49-39-1. Authority to borrow--Funds available for repayment--Security for loan. Any district organized under chapter 49-35 may borrow money and incur indebtedness for any corporate use or purpose. Any indebtedness, liability, or obligation of the district for the payment of money, in whatever manner entered or incurred, and whether arising from contract, implied contract, or otherwise, shall be payable solely:
(1) From revenues, income, and receipts derived by the district from its operation and management of power plants or systems; or
(2) From the issuance or sale by the district of its warrants, notes, debentures, bonds, variable rate obligations, or other evidences of indebtedness, payable solely from such revenues, income, and receipts, or from the proceeds and avails of the sale of property of the district.
Any district may pledge and put up as collateral security for a loan any revenue debentures, notes, warrants, bonds, or other evidences of indebtedness, issued by it.
Source: SL 1950 (SS), ch 17, § 45; SDC Supp 1960, § 52.1745; SL 1989, ch 403, § 26.
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