Section 46A-7A-180 - Payment of indebtedness from sale proceeds. - South Dakota Statutes

46A-7A-180. Payment of indebtedness from sale proceeds. After sale of the property and franchises of the district, the board, with the revenue realized from such sale, together with such other funds as the district may have, shall make settlement, payment, and redemption, if possible, of all outstanding bonded and other indebtedness of the district. It may not pay more than the par value of outstanding bonds with interest to the time of payment, plus any redemption premium established by the district at the time the bonds were issued.

Source: SL 1985, ch 360, § 180.