Section 46A-5-19 - Contract with United States--Deposit of district bonds as security, sale of bonds by UnitedStates, liquidation of contract indebtedness, assessment and levy by district to pay inter
46A-5-19. Contract with United States--Deposit of district bonds as security, sale of bonds by United States, liquidation of contract indebtedness, assessment and levy by district to pay interest and principal on bonds. In case any contract has been or may hereafter be made with the United States as herein provided, bonds of the district may be deposited with the United States at ninety percent of their par value, to secure the amount to be paid by the district to the United States under any such contract, and may be held by it, and when deemed desirable, or when the appraised value of the land is double the bonded indebtedness, sold by it, and the net proceeds received from the sale of the bonds applied to the liquidation of the contract indebtedness of the district to the United States, the interest and principal on such bonds to be provided for by assessment and levy as in the case of other bonds of the district and regularly paid to the United States, to be applied as provided in such contract.
Source: SDC 1939, § 61.0810; SL 1953, ch 482; SDCL, § 46-13-19.