939, §45.2409; SL 1949, ch 191, §4.
SD Codified L § 9-40-29 (2021)
2021 South Dakota Codified Laws|Title 9 - Municipal Government|Chapter 40 - Utility Facilities And Revenue Bonds|Section 9-40-29 - Municipality to pay for services rendered by utility.

9-40-29. Municipality to pay for services rendered by utility.The reasonable cost and value of any service rendered to such municipality by such utility subject to revenue bonds issued pursuant to this chapter shall be charged against the municipality and shall be paid for monthly as the service accrues from the current funds applicable to the payment thereof, or from proceeds of taxes which such municipality is hereby authorized and required to levy in an amount sufficient for that purpose. Such funds paid for service shall be accounted for in the same manner as other revenues of such utility. Source: SL 1931, ch 194, §12; SDC 1939, §45.2412.
SD Codified L § 9-40-31 (2021)
2021 South Dakota Codified Laws|Title 9 - Municipal Government|Chapter 40 - Utility Facilities And Revenue Bonds|Section 9-40-31 - Expenditures from depreciation account--Investment of accumulations.

9-40-31. Expenditures from depreciation account--Investment of accumulations.The funds accumulating to the depreciation account shall be expended in balancing depreciation in such utility, or in making any constructions, extensions, or additions thereto. Any such accumulations may be invested as the governing body may designate, to the same extent and in the same manner as any other funds of the municipality may be invested as otherwise provided by law; and if invested, the income from such investment shall be carried into the depreciation account. Source: SL 1931, ch 194, §11; SDC 1939, §45.2411.
SD Codified L § 9-40-32 (2021)
2021 South Dakota Codified Laws|Title 9 - Municipal Government|Chapter 40 - Utility Facilities And Revenue Bonds|Section 9-40-32 - Surplus applied to other municipal or public purposes.

9-40-32. Surplus applied to other municipal or public purposes.If any surplus, as defined in §9-40-30, remains in the operation and maintenance fund upon the expiration of any fiscal year, and the governing body determines that such surplus is not needed for the maintenance of the depreciation account, said surplus may be transferred to any other fund of the municipality in accordance with the provisions of §9-21-26.1, and may be used for any proper municipal purpose as directed by the governing body, or may be transferred to a public school district as provided in §9-21-28, or a hospital corporation as provided in chapter 34-9; provided that all such surplus funds on hand at any time prior to such transfer shall be available and shall be used to such extent as may be required for the payment of principal and interest on any outstanding revenue bonds, if other net revenues of the utility are insufficient for such purpose, and no such transfer shall at any time be made in contravention of any covenant of the municipality contained in the ordinances of resolutions authorizing said bonds. Source: SDC 1939, §45.2410 as added by SL 1953, ch 265.
SD Codified L § 9-40-33 (2021)
2021 South Dakota Codified Laws|Title 9 - Municipal Government|Chapter 40 - Utility Facilities And Revenue Bonds|Section 9-40-33 - Receivership on default or mismanagement--Powers of receiver.

9-40-33. Receivership on default or mismanagement--Powers of receiver.If there be any default in the payment of the principal or interest of any bonds issued pursuant to this chapter, or in any other condition thereof materially affecting the rights of any bondholder, and such default shall continue for a period of not less than three months, or if said utility affected by said bonds or subject to the payment thereof be mismanaged by the municipal authorities in charge thereof, or if the revenues from such utility be dissipated, wasted, or be diverted from their proper application to the payment of said bonds and to the operation, maintenance, and upkeep of said utility, then any court having jurisdiction of the action, in a proper suit commenced by either a resident taxpayer of said municipality whose rights may have been or may be affected, injured, or lost thereby, or commenced by any bondholder similarly affected by any such default, may appoint a receiver to operate and administer such utility subject to the payment thereof or subject to the lien declared in §9-40-25, with power on the part of such receiver to charge and collect rates reasonably sufficient to provide for the payment of any bonds or obligations subsisting against such utility, and for the payment of the maintenance and operating expenses, including the expenses of administration, and to apply the net income and revenue in conformity with this chapter and the ordinance referred to therein. Source: SL 1931, ch 194, §8; SDC 1939, §45.2408.
SD Codified L § 9-40-34 (2021)
2021 South Dakota Codified Laws|Title 9 - Municipal Government|Chapter 40 - Utility Facilities And Revenue Bonds|Section 9-40-34 - Judicial approval of rates charged during receivership--Criteria for establishment of rates.

9-40-34. Judicial approval of rates charged during receivership--Criteria for establishment of rates.The court appointing the receiver authorized by §9-40-33 shall first approve such rates and in doing so the receiver and the court shall take into consideration the capital cost of such utility and the expenses reasonably required to operate and maintain the utility as well as any schedule of rates previously adopted by such municipality or fixed by a valid contract between the first or second class municipality and any third persons. Source: SL 1931, ch 194, §8; SDC 1939, §45.2408; SL 1992, ch 60, §2.