There is a newer version of the South Dakota Codified Laws
2011 South Dakota Code
Title 46A WATER MANAGEMENT
Chapter 04. Organization, Boundaries And Dissolution Of Irrigation Districts
§46A-4-92 Payment of outstanding obligations with proceeds of property sales--Prices paid.
SD Codified L § 46A-4-92 (through 2011) What's This?
46A-4-92. Payment of outstanding obligations with proceeds of property sales--Prices paid. After a sale of the property and franchises of the district, the board of directors shall, with the amount realized from the sale, together with other funds of the district, make settlement, payment, and redemption, if possible, of all outstanding bonded and other indebtedness of the district. However, in no case may the district pay more than the par value of the outstanding bonds with interest up to the time of payment plus any redemption premium agreed upon by the district at the time the outstanding bonds are issued.
Source: SDC 1939, § 61.0848; SDCL § 46-12-87; SL 1976, ch 277, § 6; SL 2011, ch 165, § 375.
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