Section 9-43-66 - Debt service fund receipts applied to payment of general obligation bonds--Taxlevy for general obligation bonds--Assessment bonds or certificates retained indebt service fund until g - South Dakota Statutes

9-43-66. Debt service fund receipts applied to payment of general obligation bonds--Tax levy for general obligation bonds--Assessment bonds or certificates retained in debt service fund until general obligation bonds retired. The moneys so collected in respect of assessment bonds or certificates held by the debt service fund for the general obligation bonds shall be applied toward the payment of the general obligation bonds and interest thereon, and the governing body may annually cause to be certified to the county auditor the amount theretofore so applied, and may direct that the tax levy collectible in the following year for the payment of the bonds be reduced by an amount not exceeding the sum so certified; provided, that the municipality shall be and at all times remain obligated to levy general taxes sufficient, together with other resources of the debt service fund, for the prompt payment of all principal and interest due on the general obligation bonds. No assessment bond or certificate transferred to any debt service fund pursuant to the provisions of § 9-43-64 shall subsequently be transferred to any other fund until the general obligation bonds for which such fund is maintained have been fully paid with interest.

Source: SDC 1939, § 45.2115 as enacted by SL 1949, ch 189, § 7.