9-40-32. Surplus applied to other municipal or public purposes.
If any surplus, as defined in §9-40-30, remains in the operation and maintenance fund upon the expiration of any fiscal year, and the governing body determines that such surplus is not needed for the maintenance of the depreciation account, said surplus may be transferred to any other fund of the municipality in accordance with the provisions of §9-21-26.1, and may be used for any proper municipal purpose as directed by the governing body, or may be transferred to a public school district as provided in §9-21-28, or a hospital corporation as provided in chapter 34-9; provided that all such surplus funds on hand at any time prior to such transfer shall be available and shall be used to such extent as may be required for the payment of principal and interest on any outstanding revenue bonds, if other net revenues of the utility are insufficient for such purpose, and no such transfer shall at any time be made in contravention of any covenant of the municipality contained in the ordinances of resolutions authorizing said bonds.
Source: SDC 1939, §45.2410 as added by SL 1953, ch 265.
Structure South Dakota Codified Laws
Title 9 - Municipal Government
Chapter 40 - Utility Facilities And Revenue Bonds
Section 9-40-2 - Systems defined as utilities.
Section 9-40-3 - Combining of systems and services into single utility system.
Section 9-40-4 - Utility facilities outside municipal limits.
Section 9-40-4.1 - Water pollution prevention contracts.
Section 9-40-4.2 - Financial aid for sewerage and water facility systems--Federal contracts.
Section 9-40-6 - Revenue bond issue for extension or improvement of utility.
Section 9-40-8 - Provision for additional bond issues of equal standing.
Section 9-40-11 - Ordinance provisions for utility operation and security of bondholders.
Section 9-40-15 - Bonds payable from revenue--Circumstances not requiring election.
Section 9-40-19 - Chapter and resolution or ordinance incorporated in terms of bonds.
Section 9-40-21 - Separate or combined acquisition of utilities--Purchase price.
Section 9-40-22 - Payment of purchase price by issuance of bonds.
Section 9-40-24 - Exchange of bonds for underlying debt--Application of proceeds to debt.
Section 9-40-26 - Statutory lien continued until bonds paid.
Section 9-40-27 - Enforcement by bondholders of statutory mortgage and requirements of chapter.
Section 9-40-28 - Rates to cover bond retirement and operational costs.
Section 9-40-29 - Municipality to pay for services rendered by utility.
Section 9-40-31 - Expenditures from depreciation account--Investment of accumulations.
Section 9-40-32 - Surplus applied to other municipal or public purposes.
Section 9-40-33 - Receivership on default or mismanagement--Powers of receiver.
Section 9-40-35 - Termination of receivership and restoration of municipal control.
Section 9-40-37 - Sale and lease-back arrangements for waterworks and waste disposal facilities.
Section 9-40-38 - Sale of waterworks and waste disposal facilities--Conditions.
Section 9-40-39 - Tax exemption of waterworks and waste disposal facilities.
Section 9-40-40 - Sale and lease-back powers additional--Restrictions.