South Dakota Codified Laws 46A-3D-12. Accumulation of capital reserve fund
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To carry out the purposes and intent of chapters 46A-3A to 46A-3E, inclusive, a water development district may accumulate funds in a capital reserve fund established by resolution by the directors. The accumulated funds may not revert at the end of a fiscal year and the water development district directors may make expenditures from the capital reserve fund as they deem necessary, consistent with the purposes and intent of chapters 46A-3A to 46A-3E, inclusive.
Terms Used In South Dakota Codified Laws 46A-3D-12
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
Source: SL 1984 (SS), ch 1, § 44.