Section 46A-4-92 - Payment of outstanding obligations with proceeds of property sales--Pricespaid.
46A-4-92. Payment of outstanding obligations with proceeds of property sales--Prices paid. After a sale of the property and franchises of the district, the board of directors shall, with the amount realized from such sale, together with such other funds as such district may have, make settlement, payment, and redemption, if possible, of all outstanding bonded and other indebtedness of the district, but shall in no case pay more than the par value of such outstanding bonds with interest up to the time of payment plus any redemption premium agreed upon by the district at the time the outstanding bonds are issued.
Source: SDC 1939, § 61.0848; SDCL, § 46-12-87; SL 1976, ch 277, § 6.