<html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 9-51-14 - Ordinance authorizing revenue bonds--Pledge and definition of net revenues. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2037289Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2037289SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2037289CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2037289Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2037289DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2037289Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2037289DefaultParagraphFont-000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2037289Normal-000003 { text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2037289000004 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2037289SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2037289SCL-000005 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } body { text-decoration-skip-ink: none; } </style></head><body><div><p dir="ltr" class="s2037289Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=9-51-14"><span class="s2037289SENU">9-51-14</span></a><span xml:space="preserve" class="s2037289SENU">. </span><span class="s2037289CL">Ordinance authorizing revenue bonds--Pledge and definition of net revenues.</span></p><p dir="ltr" class="s2037289Normal-000000"><span xml:space="preserve" class="s2037289DefaultParagraphFont">The bonds described in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=9-51-13"><span class="s2037289DefaultParagraphFont">9-51-13</span></a><span xml:space="preserve" class="s2037289DefaultParagraphFont"> shall be authorized by an ordinance duly adopted by the governing body and subject to referendum as other ordinances, in which ordinance the governing body may pledge all or any part of any one or more of the following:</span></p><p dir="ltr" class="s2037289Normal-000001"><span class="s2037289DefaultParagraphFont">(1)    The net revenues derived from the property acquired or constructed from the proceeds of such bonds;</span></p><p dir="ltr" class="s2037289Normal-000001"><span class="s2037289DefaultParagraphFont">(2)    Any net revenues of any other similar project or automobile parking facility whether acquired from proceeds of similar bonds or otherwise;</span></p><p dir="ltr" class="s2037289Normal-000001"><span class="s2037289DefaultParagraphFont">(3)    Any net revenues derived by the municipality from on</span><span class="s2037289DefaultParagraphFont-000002">-</span><span class="s2037289DefaultParagraphFont">street parking meters.</span></p><p dir="ltr" class="s2037289Normal-000003"><span class="s2037289DefaultParagraphFont">The governing body shall make such investigation of facts and circumstances as is necessary and based upon the findings made in such investigation and in accordance with sound accounting practices shall find and determine what portion of the revenues are net revenues and shall so define "net revenues" in the ordinance or ordinances adopted hereunder.</span></p><p dir="ltr" class="s2037289Normal"><span xml:space="preserve" class="s2037289000004"> </span></p><p dir="ltr" class="s2037289Normal"><span class="s2037289SCL">Source:</span><span xml:space="preserve" class="s2037289SCL-000005"> SL 1955, ch 216, §§ 2, 5; SDC Supp 1960, §§ 45.02A02, 45.02A05.</span></p></div></body></html>