South Dakota Codified Laws
Chapter 06 - Irrigation District Contracts And Financing
Section 46A-6-22 - Debt service fund--Investment in federal or state bonds or certificates of deposit, deposits in banks within state.

46A-6-22. Debt service fund--Investment in federal or state bonds or certificates of deposit, deposits in banks within state.
Every district maintaining a debt service fund for the payment of outstanding bonds shall keep the accumulations in the debt service fund deposited with the lawful depositories or invested in registered warrants or bonds of any municipal or public corporation of the state, or bonds, notes, or other obligations issued by any federal land bank, federal intermediate credit bank, bank for cooperatives, or any or all of the federal farm credit banks, or obligations of the United States, or bonds or securities of any kind issued by the state, and the interest accruing on the investment shall be credited to the debt service fund. Moneys in any debt service fund shall be invested only in the above-named securities as will become due and payable on or before the date when the bonds for the payment of which the debt service fund was created become due and payable, except bonds of the United States or of the state.
In carrying out the provisions of this section, all transactions shall be by resolution of the board of directors.

Source: SDC 1939, §61.0918; SDCL, §46-14-21; SL 1984, ch 43, §122.

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Structure South Dakota Codified Laws

South Dakota Codified Laws

Title 46A - Water Management

Chapter 06 - Irrigation District Contracts And Financing

Section 46A-6-1 - Unauthorized debts and liabilities prohibited.

Section 46A-6-2 - Contracts for supply of water to irrigate lands--Source of supply.

Section 46A-6-3 - Payment within one year of purchase price of water supply--Tax levy.

Section 46A-6-4 - Contract to supply water to irrigate lands--Payments extending more than one year--Submission to voters for approval or disapproval, general or special election, notice, conduct of election--Approval of contract by voters--Annual ta...

Section 46A-6-4.1 - Eligibility to vote on water supply contract.

Section 46A-6-5 - Drainage of land by district--Special assessments and funds--Surveys--Eminent domain--Contract with United States.

Section 46A-6-6 - Contract with United States for drainage of lands in district--Contract by board of directors for drainage of contiguous outside lands, assumption of cost and repayment to United States.

Section 46A-6-7 - Submission of federal contract to voters at general or special election--Notice--Approval by voters.

Section 46A-6-8 - Supplemental or amendatory contracts with United States--Amount of principal indebtedness not increased.

Section 46A-6-9 - Election and judicial confirmation not required for supplementary or amendatory contracts--Resolution of board.

Section 46A-6-10 - Prior supplemental contracts with United States validated.

Section 46A-6-15 - Covenants and agreements to protect security and payment of bonds.

Section 46A-6-16 - Bonds of district to be delivered to United States under reclamation contract--Form--Terms--Denominations.

Section 46A-6-17 - Issuance of bond not necessary--Cost and expenses of property and works covered by contract between district and United States.

Section 46A-6-19 - Payment of bonds and interest--Annual assessment upon real property of district.

Section 46A-6-22 - Debt service fund--Investment in federal or state bonds or certificates of deposit, deposits in banks within state.

Section 46A-6-23 - Interest on due and unpaid interest coupons of bonds--Election to authorize--Form of ballots.

Section 46A-6-24 - Interest on unpaid coupons--Majority vote of electors--Adoption declared by board--Levy for capital projects fund--Stamping of coupons by county treasurer.

Section 46A-6-29 - Contract with United States guaranteeing bonds of district or extending financial credit.

Section 46A-6-30 - Compliance with federal and state laws--Rights of district to contract.

Section 46A-6-31 - Special court proceeding to confirm contracts or assessments-- Procedure--Partial approval--Curing of defects.

Section 46A-6-32 - Confirmation of issue and sale of bonds by board of directors--Judicial examination in special proceeding--Approval or disapproval by circuit court.

Section 46A-6-33 - Petition of board of directors for confirmation of issue and sale of bonds--Filed in circuit court--Contents.

Section 46A-6-34 - Hearing of petition of board of directors for confirmation of issue and sale of bonds--Notice of filing, publication--Time and place.

Section 46A-6-35 - Pleading to petition of board of directors for confirmation of issue and sale of bonds--Law governing.

Section 46A-6-36 - Contract with United States amendatory of individual water right contracts--Exception.

Section 46A-6-37 - Court hearing on organization of district or issuance of bonds--Determination of legality--Disregard of certain irregularities--Partial approval--Costs.

Section 46A-6-38 - Statement by board--Preparation, contents, and certification--Statement and bonds presented to department--Recording of statement--Registration of bonds.

Section 46A-6-39 - Borrowing to make payments on federal contracts.

Section 46A-6-40 - Borrowing for unforeseen or unusual conditions in operation and maintenance.

Section 46A-6-41 - Maximum amount of loans--Payment.

Section 46A-6-41.1 - Borrowing funds from conservancy district--Pledge of district credit.

Section 46A-6-42 - Funds of district--Deposit in bank, designation by board of directors, release of district treasurer from personal liability.

Section 46A-6-43 - Withdrawal from construction fund and deposit in county treasury--Disbursement by county treasurer--Monthly report.

Section 46A-6-44 - Costs of acquisition of property and construction of works and improvements--Payment out of construction fund or in district bonds.

Section 46A-6-45 - Additional bonds of district--Priority.

Section 46A-6-46 - Claims against district--Verification required--Oaths administered by district secretary.

Section 46A-6-47 - Claims against district--Allowance--Warrants for payment.

Section 46A-6-48 - Insufficient funds for payment of warrants--Endorsement of district treasurer--Interest.

Section 46A-6-49 - Register of warrants by district treasurer--Payment of warrants in order of presentation.

Section 46A-6-50 - District treasurer--Monthly report.

Section 46A-6-51 - Transfer of assets and liabilities of nonprofit entity to district--Approval by governing board and electors.