13-19-6. Cash receipts devoted to retirement of warrants and notes when note outstanding.
When a promissory note authorized by §13-19-1 has been issued and not paid in full upon the maturity thereof, then thereafter, no cash receipts, from the collection of taxes or from the collection of tuition charges, shall be expended for any purpose except the retirement of principal and interest of registered warrants and promissory notes outstanding against the fund into which said revenue has been received, until all of said registered warrants and promissory notes shall have been retired.
Source: SL 1955, ch 41, ch 10, §16; SDC Supp 1960, §15.2216 (3); SL 1965, ch 48; SL 1985, ch 127, §3.
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.