South Dakota § 4-6-26 Borrowing on daily basis for management of state deposits--Repayment.

South Dakota Statutes

§ 4-6-26 — Borrowing on daily basis for management of state deposits--Repayment.

South Dakota·Title 4 PUBLIC FISCAL ADMINISTRATION·Ch. 4-6 DEPOSITORIES OF PUBLIC FUNDS

For the purpose of managing deposits of state moneys, the state treasurer may, on a daily basis only, borrow moneys from any depository to cover advances made by a depository of the state on uncollected deposits. The state treasurer may pay interest on such borrowed moneys at a rate to be negotiated by him and the lending depository and may take such measures as are necessary to implement this section. All such moneys shall be repaid, with interest, before the end of the fiscal year in which they were borrowed. The state is not liable to repay such moneys from revenues of any later fiscal year.

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For the purpose of managing deposits of state moneys, the state treasurer may, on a daily basis only, borrow moneys from any depository to cover advances made by a depository of the state on uncollected deposits. The state treasurer may pay interest on such borrowed moneys at a rate to be negotiated by him and the lending depository and may take such measures as are necessary to implement this section. All such moneys shall be repaid, with interest, before the end of the fiscal year in which they were borrowed. The state is not liable to repay such moneys from revenues of any later fiscal year.

South Dakota § 4-6-26 (Borrowing on daily basis for management of state deposits--Repayment.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.