South Dakota § 8-11-7 Tax levy for retirement of bonds--Special fund.

South Dakota Statutes

§ 8-11-7 — Tax levy for retirement of bonds--Special fund.

South Dakota·Title 8 TOWNSHIPS·Ch. 8-11 TOWNSHIP BONDS

It shall be the duty of the board of supervisors at or before the issuing of any such bonds to provide by resolution or bylaw for an annual tax sufficient to pay the interest and also the principal thereof, when due, which resolution or bylaw shall be irrepealable until such bonds and interest are fully paid. All taxes so levied, when collected, shall be placed in a special fund and no part thereof shall be used for any other purpose than to pay the interest and principal of the bonds for which they are levied and collected.

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It shall be the duty of the board of supervisors at or before the issuing of any such bonds to provide by resolution or bylaw for an annual tax sufficient to pay the interest and also the principal thereof, when due, which resolution or bylaw shall be irrepealable until such bonds and interest are fully paid. All taxes so levied, when collected, shall be placed in a special fund and no part thereof shall be used for any other purpose than to pay the interest and principal of the bonds for which they are levied and collected.

South Dakota § 8-11-7 (Tax levy for retirement of bonds--Special fund.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

SL 1883, ch 112, subch 1, § 118; CL 1887, § 832; SD Const, art 13, § 5; SL 1899, ch 41, § 4; RPolC 1903, § 1139; RC 1919, §§ 6135, 6998; SDC 1939, § 58.1103.