Find Laws Find Lawyers Free Legal Forms USA State Laws

SOUTH DAKOTA STATUTES AND CODES

Section 9-51-25 - Agreement to levy tax to cover deficiency--Levy notwithstanding omission ofcovenant--Levy in anticipation of deficiency--Maximum levy.

9-51-25. Agreement to levy tax to cover deficiency--Levy notwithstanding omission of covenant--Levy in anticipation of deficiency--Maximum levy. The municipality may agree that in the event of a deficiency in the revenue fund as set up in the ordinance, the governing body shall levy an ad valorem tax upon all the taxable property within the municipality in such amount as may be necessary to pay such deficiency. Such covenant may be limited to the levy of a tax for the payment of any deficiency existing at the maturity of the last outstanding bond, or may provide for the levy of such tax whenever any amount of principal and interest shall become due and the moneys in said revenue fund shall be insufficient to pay the same. Notwithstanding the omission of such covenants in the ordinance authorizing the bonds, or the limitation of the same to payment of a deficiency at the maturity of the last outstanding bond, the governing body may levy such tax upon the occurrence of any deficiency and may also levy such tax in anticipation of any deficiency for the purpose of paying the next maturing principal and interest. Taxes levied pursuant hereto shall not exceed by more than five percent the deficiency or estimated deficiency for which they are levied, but shall not be subject to any other tax levy limitation provided by law. Levies in excess of the limitations herein shall be invalid only as to such excess.

Source: SL 1955, ch 216, § 6; SDC Supp 1960, § 45.02A06 (2).

South Dakota Forms by Issue

South Dakota Court Forms
> Personal Protection
South Dakota Divorce Forms
South Dakota Family Forms
South Dakota Name Change Forms
South Dakota Parental Notification Forms

South Dakota Law

South Dakota State Laws
    > South Dakota Child Support
    > South Dakota Gun Laws
    > South Dakota Statute
South Dakota Tax
    > South Dakota State Tax
South Dakota Agencies
    > South Dakota Department of Labor

South Dakota Court Map

Tips