7-21-16 Debts and liabilities exceeding maximum tax levy prohibited.
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Debts and liabilities exceeding maximum tax levy prohibited.
It shall be unlawful
for the officers of any county, unless specially and expressly authorized by law, to contract any debt
or incur any pecuniary liability, unless both the principal and annual interest thereof, in addition to
other necessary disbursements, can be paid by the levy for the current year on the taxable property
within the county at not exceeding the maximum rate prescribed by law; or in case such levy for the
current year has been made, then by levy for the next subsequent year at not exceeding such
Source: SL 1897, ch 28, § 140; RPolC 1903, § 2243; RC 1919, § 6957; SDC 1939, § 12.1901.
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