7-25A-24. District's authority to obtain loans--Purpose--Interest.
The district at any time may obtain loans pursuant to chapter 9-25, in such amount and on such terms and conditions as the board may approve, for the purpose of paying any of the expenses of the district or any costs incurred or that may be incurred in connection with any of the projects of the district. The loans shall bear such interest as the board may determine and may be payable from and secured by a pledge of such funds, revenues, taxes, and assessments as the board may determine, subject, however, to the provisions contained in any proceeding under which bonds were theretofore issued and are then outstanding. Notwithstanding the provisions of chapter 9-25, the terms of these loans may not exceed thirty years.
Source: SL 1989, ch 59, §24; SL 1990, ch 52, §4.
Structure South Dakota Codified Laws
Chapter 25A - Improvement Districts
Section 7-25A-1 - Definition of terms.
Section 7-25A-2 - Petition for establishment of improvement district--Contents.
Section 7-25A-3 - Hearing upon petition--Notice.
Section 7-25A-4 - Factors for consideration--Requirements.
Section 7-25A-6 - Filing of order required.
Section 7-25A-7 - Powers of district.
Section 7-25A-8 - Hearing prerequisite to purchase or sale of certain water or sewer utilities.
Section 7-25A-9 - Powers of board--Composition--Term of office.
Section 7-25A-10 - Election of board members.
Section 7-25A-11 - Conduct of elections--Costs borne by district.
Section 7-25A-12 - Conduct of campaigns.
Section 7-25A-13 - Appointments made by supervisor of elections--Other duties.
Section 7-25A-14 - Board members known as supervisors--Oath and term of office--Vacancies.
Section 7-25A-15 - Majority constitutes quorum.
Section 7-25A-16 - Election of chairman--Other officers.
Section 7-25A-17 - Compensation of board members.
Section 7-25A-18 - District manager--Compensation--Duties.
Section 7-25A-19 - Relationships not constituting conflict of interest.
Section 7-25A-20 - Authority of manager to hire--Compensation of employees determined by board.
Section 7-25A-21 - Designation of treasurer--Powers and duties--Disbursement of funds--Bond.
Section 7-25A-22 - Selection of depository.
Section 7-25A-23 - Provision of utilities--Powers of district.
Section 7-25A-24 - District's authority to obtain loans--Purpose--Interest.
Section 7-25A-25 - District's authority to issue negotiable notes--Payment.
Section 7-25A-26 - Board's authority to issue bonds--Purpose--Limitation.
Section 7-25A-27 - Defeasance of bondholders--Provisions determined by board--Surplus funds.
Section 7-25A-28 - Bonds constituting legal investments.
Section 7-25A-29 - Default not to constitute debt or obligation of local government or state.
Section 7-25A-30 - Assessment of ad valorem tax--Purpose--Maximum amount--Collection.
Section 7-25A-31 - Ad valorem taxes--Delinquency and penalties.
Section 7-25A-32 - Interest on bonds exempt.
Section 7-25A-34 - Provisions of other chapters pertaining to taxation applicable.
Section 7-25A-37 - Final adoption of schedule--Filing requirements--Scope of coverage.
Section 7-25A-38 - Requirements for charges--Uniformity--Production of minimum revenues.
Section 7-25A-39 - Recovery of charges or penalties upon default.
Section 7-25A-40 - Board's authority to make contracts.
Section 7-25A-41 - Petition for termination or contraction of districts--Contents.
Section 7-25A-42 - Commission's authority to order termination or contraction.
Section 7-25A-43 - Hearing upon petition to terminate--Notice.
Section 7-25A-44 - Factors for consideration by commission.
Section 7-25A-45 - Order for termination or contraction--Requirements.