11-11-71. Amount required in capital reserve fund for each year.
For the purposes of §§11-11-72 to 11-11-75, inclusive, the term "maximum capital reserve fund requirement" shall mean, as of any particular date of computation, an amount of money, if provided in the resolution or resolutions of the authority authorizing the bonds secured in whole or in part by such fund, such amount as may be provided therein, but not more than, the greatest of the respective amounts, for the current or any future fiscal year of the authority, of annual debt service on the bonds of the authority secured in whole or in part by such fund, such annual debt service for any fiscal year being the amount of money equal to the aggregate of:
(1)All interest payable during such fiscal year on all bonds secured in whole or in part by such fund outstanding on the date of computation, plus
(2)The principal amount of all such bonds outstanding on such date of computation which mature during such fiscal year, plus
(3)All amounts specified in any resolution of the authority authorizing any such bonds as payable during such fiscal year as an annual debt service fund payment with respect to any of such bonds which mature after such fiscal year.
Source: SL 1973, ch 180, §38; SDCL Supp, §28-19-62; SL 1974, ch 195, §6.