Section 9-43-67 - Assessment bonds and certificates held by debt service fund deducted indetermining net indebtedness. - South Dakota Statutes

9-43-67. Assessment bonds and certificates held by debt service fund deducted in determining net indebtedness. The principal amount of all special assessment bonds and certificates which are held in any debt service fund and which are not in default as to either principal or interest, as well as other assets of said fund, shall be deductible from the principal amount of the outstanding general obligation bonds for which such debt service fund is maintained, in determining at any time the net indebtedness of the municipality represented by said general obligation bonds.

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