Section 9-43-71 - Transfer of excess assets from special assessment accounts to general obligationbond sinking fund--Deduction of assessment bonds and certificates indetermining net indebtedness.
9-43-71. Transfer of excess assets from special assessment accounts to general obligation bond sinking fund--Deduction of assessment bonds and certificates in determining net indebtedness. If the governing body determines that the cash, assessment bonds or certificates, and any other investments held in the special assessment accounts are in excess of amounts required for financing contemplated future improvements, it may transfer all or any part of such assets to the sinking fund for any outstanding general obligation bonds issued to create and maintain special assessments. Such transfer shall be irrevocable, and the principal amount of all assessment bonds and certificates so transferred which are not in default as to principal or interest shall, together with the other assets of the sinking fund, be deductible from the principal amount of the general obligation bonds in determining the net indebtedness of the municipality.
Source: SDC 1939, § 45.2115 as enacted by SL 1949, ch 189, § 7; SL 1988, ch 81, § 5.