13-6-81. Tax to discharge liabilities of district dissolved in reorganization--Tax limitation--Bond issue.
If the board of county commissioners shall find that a school district, totally dissolved by reorganization, has an excess of total liabilities over its total assets, such board of county commissioners may authorize a tax levy against the property located within the boundary of such former school district necessary to discharge the balance of liabilities. Such tax levy may not exceed six dollars per thousand dollars of taxable valuation in any one year and shall be exclusive of all other tax limitations. The board of county commissioners may at its discretion authorize the issuing of bonds to fund the indebtedness herein mentioned.
Source: SL 1955, ch 41, ch 8, §25; SDC Supp 1960, §15.2022; SL 1968, ch 42, §1; SL 1973, ch 85, §32; SL 1989, ch 87, §15L.