Section 46A-7A-163 - Effect of creation of improvement district. - South Dakota Statutes

46A-7A-163. Effect of creation of improvement district. After establishment of an improvement district within the district:
(1) Any proceeding with respect to the project or unit for which the improvement district was established shall apply only to the improvement district;
(2) Any election with respect to the project or unit or bonds therefor or loans or contracts relating thereto shall be held only within the improvement district;
(3) Any assessment for such project or unit shall be levied only upon the land within the improvement district; and
(4) Any bonds issued with respect to such project or unit shall be bonds of the improvement district, secured by an assessment levied on the land within the improvement district only, or, if revenue bonds, secured only by specified revenues from lands within the improvement district. That fact shall be indicated on the face of each bond.

Source: SL 1985, ch 360, § 163.