2012 South Dakota Codified Laws
Title 46A WATER MANAGEMENT
Chapter 07A. Cendak Irrigation District
§46A-7A-120 Interest on unpaid assessments--Sale of bonds secured by assessment.

46A-7A-120. Interest on unpaid assessments--Sale of bonds secured by assessment. All unpaid assessments bear interest at a rate not to exceed fifteen percent per year. Interest starts thirty days after the board has adopted a resolution calling for sale of bonds secured by the assessment or has adopted a resolution to accept a loan secured by the assessment. If the rate of interest on bonds secured by assessment is less than fifteen percent, the board may set the rate of interest on delinquent assessments at a rate of less than fifteen percent, but no lower than the interest rate paid on outstanding bonds.

Any time after certification of the assessment roll, the board by resolution may call for sale of bonds secured by such assessment. The form and substance of such bonds and their sale shall be governed by the provisions of §§ 46A-7A-139 to 46A-7A-142, inclusive. The total par value of bonds sold against any benefit assessment may not exceed the total assessment.

Source: SL 1985, ch 360, § 120.