South Dakota § 9-41A-40 - Bonds and notes payable solely from agency revenues--State and first or second class municipalities not obligated.
Full text of South Dakota South Dakota Codified Laws § 9-41A-40 — Bonds and notes payable solely from agency revenues--State and first or second class municipalities not obligated., with citation guidance and answers to common questions.
§ 9-41A-40. Bonds and notes payable solely from agency revenues--State and first or second class municipalities not obligated.
The principal of and interest upon any bonds or notes issued by a municipal power agency shall be payable solely from the revenues or funds pledged or available for their payment as authorized in this chapter. Each bond and note shall contain a statement that the principal thereof or interest thereon is payable solely from revenues or funds of the municipal power agency and that neither the state nor any political subdivision thereof, other than the municipal power agency, nor any first or second class municipality which is a member of the municipal power agency is obligated to pay the principal or interest and that neither the faith and credit nor the taxing power of the state or any political subdivision thereof or of any such municipality is pledged to the payment of the principal of or the interest on the bonds or notes. Nothing herein precludes the use of tax or other revenue by a municipality for payment of amounts due and performance of covenants under any contract of the municipality as provided in § 9-39-4.1.
Source: SL 1978, ch 66, § 45; SL 1992, ch 60, § 2.
Source: official South Dakota text · Last verified 2026-08-27
Frequently Asked Questions About South Dakota § 9-41A-40
What does South Dakota Codified Laws § 9-41A-40 cover?
Section 9-41A-40 ("Bonds and notes payable solely from agency revenues--State and first or second class municipalities not obligated.") is part of the South Dakota Codified Laws, the codified statutory law of South Dakota. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite South Dakota § 9-41A-40?
A common citation format is "South Dakota Codified Laws § 9-41A-40" (South Dakota). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of South Dakota law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Dakota official source linked on this page or consult a licensed South Dakota attorney.
How does South Dakota § 9-41A-40 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Dakota can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in South Dakota.