The total sum borrowed by any district under the provisions of §§ 46A-6-39 and 46A-6-40 may at no time exceed two-thirds of the amount of the general fund levy of the district for the preceding year. If the levy for the then current year is insufficient to provide for the payment of the sum borrowed, then the payment shall be provided for in the levy for the next ensuing year.
S.D. Codified Laws § 46A-6-41
Maximum amount of loans--Payment
Source: SDC 1939, § 61.0814; SDCL § 46-14-40; SL 2011, ch 165, § 410.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.