Section 9-44-11 – Assessments, taxes, and revenues paid into improvement fund–Use of fund–Unexpended balance.
9-44-11. Assessments, taxes, and revenues paid into improvement fund–Use of fund–Unexpended balance. Into the fund of the improvement financed by municipal improvement bonds shall be paid all assessments and taxes levied on account of the improvement and any net revenues appropriated for the payment of the bonds as provided in this chapter. Moneys in said […]
Section 9-44-1 – Municipal improvement bonds authorized in lieu of special assessment certificates.
9-44-1. Municipal improvement bonds authorized in lieu of special assessment certificates. If the special assessments to be levied by any municipality for any local improvement or improvements are divided into installments pursuant to the provisions of chapter 9-43, the governing body of the municipality, in lieu of issuing assessment certificates or bonds as provided in […]
Section 9-44-2 – Authorization–Issuance–Sale–Maturity.
9-44-2. Authorization–Issuance–Sale–Maturity. Municipal improvement bonds shall be authorized, issued, and sold as provided in chapter 6-8B, except that all bonds shall mature not later than one year after the due date of the last assessment installment. In fixing serial maturities, the governing body shall estimate the amounts of money which will be available from time […]
Section 9-44-3 – Amount of bond issue.
9-44-3. Amount of bond issue. Municipal improvement bonds under this chapter may be issued in an amount equal to the total cost of the improvement or improvements. Source: SL 1947, ch 219, §3; SDC Supp 1960, §45.21A03; SL 1984, ch 43, §87.
Section 9-44-5 – Covenants with bondholders authorized.
9-44-5. Covenants with bondholders authorized. In and by the resolution authorizing municipal improvement bonds, the governing body may on behalf of the municipality make any or all of the covenants described in §§9-44-6 to 9-44-8, inclusive, with and for the benefit of the holders from time to time of said bonds. Source: SL 1947, ch […]
Section 9-44-6 – Agreement by municipality to pay part of bonds from tax proceeds–Constitutional limitation–Irrepealable tax levy.
9-44-6. Agreement by municipality to pay part of bonds from tax proceeds–Constitutional limitation–Irrepealable tax levy. The municipality may agree to pay any part not exceeding one-half of the principal of and interest on municipal improvement bonds by ad valorem taxation on all property within the municipality. Such part of the principal shall be a general […]
Section 9-44-7 – Municipal agreement as to water and sewer service charges–Adequacy of rates.
9-44-7. Municipal agreement as to water and sewer service charges–Adequacy of rates. In the case of water and sewer improvements undertaken pursuant to chapters 9-47 and 9-48, the municipality may agree to establish, impose, and collect just and equitable charges for services furnished by such improvement or improvements, and to pledge and appropriate all or […]
Section 9-44-8 – Tax levy to pay deficiency in improvement fund–Covenant to levy–Limitation of levy.
9-44-8. Tax levy to pay deficiency in improvement fund–Covenant to levy–Limitation of levy. The municipality may agree that in the event of a deficiency in the improvement fund, the governing body will levy an ad valorem tax upon all of the taxable property within the municipality in an amount as may be necessary to pay […]
Section 9-44-9 – Reduction of assessments on decision to pay bonds from taxes or service charges–Supplemental assessments on property benefited.
9-44-9. Reduction of assessments on decision to pay bonds from taxes or service charges–Supplemental assessments on property benefited. In the event that the governing body shall determine to pay any portion of municipal improvement bonds from taxes and/or collections of service charges, it may direct that the estimate for special assessments and the assessment roll […]
Section 9-44-10 – Bonds payable from improvement fund–Negotiability–Municipal obligation limited.
9-44-10. Bonds payable from improvement fund–Negotiability–Municipal obligation limited. All bonds shall be payable solely out of the fund of the improvement or improvements to be financed thereby but they shall be negotiable investment securities within the meaning of chapter 57A-8. The obligation of the municipality with reference thereto shall be limited to the proper administration […]