13-19-1. School board power to borrow on notes--Authorization, issuance and sale--Maximum term.
Any school board may borrow money, from any source willing to lend the money, by issuing a promissory note subject to the limitations and regulations set forth in §§13-19-2 to 13-19-6, inclusive. All notes shall be authorized, issued, and sold in accordance with the provisions of chapter 6-8B, except that no election shall be held and the notes may not be issued for a term in excess of twenty-four consecutive months.
Source: SL 1955, ch 41, ch 10, §16; SDC Supp 1960, §15.2216; SL 1965, ch 48; SL 1975, ch 128, §117; SL 1984, ch 43, §102C; SL 1985, ch 127, §1.
Structure South Dakota Codified Laws
Chapter 19 - School District Bonds And Notes
Section 13-19-2 - Amount borrowed on notes limited by anticipated receipts.
Section 13-19-3 - Borrowing limit reduced by outstanding warrants or notes.
Section 13-19-4 - Interest rate on notes.
Section 13-19-5 - Signing of notes.
Section 13-19-6 - Cash receipts devoted to retirement of warrants and notes when note outstanding.
Section 13-19-7 - Bonding power of school districts--Purposes for which bonds authorized.
Section 13-19-8 - Constitutional debt limit to be observed.
Section 13-19-9 - Authorization, issuance, and sale of bonds--No election.
Section 13-19-28 - Terms of financing arrangements.
Section 13-19-29 - Limitation on expenditures when amounts are due and funds pledged as security.