Section 46A-7A-59 - Bond issue--Election--Limitation of amount. - South Dakota Statutes

46A-7A-59. Bond issue--Election--Limitation of amount. The board shall estimate the amount of money necessary for construction and, if a bond issue is desirable, shall call a special election at which the question of whether or not bonds of the district should issue in the amount so determined shall be submitted to the electors of the district. No bonds may be issued for more than the actual estimated cost of formulating the general plan of proposed operation, including surveys, examinations, and plans to demonstrate the practicality of the plan and the actual estimated cost of the purchases and construction work described in the general plan of proposed operation, as finalized. However, estimated expenses relating to issuance and sale of bonds, including bond printing expenses, bond registration fees, legal fees, fiscal agency fees, publication costs and election expenses, bond reserve funds and capitalized interest during the estimated construction period and for one year thereafter may be paid out of the proceeds of the bond issue.

Source: SL 1985, ch 360, § 59.