49-39-8. Pledging revenues to secure federal indebtedness--State not liable. Nothing contained in chapters 49-35 to 49-40, inclusive, shall prevent the district from assigning, pledging, or otherwise hypothecating, its revenues, incomes, receipts or profits to secure the payment of indebtedness to the federal government; provided, that the State of South Dakota shall never pledge its credit or funds, or any part thereof, for the payment of settlement of any indebtedness or obligation whatsoever of any district created under the provisions of chapter 49-35.
Source: SL 1950 (SS), ch 17, § 60; SDC Supp 1960, § 52.1759.
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