9-44-10. Bonds payable from improvement fund--Negotiability--Municipal obligation limited.
All bonds shall be payable solely out of the fund of the improvement or improvements to be financed thereby but they shall be negotiable investment securities within the meaning of chapter 57A-8. The obligation of the municipality with reference thereto shall be limited to the proper administration of the fund and the support of the same by the methods provided in this chapter and as provided in the resolution or ordinance authorizing the bond issue.
Source: SL 1947, ch 219, §2; SDC Supp 1960, §45.21A02; SL 1984, ch 43, §88.