9-25-14. Borrowing limit reduced by outstanding warrants and notes.
If any registered warrants or promissory notes are outstanding against the fund for which the money is to be borrowed, the borrowing limit specified in §9-25-13 shall be reduced by the amount of such outstanding warrants or promissory notes.
Source: SL 1978, ch 63, §3.
Structure South Dakota Codified Laws
Title 9 - Municipal Government
Chapter 25 - Municipal Bonds And Notes
Section 9-25-1 - General bonding power of municipalities.
Section 9-25-2 - Execution of bonds and coupons--Facsimile signatures.
Section 9-25-13 - Maximum amount borrowed on promissory note.
Section 9-25-14 - Borrowing limit reduced by outstanding warrants and notes.
Section 9-25-15 - Interest rate on promissory notes--Signature of notes.
Section 9-25-16 - Cash receipts applied to payment of notes until retired.