13-19-2. Amount borrowed on notes limited by anticipated receipts.
Except for obligations to the state, including the health and educational facilities authority, or federal government, the money borrowed pursuant to §13-19-1 may not exceed the sum of ninety-five percent of the amount of taxes levied or proposed to be levied by the school board but not collected at the date of borrowing by the school board pursuant to §13-11-2 for the current or next full school fiscal year for the fund for which the money is borrowed plus other anticipated receipts for the fund which have not been collected at the date of borrowing.
Source: SL 1955, ch 41, ch 10, §16; SDC Supp 1960, §15.2216 (1); SL 1965, ch 48; SL 1975, ch 128, §118; SL 1976, ch 116; SL 1983, ch 130; SL 1985, ch 127, §2; SL 1989, ch 146, §7.
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.