Section 46A-7-40 - Expenditure of special revenue fund for purchase of tax certificates and titles, purposes--Fund inactive on resolution of board of directors, balance transferred to debt service fun - South Dakota Statutes

46A-7-40. Expenditure of special revenue fund for purchase of tax certificates and titles, purposes--Fund inactive on resolution of board of directors, balance transferred to debt service fund. No expenditures shall be made from the special revenue fund except for the purposes as specified in §§ 46A-7-38 and 46A-7-39, and when, by resolution of the board of directors, such fund shall be deemed inactive, the balance remaining in said fund shall be transferred to a debt service fund to be applied upon any indebtedness which may have been incurred by the district by reason of the creation of such special revenue fund, if any there may be, otherwise to the general fund of the district.

Source: SDC 1939, § 61.0912; SDCL, § 46-15-40.