46A-1-57. Sale of refunding bonds for matured obligations--Application of proceeds--Cancellation of instruments paid. Refunding bonds issued pursuant to § 46A-1-56 may be sold at such price as the district shall determine and the proceeds received at any such sale shall be used to pay the bonds, interest coupons, and interest not represented by coupons, if any. Bonds and interest coupons which have been paid shall be canceled and the obligation for interest, not represented by coupons, which has been discharged, shall be evidenced by a written acknowledgment of the exchange or payment thereof.
Source: SL 1972, ch 241, § 51; SDCL Supp, § 46-17A-50; SL 1988, ch 363, § 4; SL 1989, ch 385, § 22.
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