Section 9-43-61 - Property owners to receive benefit of federal loans for local improvements--Period of payment and interest rate.
9-43-61. Property owners to receive benefit of federal loans for local improvements--Period of payment and interest rate. When and if public moneys are made available by loan from any federal source to the state, a subdivision of state government, or a public body created by the state or a subdivision of state government for the direct or indirect aid of landowners or owners of interests in realty in the public or private improvement of their property in a manner specified by competent federal, state, subdivision of the state, or public body created by any of these, such owners shall be entitled to retire their obligations for such improvements in like pro rata installments over the same period of time as such loan of federal moneys shall be retired, or, when such is permissible, to accelerate such installments as they are able; and at the same rate of interest as the loan of federal moneys to the state, subdivision of the state, or public body created by these shall bear. Except that when the loan of such federal moneys requires terms more stringent or different than here prescribed to be met by such owners with regard to time period, installments, or rate of interest, then the terms allowed shall be the most liberal possible which still comply with the federal requirements.
This provision shall, in a proper case, be in lieu of assessment under any other law granting power to assess for property improvement.
Source: SL 1949, ch 188; SDC Supp 1960, § 45.2122.