There is a newer version of the South Dakota Codified Laws
2012 South Dakota Codified Laws
Title 9 MUNICIPAL GOVERNMENT
Chapter 43. Special Assessments And Financing Of Improvements
§9-43-123 Transfer of excess assets to sinking fund for general obligation bonds issued to create and maintain special assessments.
SD Codified L § 9-43-123 (through 2012) What's This?
9-43-123. Transfer of excess assets to sinking fund for general obligation bonds issued to create and maintain special assessments. If the governing body determines that the cash, assessment bonds, and any other investments held in the special assessment accounts are in excess of amounts required for financing contemplated future local improvements, it may transfer all or any part of the assets to the sinking fund for any outstanding general obligation bonds issued to create and maintain special assessments. The transfer is irrevocable, and the principal amount of all assessment bonds transferred that are not in default as to principal or interest, together with the other assets of the sinking fund, are deductible from the principal amount of the general obligation bonds in determining the net indebtedness of the municipality.
Source: SL 2012, ch 57, § 51.
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