49-40-6. Allocation of bonded indebtedness as between municipality and other transferee--Terms of court award.
146 words·~1 min read·
/sd/title-49/chapter-49-40/49-40-6A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
When the sum that is fair and reasonable shall have been determined as provided in § 49-40-5 , the court shall deduct therefrom and allow as a credit upon such sum an amount that bears the same proportion to such sum as the amount of the bonds that have been paid, redeemed or liquidated, and the reserves established therefor by said district, out of the earnings from the operation of the district while such municipality was within and a part of such district, bears to the total amount of the bonded indebtedness of such district issued to finance the purchase price and the cost of construction of the entire property of such district.
In entering its award the court shall show how much of the total thereof was allowed for the physical property taken and how much was allowed for other values and damages, if any.