Section 9-21-14.1 - Capital outlay accumulations authorized for municipalities--Purposesincluded--Maximum accumulations. - South Dakota Statutes

9-21-14.1. Capital outlay accumulations authorized for municipalities--Purposes included--Maximum accumulations. The governing body of a municipality may by resolution authorize the accumulation of funds for a period longer than one year for specific capital outlay purposes otherwise authorized by law. For the purpose of this section, "capital outlay purposes" means purposes which result in the acquisition of or additions to plant, or equipment, including but not limited to expenditures for land, existing facilities, improvement of grounds, construction of facilities, additions to facilities, remodeling of facilities, or for the purchase of equipment.
The maximum capital outlay accumulations shall be as follows:
(1) In first-class municipalities, the amount of the accumulation for all purposes may never exceed an amount equivalent to four dollars per thousand dollars of assessed value of all property within the municipality;
(2) In second-class municipalities, the amount of the accumulation for all purposes may never exceed an amount equivalent to ten dollars per thousand dollars of assessed value of all property within the municipality or one hundred twenty-five thousand dollars, whichever is greater;
(3) In third-class municipalities, the amount of the accumulation may never exceed one hundred twenty-five thousand dollars.

Source: SL 1979, ch 55, § 1; SL 1980, ch 68, § 1; SL 1989, ch 75, § 1.