Section 34A-5-54.1 - Assumption of bonded indebtedness of district by municipality--Election. - South Dakota Statutes

34A-5-54.1. Assumption of bonded indebtedness of district by municipality--Election. The outstanding bonded indebtedness of any sanitary district that dissolves itself may be assumed by a municipality that assumes the assets of such sanitary district. Before a municipality may assume such bonded indebtedness, the governing body of the municipality shall by resolution or ordinance declare the necessity thereof and shall hold an election pursuant to §§ 6-8B-4 and 6-8B-5. The notice of the election and the form of the ballot shall inform the voters of such municipality that the purpose of the election is to assume the bonded indebtedness of such sanitary district. The approval of the assumption of such debt shall require a favorable vote of a majority of the voters of the public body voting on the question. Before any election may be held on such assumption, the holder of such bonds shall, in writing, approve the question.

Source: SL 1986, ch 293, § 1.