42-7B-54 Anticipatory revenue bonds.
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.