Borrowing limit reduced by outstanding warrants or notes

In case any registered warrants or promissory notes are outstanding against the fund for which the money is to be borrowed, the borrowing limit as specified in § 13-19-2 shall be reduced by the amount of such warrants or promissory notes outstanding at the time the money is borrowed. Source: SL 1955, ch 41 , ch 10, § 16; SDC Supp 1960, § 15.2216 (2); SL 1965, ch 48 .