34-31A-31. Maximum indebtedness of district--Borrowing power.No district may incur debt greater than an amount equal to twenty times the annual maximum tax levy as authorized by §34-31A-21. A district may borrow money and issue appropriate evidence of indebtedness within the limits authorized by this section. Source: SL 1971, ch 208, §8; SL 1983, ch 28, §27; SL 1990, ch 277.
South Dakota Legal Code