46A-14-63. No-fund warrants to pay district obligations--Limitation on amounts. Following a favorable vote by the voters as provided in § 46A-14-55 and in anticipation of tax or special assessment collections, the managers may issue no-fund warrants to pay district obligations. However, the outstanding amounts of the no-fund warrants may not exceed the product of two mills times the assessed valuation of the landowner's taxable land and buildings within the district.
Source: SL 1957, ch 492, § 30; SL 1959, ch 452, § 24; SDC Supp 1960, § 61.1530 (2); SDCL § 46-24-62; SL 2011, ch 165, § 529.
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