46A-6-41. Maximum amount of loans--Payment.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. Source: SDC 1939, §61.0814; SDCL §46-14-40; SL 2011, ch 165, §410.
South Dakota Legal Code