46A-11-34. Determination of amount required to pay principal and interest on outstanding bonds by board of county commissioners--Time for making--New apportionment of assessment against lands, collection. Not later than its October meeting each year, the board shall calculate the funding required during the ensuing year to pay principal and interest on outstanding bonds on account of any projects for which assessments have been extended and the funding realized from assessments levied on real property not then in default in payment of taxes or assessments. If the board determines that the funding will not be sufficient to pay interest and principal, the board shall make a new apportionment of assessment against lands charged with the cost of the project and the assessment shall be extended, collected, and paid in the same manner as other project assessments.
Source: SDC 1939, § 61.1022; SDCL, § 46-21-34; SL 1985, ch 362, § 131.
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