S.D. Codified Laws § 49-16B-42

Current through the 2024 Legislative Session

Section 49-16B-42 - Authority to account for income-Disbursements from accounts in fund

The authority shall keep account of the gross total income derived from each separate project or any combination thereof undertaken pursuant to this chapter. Disbursements from a given account in the railroad authority fund shall be ordered by the authority only for the payment of:

(1) The principal of and interest on the bonds issued for each project, or combination thereof;

(2) The cost of maintenance and operation of the facility or facilities, unless otherwise provided for; and

(3) Any other purposes set forth in the resolution authorizing the issuance of said bonds.

SDCL 49-16B-42

SL 1980, ch 323, § 37.