<html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 7-21-16 - Debts and liabilities exceeding maximum tax levy prohibited. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2035616Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2035616SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2035616CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2035616Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2035616DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2035616000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2035616SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2035616SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2035616Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=7-21-16"><span class="s2035616SENU">7-21-16</span></a><span xml:space="preserve" class="s2035616SENU">. </span><span class="s2035616CL">Debts and liabilities exceeding maximum tax levy prohibited.</span></p><p dir="ltr" class="s2035616Normal-000000"><span class="s2035616DefaultParagraphFont">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 maximum rate.</span></p><p dir="ltr" class="s2035616Normal"><span xml:space="preserve" class="s2035616000001"> </span></p><p dir="ltr" class="s2035616Normal"><span class="s2035616SCL">Source:</span><span xml:space="preserve" class="s2035616SCL-000002"> SL 1897, ch 28, § 140; RPolC 1903, § 2243; RC 1919, § 6957; SDC 1939, § 12.1901.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 7-21-16 - Debts and liabilities exceeding maximum tax levy prohibited. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2035617Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2035617SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2035617CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2035617CL-000000 { font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2035617Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2035617DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2035617DefaultParagraphFont-000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2035617Normal-000003 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2035617000004 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2035617SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2035617SCL-000005 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2035617Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=7-21-16.1"><span class="s2035617SENU">7-21-16.1</span></a><span xml:space="preserve" class="s2035617SENU">. </span><span class="s2035617CL">Counties authorized to enter lease</span><span class="s2035617CL-000000">-</span><span class="s2035617CL">purchase agreement to lease real or personal property--Longer agreements for jails and juvenile detention facilities.</span></p><p dir="ltr" class="s2035617Normal-000001"><span xml:space="preserve" class="s2035617DefaultParagraphFont">The provisions of § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=7-21-16"><span class="s2035617DefaultParagraphFont">7-21-16</span></a><span xml:space="preserve" class="s2035617DefaultParagraphFont"> or any other provision of law notwithstanding, any county may enter into a lease</span><span class="s2035617DefaultParagraphFont-000002">-</span><span class="s2035617DefaultParagraphFont">purchase agreement for a term of years, not exceeding ten, for the purchase or lease by the county of real or personal property. However, if a lease</span><span class="s2035617DefaultParagraphFont-000002">-</span><span class="s2035617DefaultParagraphFont">purchase agreement is for the purchase or lease of a jail or juvenile detention facility, the agreement may be for a term of years, not exceeding twenty years.</span></p><p dir="ltr" class="s2035617Normal-000003"><span class="s2035617DefaultParagraphFont">Any lease</span><span class="s2035617DefaultParagraphFont-000002">-</span><span class="s2035617DefaultParagraphFont">purchase agreement for a term exceeding one year requires the approval of more than sixty percent of the members</span><span class="s2035617DefaultParagraphFont-000002">-</span><span class="s2035617DefaultParagraphFont">elect of the board of commissioners. The final adoption of any lease</span><span class="s2035617DefaultParagraphFont-000002">-</span><span xml:space="preserve" class="s2035617DefaultParagraphFont">purchase agreement shall be by resolution which may be referred pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=7-18A"><span class="s2035617DefaultParagraphFont">7-18A</span></a><span class="s2035617DefaultParagraphFont">.</span></p><p dir="ltr" class="s2035617Normal"><span xml:space="preserve" class="s2035617000004"> </span></p><p dir="ltr" class="s2035617Normal"><span class="s2035617SCL">Source:</span><span xml:space="preserve" class="s2035617SCL-000005"> SL 1995, ch 37, § 1; SL 1996, ch 57.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 7-21-16 - Debts and liabilities exceeding maximum tax levy prohibited. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2035618Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2035618SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2035618CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2035618Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2035618DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2035618000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2035618SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2035618SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2035618Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=7-21-16.2"><span class="s2035618SENU">7-21-16.2</span></a><span xml:space="preserve" class="s2035618SENU">. </span><span class="s2035618CL">County authorized to issue promissory notes.