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§ 46A-11-27 Additional bonds, issuance--Cost of proposed drainage exceeding estimated cost--New apportionment of assessments--Certification of assessments finally fixed to county treasurer--Money collected by county treasurer on assessments to be paid to bondholders.

SD Codified L § 46A-11-27 (2019) (N/A)
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46A-11-27. Additional bonds, issuance--Cost of proposed drainage exceeding estimated cost--New apportionment of assessments--Certification of assessments finally fixed to county treasurer--Money collected by county treasurer on assessments to be paid to bondholders. If the cost of a proposed project exceeds the preconstruction estimate, a new apportionment of assessments may be made and additional bonds issued and sold in like manner. If the proceeds of the assessments are insufficient to pay the principal and interest of bonds sold pursuant to this chapter, a new apportionment of assessment may be made to meet the shortage in funding. If assessments for a drainage project are finally fixed, they shall be certified to the county treasurer by the county auditor and money collected shall be received by the county treasurer to be paid to holders of bonds as the principal and interest become due.

Source: SDC 1939, § 61.1024; SDCL, § 46-21-27; SL 1985, ch 362, § 124.

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§ 46A-11-26 Assessments payable to treasurer of county in which assessed land is situated--Issuance of bonds by joint action of boards--Laws governing.
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§ 46A-11-28 Separate accounts for drainage projects.