South Dakota § 9-43-123 Transfer of excess assets to sinking fund for general obligation bonds issued to create and maintain special assessments.

South Dakota Statutes

§ 9-43-123 — Transfer of excess assets to sinking fund for general obligation bonds issued to create and maintain special assessments.

South Dakota § 9-43-123

Title 9MUNICIPAL GOVERNMENT

Ch. 9-42SPECIAL ASSESSMENTS AND FINANCING OF IMPROVEMENTS

This text of South Dakota § 9-43-123 (Transfer of excess assets to sinking fund for general obligation bonds issued to create and maintain special assessments.) is published on Counsel Stack Legal Research, covering South Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.D. Codified Laws § 9-43-123 (2026).

Text

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.

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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.