Title 9 — MUNICIPAL GOVERNMENT

Every municipality shall have power to borrow money on the credit of the municipality for any authorized corporate purpose within the constitutional limitations of municipal indebtedness and to issue its negotiable bonds therefor in such amounts, forms, and upon such conditions a…

A municipality may borrow money from any source willing to lend the money by issuing a promissory note subject to the limitations set in §§ 9-25-13 to 9-25-16 , inclusive. Notes issued pursuant to this section are payable solely from the sources provided in § 9-25-13 and do not c…

The money borrowed pursuant to § 9-25-12 may not exceed the sum of ninety - five percent of the amount of anticipated special assessment bond proceeds or may not exceed the sum of ninety - five percent of the amount of uncollected taxes levied by the municipality for the current …

If any registered warrants or promissory notes are outstanding against the fund for which the money is to be borrowed, the borrowing limit specified in § 9-25-13 shall be reduced by the amount of such outstanding warrants or promissory notes. Source: SL 1978, ch 63 , § 3.

The rate of interest shall be stated on the note authorized by §

If a note authorized by § 9-25-12 has been issued and not paid in full within the term provided in § 9-25-12 , then thereafter no cash receipts may be expended for any purpose except the retirement of principal and interest of notes outstanding against that fund, until all such n…

All bonds and coupons issued by the municipality shall be executed as contracts except that the facsimile signature of such officers to the coupons may be lithographed or engraved. Source: SL 1899, ch 51 , § 2; RPolC 1903, § 1386; SL 1905, ch 155 , § 3; RC 1919, § 6431; SDC 1939,…