46A-18-53. Warrants issued in anticipation of tax or special assessment collections.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. Source: SL 1984, ch 293, §52; SL 1990, ch 366, §14.
South Dakota Legal Code