Section 9-5-12 - Assumption of municipal debts and obligations after annexation.
9-5-12. Assumption of municipal debts and obligations after annexation. All debts and obligations of the municipalities as enlarged by such consolidation, other than existing bonded indebtedness, shall be assumed and be paid by the municipality as enlarged by such consolidation.
Source: SL 1951, ch 249, § 10; SDC Supp 1960, § 45.29A10.