Section 46A-9-56 - Borrowing power of district--Sources from which obligations payable--Authorization, issuance, and sale of bonds.

46A-9-56. Borrowing power of district--Sources from which obligations payable--Authorization, issuance, and sale of bonds. Any district organized pursuant to this chapter may borrow money and incur indebtedness for any corporate use or purpose authorized in this chapter, provided the indebtedness, liability, or obligation of the district for the payment of money in any manner, and whether arising from contract, implied contract, or otherwise, is payable solely:
(1) From revenues, income, receipts, and profits derived by the district from its operation and management of systems and irrigation works as in this chapter provided; or
(2) From the issuance or sale by the district of its warrants, notes, revenue bonds, debentures, or other evidences of indebtedness, (hereinafter referred to in this section as "district obligations") payable solely from such revenues, income, receipts, and profits. All bonds shall be authorized, issued, and sold as provided in chapter 6-8B. However, no bond election is required.

Source: SL 1939, ch 291, § 10; SDC Supp 1960, § 61.1310; SDCL, § 46-16-54; SL 1978, ch 330, § 2; SL 1984, ch 43, § 124; SL 1985, ch 361.