Section 46A-14-63 - No-fund warrants to pay district obligations--Issuance by board of managersfollowing favorable vote of voters on financing arrangement, limitation. - South Dakota Statutes

46A-14-63. No-fund warrants to pay district obligations--Issuance by board of managers following favorable vote of voters on financing arrangement, limitation. Following a favorable vote by the voters as provided in § 46A-14-55 and in anticipation of tax or special assessment collections, the managers may issue no-fund warrants to pay district obligations, provided, that the outstanding amounts of such no-fund warrants shall not exceed the product of two mills times the assessed valuation of the landowner's taxable land and buildings within the district.

Source: SL 1957, ch 492, § 30; SL 1959, ch 452, § 24; SDC Supp 1960, § 61.1530 (2); SDCL, § 46-24-62.