</span></p><p dir="ltr" class="s2035618Normal-000000"><span xml:space="preserve" class="s2035618DefaultParagraphFont">The provisions of § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=7-21-16"><span class="s2035618DefaultParagraphFont">7-21-16</span></a><span xml:space="preserve" class="s2035618DefaultParagraphFont"> or any other provision of law notwithstanding, a county may borrow money from any source willing to lend the money by issuing a promissory note subject to the limitations set in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=7-21-16.3"><span class="s2035618DefaultParagraphFont">7-21-16.3</span></a><span xml:space="preserve" class="s2035618DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=7-21-16.6"><span class="s2035618DefaultParagraphFont">7-21-16.6</span></a><span xml:space="preserve" class="s2035618DefaultParagraphFont">, inclusive. Notes issued pursuant to this section are payable solely from the sources provided in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=7-21-16.3"><span class="s2035618DefaultParagraphFont">7-21-16.3</span></a><span xml:space="preserve" class="s2035618DefaultParagraphFont"> and do not constitute an indebtedness of the county within the meaning of any constitutional or statutory provisions or limitations. The notes shall specify the authority under which the notes are issued and shall state that the notes are issued in conformity with the provisions, restrictions, and limitations of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=7-21-16.3"><span class="s2035618DefaultParagraphFont">7-21-16.3</span></a><span xml:space="preserve" class="s2035618DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=7-21-16.6"><span class="s2035618DefaultParagraphFont">7-21-16.6</span></a><span xml:space="preserve" class="s2035618DefaultParagraphFont">, inclusive, and that the notes and the interest on the notes are payable from the sources specified in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=7-21-16.3"><span class="s2035618DefaultParagraphFont">7-21-16.3</span></a><span xml:space="preserve" class="s2035618DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=7-21-16.6"><span class="s2035618DefaultParagraphFont">7-21-16.6</span></a><span xml:space="preserve" class="s2035618DefaultParagraphFont">, inclusive. The notes shall be authorized, issued, and sold in accordance with chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=6-8B"><span class="s2035618DefaultParagraphFont">6-8B</span></a><span class="s2035618DefaultParagraphFont">. No election is required, and the notes may not be issued for a term in excess of five years.</span></p><p dir="ltr" class="s2035618Normal"><span xml:space="preserve" class="s2035618000001"> </span></p><p dir="ltr" class="s2035618Normal"><span class="s2035618SCL">Source:</span><span xml:space="preserve" class="s2035618SCL-000002"> SL 2012, ch 53, § 1.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 7-21-16 - Debts and liabilities exceeding maximum tax levy prohibited. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2035619Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2035619SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2035619CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2035619Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2035619DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2035619000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2035619SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2035619SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2035619Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=7-21-16.3"><span class="s2035619SENU">7-21-16.3</span></a><span xml:space="preserve" class="s2035619SENU">. </span><span class="s2035619CL">Borrowing limit.</span></p><p dir="ltr" class="s2035619Normal-000000"><span xml:space="preserve" class="s2035619DefaultParagraphFont">The money borrowed pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=7-21-16.2"><span class="s2035619DefaultParagraphFont">7-21-16.2</span></a><span xml:space="preserve" class="s2035619DefaultParagraphFont"> may not exceed the sum of ninety-five percent of the amount of uncollected taxes levied by the county for the current fiscal year plus other receivables of the fund, including state or federal grant moneys, that have been earned by the county or committed by the state or federal governments but not collected at the date of borrowing.</span></p><p dir="ltr" class="s2035619Normal"><span xml:space="preserve" class="s2035619000001"> </span></p><p dir="ltr" class="s2035619Normal"><span class="s2035619SCL">Source:</span><span xml:space="preserve" class="s2035619SCL-000002"> SL 2012, ch 53, § 2.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 7-21-16 - Debts and liabilities exceeding maximum tax levy prohibited. