7-25A-26. Board's authority to issue bonds--Purpose--Limitation.
To undertake, accomplish, and complete any project or projects within the powers granted the board, the board may issue and sell bonds and other forms of indebtedness in such amount as the board may determine, for the purpose of acquiring, constructing, completing, or remodeling, maintaining, or equipping any such facility or facilities; refunding and refinancing the same from time to time as often as advantageous and in the public interest to do so; and pledging any income of such district, and any revenues derived by the district from such facilities, or any combination thereof, to secure payment of such bonds and to redeem such bonds. All districts bonds shall be authorized, issued and sold as provided in chapter 6-8B, except no election may be held to issue bonds other than those required by S.D. Const., Art. XIII, §4.
Source: SL 1989, ch 59, §26; SL 1990, ch 52, §5.
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.