Section 9-41-3 – Additional bonds authorized when original issue insufficient–Priority of issues.
9-41-3. Additional bonds authorized when original issue insufficient–Priority of issues. If the governing body finds that the bonds authorized by the original resolution or ordinance shall be insufficient to accomplish the purpose desired, additional bonds may be authorized, issued, and disposed of under the procedure provided in this chapter, but the additional issues shall be […]
Section 9-41-4 – Ordinance provisions for operation of system and security of bondholders.
9-41-4. Ordinance provisions for operation of system and security of bondholders. A municipality so improving, expanding, or reconstructing its telephone lines or facilities 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, […]
Section 9-41-7 – Bondholders’ statutory mortgage on telephone improvements–Disposition of system prohibited until bonds retired.
9-41-7. Bondholders’ statutory mortgage on telephone improvements–Disposition of system prohibited until bonds retired. There shall be a statutory mortgage lien upon the improvements, expanded or reconstructed telephone plant in favor of and for the equal benefit of the lawful holders of said bonds and interest coupons, and each of them, but no such lien shall […]
Section 9-41-8 – Pledge of telephone revenues to separate fund–Separate account for bond payments and reserve–Depreciation account and operational expenses.
9-41-8. Pledge of telephone revenues to separate fund–Separate account for bond payments and reserve–Depreciation account and operational expenses. 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 its telephone lines and facilities, or such specified portion thereof […]
Section 9-41-9 – Rates supervised by Public Utilities Commission–Sufficient for bond retirement and operation.
9-41-9. Rates supervised by Public Utilities Commission–Sufficient for bond retirement and operation. The rates to be charged by the municipality for the telephone service shall be subject to the supervision of the Public Utilities Commission and shall be sufficient to provide for the payment of interest upon all bonds and to create a debt service […]
Section 9-41-10 – Transfer of surplus to depreciation account.
9-41-10. Transfer of surplus to depreciation account. If any surplus shall be accumulated at any time in the operation and maintenance fund, in excess of a reasonable reserve for current and anticipated expenses of operation and expenses, any such excess may be transferred at any time by the governing body to the depreciation account to […]
Section 9-41-11 – Severability of chapter and resolutions.
9-41-11. Severability of chapter and resolutions. If any provision of this chapter, or of any resolution or resolutions authorizing the issuance of bonds pursuant to this chapter, or the application thereof to any person or circumstances, shall be held invalid in any legal proceedings, such invalidity shall not affect other provisions or applications of this […]
Section 9-41A-1 – Definition of terms.
9-41A-1. Definition of terms. Terms used in this chapter, unless the context plainly otherwise requires, mean: (1)”Agency agreement,” the written agreement between or among two or more cities establishing a municipal power agency; (2)”City,” a city organized and existing under the laws of South Dakota, and authorized by such laws or charter to engage in […]
Section 9-40-39 – Tax exemption of waterworks and waste disposal facilities.
9-40-39. Tax exemption of waterworks and waste disposal facilities. All land, improvements and capital equipment owned, leased, acquired, or operated by the municipality pursuant to a lease having a fixed term plus renewal options exceeding three years or a lease-purchase or installment purchase contract, or pursuant to an operating contract described in §9-40-38 constitute a […]
Section 9-40-40 – Sale and lease-back powers additional–Restrictions.
9-40-40. Sale and lease-back powers additional–Restrictions. The powers conferred by §§9-40-37 and 9-40-38 are in addition to all other powers conferred upon the governing body of any municipality, and their exercise shall be subject only to such restrictions as may be provided by the South Dakota Constitution and are not subject to any restriction or […]