Section 46A-6-41 - Borrowing money by board of directors--Maximum amount--Payment of loans.
46A-6-41. Borrowing money by board of directors--Maximum amount--Payment of loans. The total sum borrowed by any district under the provisions of §§ 46A-6-39 and 46A-6-40 shall at no time exceed two-thirds of the amount of the general fund levy of such district for the preceding year. If the levy for the then current year shall be insufficient to provide for the payment of the sum or sums so borrowed, then such payment shall be provided for in the levy for the next ensuing year.
Source: SDC 1939, § 61.0814; SDCL, § 46-14-40.