Section 9-51-23 - Net revenues pledged to payment of special obligation bonds--Additional covenantsauthorized.
9-51-23. Net revenues pledged to payment of special obligation bonds--Additional covenants authorized. Bonds authorized and issued under §§ 9-51-22 to 9-51-29, inclusive, may be made payable as to both principal and interest out of the net revenues or moneys levied and appropriated as set forth in § 9-51-14, provided that in the ordinance authorizing such bonds the governing body may on behalf of the municipality make any or all of the irrevocable covenants in §§ 9-51-24 to 9-51-28, inclusive, with and for the benefit of the holders from time to time of said bonds.
Source: SL 1955, ch 216, § 6; SDC Supp 1960, § 45.02A06.