9-43-119. Calculation of net indebtedness of municipality on general obligation bonds.
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/sd/title-9/chapter-9-43/9-43-119·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The principal amount of all special assessment bonds that are held in any debt service fund and that are not in default as to either principal or interest, as well as other assets of the fund, are deductible from the principal amount of the outstanding general obligation bonds for which the debt service fund is maintained, in determining at any time the net indebtedness of the municipality represented by the general obligation bonds.