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§ 46A-9-63 Funds of district--Creating by board of directors--Identification--Separate accounts.

SD Codified L § 46A-9-63 (2019) (N/A)
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46A-9-63. Funds of district--Creation by board of directors--Identification--Separate accounts. The board of directors shall create separate funds, one fund to be known as the construction fund, another fund to be known as the water fund, another fund to be known as the debt service fund, and, if the district provides services for the collection, treatment, or disposal of wastewater, a fund to be known as the wastewater fund. Each such fund shall be identified by the same series letter or letters as the bonds, warrants, notes, debentures, or other evidences of indebtedness of the series. A separate account shall be kept for each construction fund, each water fund, each wastewater fund, and each debt service fund for each project.

Source: SL 1939, ch 291, § 16; SDC Supp 1960, § 61.1316 (1); SDCL, § 46-16-61; SL 2006, ch 226, § 13.

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§ 46A-9-64 Construction fund--Deposit of bond proceeds--Credit of interest received upon deposits--Disbursements--Balance transferred to debt service fund.