Following a favorable vote as provided in § 46A-18-45 and in anticipation of tax or special assessment collections, the directors may issue no-fund warrants to pay district obligations. However, the outstanding amounts of such no-fund warrants may not exceed the product of one dollar per thousand dollars of taxable valuation times the assessed valuation of the taxable real property within the district.
S.D. Codified Laws § 46A-18-53
Warrants issued in anticipation of tax or special assessment collections
Source: SL 1984, ch 293, § 52; SL 1990, ch 366, § 14.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.