46A-7-40. Expenditure from special revenue fund--Transfer of balance in inactive fund to debt service fund.
89 words·~1 min read·
/sd/title-46/chapter-46-7/46a-7-40A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
No expenditures may be made from the special revenue fund except for the purposes as specified in §§ 46A-7-38 and 46A-7-39 . If, by resolution of the board of directors, the fund is deemed inactive, the balance remaining in the fund shall be transferred to a debt service fund to be applied upon any indebtedness that may have been incurred by the district by reason of the creation of the special revenue fund, if any exists; otherwise, the balance shall be transferred to the general fund of the district.