South Dakota Codified Laws 9-25-13. Maximum amount borrowed on promissory note
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The money borrowed pursuant to § 9-25-12 may not exceed the sum of ninety–five percent of the amount of anticipated special assessment bond proceeds or may not exceed the sum of ninety–five percent of the amount of uncollected taxes levied by the municipality for the current fiscal year plus other receivables of the fund, including state or federal grant moneys, which have been earned by the municipality or committed by the state or federal governments but not collected at the date of borrowing.
Terms Used In South Dakota Codified Laws 9-25-13
- 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 1978, ch 63, § 2; SL 1981, ch 70, § 2.