South Dakota Codified Laws 46A-3E-8. Levies and assessments to cover obligations–Restrictions on obligations
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A water development district board of directors may levy taxes and special assessments, as provided and limited in chapters 46A-3A to 46A-3E, inclusive, to cover obligations contained in contracts with the United States, or any agency thereof, with agencies of the State of South Dakota, or with any other entity, public or private, to accomplish the purposes of chapters 46A-3A to 46A-3E, inclusive. Except for special assessments, however, a water development district may not obligate any funds or revenues that are not to be collected or on hand during the fiscal year in which the obligation is incurred.
Terms Used In South Dakota Codified Laws 46A-3E-8
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
Source: SL 1984 (SS), ch 1, § 52.