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2035620Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2035620SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2035620CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2035620Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2035620DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2035620000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2035620SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2035620SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2035620Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=7-21-16.4"><span class="s2035620SENU">7-21-16.4</span></a><span xml:space="preserve" class="s2035620SENU">. </span><span class="s2035620CL">Reduction of borrowing limit for outstanding warrants or promissory notes.</span></p><p dir="ltr" class="s2035620Normal-000000"><span xml:space="preserve" class="s2035620DefaultParagraphFont">If any registered warrants or promissory notes are outstanding against the fund for which the money is to be borrowed, the borrowing limit specified in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=7-21-16.3"><span class="s2035620DefaultParagraphFont">7-21-16.3</span></a><span xml:space="preserve" class="s2035620DefaultParagraphFont"> is reduced by the amount of the outstanding warrants or promissory notes.</span></p><p dir="ltr" class="s2035620Normal"><span xml:space="preserve" class="s2035620000001"> </span></p><p dir="ltr" class="s2035620Normal"><span class="s2035620SCL">Source:</span><span xml:space="preserve" class="s2035620SCL-000002"> SL 2012, ch 53, § 3.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 7-21-16 - Debts and liabilities exceeding maximum tax levy prohibited. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2035621Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2035621SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2035621CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2035621Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2035621DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2035621000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2035621SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2035621SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2035621Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=7-21-16.5"><span class="s2035621SENU">7-21-16.5</span></a><span xml:space="preserve" class="s2035621SENU">. </span><span class="s2035621CL">Interest rate--Signatures.</span></p><p dir="ltr" class="s2035621Normal-000000"><span xml:space="preserve" class="s2035621DefaultParagraphFont">The rate of interest for a promissory note authorized by § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=7-21-16.2"><span class="s2035621DefaultParagraphFont">7-21-16.2</span></a><span xml:space="preserve" class="s2035621DefaultParagraphFont"> shall be stated on the note. The note shall be signed by the chair of the board of county commissioners and by the county auditor.</span></p><p dir="ltr" class="s2035621Normal"><span xml:space="preserve" class="s2035621000001"> </span></p><p dir="ltr" class="s2035621Normal"><span class="s2035621SCL">Source:</span><span xml:space="preserve" class="s2035621SCL-000002"> SL 2012, ch 53, § 4.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 7-21-16 - Debts and liabilities exceeding maximum tax levy prohibited. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2035622Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2035622SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2035622CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2035622Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2035622DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2035622000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2035622SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2035622SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } body { text-decoration-skip-ink: none; } </style></head><body><div><p dir="ltr" class="s2035622Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=7-21-16.6"><span class="s2035622SENU">7-21-16.6</span></a><span xml:space="preserve" class="s2035622SENU">. </span><span class="s2035622CL">Notes not paid in full within term.</span></p><p dir="ltr" class="s2035622Normal-000000"><span xml:space="preserve" class="s2035622DefaultParagraphFont">If a note authorized by §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=7-21-16.2"><span class="s2035622DefaultParagraphFont">7-21-16.2</span></a><span xml:space="preserve" class="s2035622DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=7-21-16.5"><span class="s2035622DefaultParagraphFont">7-21-16.5</span></a><span xml:space="preserve" class="s2035622DefaultParagraphFont">, inclusive, has been issued and not paid in full within the term provided in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=7-21-16.2"><span class="s2035622DefaultParagraphFont">7-21-16.2</span></a><span class="s2035622DefaultParagraphFont">, no cash receipts may be expended for any purpose except the retirement of principal and interest of notes outstanding against that fund, until all such notes are retired.</span></p><p dir="ltr" class="s2035622Normal"><span xml:space="preserve" class="s2035622000001"> </span></p><p dir="ltr" class="s2035622Normal"><span class="s2035622SCL">Source:</span><span xml:space="preserve" class="s2035622SCL-000002"> SL 2012, ch 53, § 5.</span></p></div></body></html>