South Dakota Codified Laws
Chapter 51 - Municipal Parking Facilities
Section 9-51-28 - Tax proceeds placed in debt service fund--Transfers from revenue fund to debt service fund--Reduction of tax levy.

9-51-28. Tax proceeds placed in debt service fund--Transfers from revenue fund to debt service fund--Reduction of tax levy.
All taxes levied pursuant to §9-51-26 when collected shall be placed in a special debt service fund and no part thereof shall be used for any purpose other than to pay the interest and principal of the bonds for which they were levied and collected; provided, that all moneys in the revenue fund set up in the ordinance authorizing the issuance of the bonds shall, from time to time, be transferred and irrevocably appropriated to said debt service fund and the governing body shall cause the amount so transferred to be certified to the county auditor and the total of the moneys so transferred and irrevocably appropriated shall be used and applied to reduce and eliminate the taxes theretofore levied and next thereafter to be spread upon the tax rolls.

Source: SL 1955, ch 216, §6; SDC Supp 1960, §45.02A06 (3).

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Structure South Dakota Codified Laws

South Dakota Codified Laws

Title 9 - Municipal Government

Chapter 51 - Municipal Parking Facilities

Section 9-51-1 - Legislative findings and policy.

Section 9-51-1.1 - Appointive board to manage parking facilities--Contents of ordinance.

Section 9-51-2 - Portion of parking meter revenues accumulated in parking lot and area fund--Approval of voters required--Computation of revenues.

Section 9-51-3 - Parking meter revenues released on determination to issue bonds.

Section 9-51-4 - Use of moneys in parking lot and area fund--Retirement of bonds as proper purpose--Use for street construction and maintenance.

Section 9-51-5 - Utility revenue bonds and general obligation bonds authorized for acquisition, improvement, and operation of off-street parking lots.

Section 9-51-6 - Contract for purchase or lease of parking lot authorized--Maximum term.

Section 9-51-7 - Appraisement of property being purchased for parking lot--Maximum price.

Section 9-51-8 - Annual appropriations for parking lot operated under contract--Prior application of parking meter revenues.

Section 9-51-9 - Parking facility financing law--Definition of terms.

Section 9-51-10 - Acquisition, improvement and operation of parking facilities--Traffic control devices--Use of municipal funds.

Section 9-51-11 - Alternative means of financing parking facilities.

Section 9-51-12 - State and federal aid to municipal parking facilities--Agreement by municipality.

Section 9-51-13 - Issuance of parking facility revenue bonds authorized.

Section 9-51-14 - Ordinance authorizing revenue bonds--Pledge and definition of net revenues.

Section 9-51-15 - Contents of resolution or ordinance--Covenants and agreements with bondholders.

Section 9-51-16 - Issuance and sale of bonds--Reference to ordinance for matters not covered in bonds--Negotiability.

Section 9-51-18 - Bondholders have no right to compel tax levy or appropriation.

Section 9-51-19 - Additional bonds if original issue insufficient--Junior to prior issues unless other provision made.

Section 9-51-21 - Revenue bonds not municipal indebtedness.

Section 9-51-22 - General obligation bonds authorized for parking facilities.

Section 9-51-23 - Net revenues pledged to payment of special obligation bonds--Additional covenants authorized.

Section 9-51-24 - Agreement by municipality to levy property tax--Indebtedness within constitutional limitation--Levy of irrepealable tax--Maximum levy.

Section 9-51-25 - Agreement to levy tax to cover deficiency--Levy notwithstanding omission of covenant--Levy in anticipation of deficiency--Maximum levy.

Section 9-51-26 - Agreement to levy tax when bonds due--Certification to county auditor.

Section 9-51-27 - Spread of tax against taxable property within municipality--Certification to auditor of more than one county.

Section 9-51-28 - Tax proceeds placed in debt service fund--Transfers from revenue fund to debt service fund--Reduction of tax levy.

Section 9-51-30 - Covenants and stipulations for administration of parking facilities and security of bondholders--Bondholders' right to compel performance--Lien not granted.

Section 9-51-32 - Lease of municipally owned parking facilities--Regulation of rates--Improvements by lessee--Publication of terms of lease.

Section 9-51-33 - Operating management contracts for municipally owned parking facilities.

Section 9-51-34 - Financing law alternative and independent of other laws.

Section 9-51-35 - Parking district law--Definition of terms.

Section 9-51-36 - Acquisition, improvement and maintenance of parking facilities authorized--Additional to other powers.

Section 9-51-48 - Municipal and parking meter funds used to maintain parking facilities.

Section 9-51-49 - Charges for use of parking facilities--Public parking facility fund--Application of fund.

Section 9-51-51 - Discontinuance or diversion of use of parking facilities--Contracts and covenants to be honored--Referendum.