42-7B-54. Anticipatory revenue bonds. The City of Deadwood may issue revenue bonds in anticipation of the receipt of net municipal proceeds as provided in subdivision 42-7B-48(4). The proceeds of the sale of such revenue bonds shall be deposited in the Deadwood historic restoration and preservation fund and used for the purposes thereof. The revenue bonds shall be payable solely from the net municipal proceeds, and the city shall, in the ordinance or resolution authorizing the revenue bonds, irrevocably pledge and appropriate so much of the net municipal proceeds received by the city as may be necessary for the payment of the revenue bonds and the restoration of any reserves established in connection with the bonds. The principal amount of any issue of revenue bonds may not exceed the sum of the estimated capital needs of the historic restoration and preservation fund for the current and next three succeeding fiscal years of the city, a debt service reserve fund not exceeding the maximum annual debt service on the issue, the premium for bond insurance or other credit enhancement for the issue and the estimated cost of issuance of the revenue bonds. The revenue bonds shall be authorized, issued and sold as provided in chapter 6-8B, except that no election is required to authorize the issuance of the bonds.
Source: SL 1990, ch 344, § 3.
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