13-19-3. Borrowing limit reduced by outstanding warrants or notes.
In case any registered warrants or promissory notes are outstanding against the fund for which the money is to be borrowed, the borrowing limit as specified in §13-19-2 shall be reduced by the amount of such warrants or promissory notes outstanding at the time the money is borrowed.
Source: SL 1955, ch 41, ch 10, §16; SDC Supp 1960, §15.2216 (2); SL 1965, ch 48.
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.