46A-6-42. Funds of district--Deposit in bank, designation by board of directors, release of district treasurer from personal liability.
All funds of every kind and character, including moneys, credits, and other assets, belonging to any irrigation district, shall be by the treasurer deposited in a bank or banks within the State of South Dakota, which bank or banks shall be designated by the board of directors of such district. If no depository is designated, then the treasurer shall designate a bank or banks as a depository for such public funds. The deposit of such public funds as herein designated, shall relieve the treasurer of such irrigation district from personal liability for loss of such funds deposited through the insolvency or failure of such depository while deposited therein.
Source: SDC 1939, §61.0857; SDCL, §46-14-41.
Structure South Dakota Codified Laws
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-6-4.1 - Eligibility to vote on water supply contract.
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-6-19 - Payment of bonds and interest--Annual assessment upon real property of district.
Section 46A-6-30 - Compliance with federal and state laws--Rights of district to contract.
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-6-45 - Additional bonds of district--Priority.
Section 46A-6-47 - Claims against district--Allowance--Warrants for payment.