South Dakota § 9-51-28 Tax proceeds placed in debt service fund--Transfers from revenue fund to debt service fund--Reduction of tax levy.

South Dakota Statutes

§ 9-51-28 — Tax proceeds placed in debt service fund--Transfers from revenue fund to debt service fund--Reduction of tax levy.

South Dakota § 9-51-28

Title 9MUNICIPAL GOVERNMENT

Ch. 9-51MUNICIPAL PARKING FACILITIES

This text of South Dakota § 9-51-28 (Tax proceeds placed in debt service fund--Transfers from revenue fund to debt service fund--Reduction of tax levy.) 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 § 9-51-28 (2026).

Text

All taxes levied pursuant to § 9-51-26 when collected shall be placed in a special debt service fund and no part thereof shall be used for any purpose other than to pay the interest and principal of the bonds for which they were levied and collected; provided, that all moneys in the revenue fund set up in the ordinance authorizing the issuance of the bonds shall, from time to time, be transferred and irrevocably appropriated to said debt service fund and the governing body shall cause the amount so transferred to be certified to the county auditor and the total of the moneys so transferred and irrevocably appropriated shall be used and applied to reduce and eliminate the taxes theretofore levied and next thereafter to be spread upon the tax rolls.

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All taxes levied pursuant to § 9-51-26 when collected shall be placed in a special debt service fund and no part thereof shall be used for any purpose other than to pay the interest and principal of the bonds for which they were levied and collected; provided, that all moneys in the revenue fund set up in the ordinance authorizing the issuance of the bonds shall, from time to time, be transferred and irrevocably appropriated to said debt service fund and the governing body shall cause the amount so transferred to be certified to the county auditor and the total of the moneys so transferred and irrevocably appropriated shall be used and applied to reduce and eliminate the taxes theretofore levied and next thereafter to be spread upon the tax rolls.