Section 9-25-16 – Cash receipts applied to payment of notes until retired.
9-25-16. Cash receipts applied to payment of notes until retired. If a note authorized by §9-25-12 has been issued and not paid in full within the term provided in §9-25-12, then thereafter no cash receipts may be expended for any purpose except the retirement of principal and interest of notes outstanding against that fund, until […]
Section 9-26-1 – Authorization–Issuance–Sale.
9-26-1. Authorization–Issuance–Sale. All bonds which are a general obligation of the municipality shall be authorized, issued, and sold as provided in chapter 6-8B. Source: SL 1890, ch 37, art V, §5; RPolC 1903, §1229, subdiv 5; SL 1911, ch 99; SL 1913, ch 119, §53, subdiv 5; RC 1919, §6413; SL 1923, ch 228; SDC […]
Section 9-26-13 – Courthouse bonds authorized–Use of proceeds of sale–Contract with county for municipal use of courthouse.
9-26-13. Courthouse bonds authorized–Use of proceeds of sale–Contract with county for municipal use of courthouse. If a county seat has been located at any municipality and the county has no courthouse, the municipality may borrow money on its credit to assist the county in building a courthouse and to issue bonds therefor. All bonds shall […]
Section 9-26-20 – Judgment bonds authorized without submission to election.
9-26-20. Judgment bonds authorized without submission to election. Whenever any municipality has issued and delivered its bonds and a judgment has been regularly recovered either upon the principal or upon the defaulted coupons belonging to such bonds establishing the validity thereof in a court of competent jurisdiction of this state or of the United States, […]
Section 9-26-21 – Amount of judgment bonds–Issuance–Sale–Maximum levy in small municipalities.
9-26-21. Amount of judgment bonds–Issuance–Sale–Maximum levy in small municipalities. The principal of the judgment bonds may not exceed the amount due upon the judgment at the date which the bonds bear. All bonds shall be issued and sold as provided in chapter 6-8B. However, in municipalities with less than five hundred population the tax levy […]
Section 9-26-22 – Compromise of judgment by delivery of bonds to creditor.
9-26-22. Compromise of judgment by delivery of bonds to creditor. Any municipality may compromise and settle with any such judgment creditor by the delivery of any amount of judgment bonds less than the amount due upon such judgment that such creditor may be willing to accept in settlement of such judgment. Source: SL 1905, ch […]
Section 9-26-23 – Agreement with judgment creditor for satisfaction of judgment on delivery of bonds–Filing of agreement.
9-26-23. Agreement with judgment creditor for satisfaction of judgment on delivery of bonds–Filing of agreement. No judgment bonds shall be issued and delivered to the judgment creditor until after the execution of an agreement between such municipality and such judgment creditor to the effect that upon the payment of the principal and interest upon said […]
Section 9-26-24 – Validity of bonds not impaired by misapplication of proceeds–Change of purpose by new election.
9-26-24. Validity of bonds not impaired by misapplication of proceeds–Change of purpose by new election. The validity of bonds which have been sold and the proceeds thereof received by the municipality shall not be impaired by the failure to use the proceeds for the authorized purpose or the insufficiency of the proceeds to accomplish such […]
Section 9-25-1 – General bonding power of municipalities.
9-25-1. General bonding power of municipalities. Every municipality shall have power to borrow money on the credit of the municipality for any authorized corporate purpose within the constitutional limitations of municipal indebtedness and to issue its negotiable bonds therefor in such amounts, forms, and upon such conditions as it may lawfully prescribe and after authorization […]
Section 9-25-2 – Execution of bonds and coupons–Facsimile signatures.
9-25-2. Execution of bonds and coupons–Facsimile signatures. All bonds and coupons issued by the municipality shall be executed as contracts except that the facsimile signature of such officers to the coupons may be lithographed or engraved. Source: SL 1899, ch 51, §2; RPolC 1903, §1386; SL 1905, ch 155, §3; RC 1919, §6431; SDC 1939, […]