9-25-16. Cash receipts applied to payment of notes until retired.
If a note authorized by §9-25-12 has been issued and not paid in full within the term provided in §9-25-12, then thereafter no cash receipts may be expended for any purpose except the retirement of principal and interest of notes outstanding against that fund, until all such notes are retired.
Source: SL 1978, ch 63, §5; SL 1983, ch 62, §2; SL 1991, ch 73, §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.