South Dakota Codified Laws 9-21-16.1. Casualty reserve fund authorized–Limitation on amount and use of fund–Interest
The governing body of a municipality may, by resolution or ordinance, establish a fund to be designated the casualty reserve fund and the governing body may, in their annual appropriation, set forth a specific amount for such fund. The amount appropriated shall be transferred to such fund. However, at no time may the money in such fund exceed the sum of one hundred thousand dollars. The money in the fund may be expended only for the payment of expenses to replace and repair property of the municipality which was damaged or lost as a result of a casualty loss. If this fund is at the maximum amount allowed, the interest earned from the investment of the fund shall be placed in the municipality’s general fund.
Terms Used In South Dakota Codified Laws 9-21-16.1
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- ordinance: as used in this title shall mean a permanent legislative act of the governing body of a municipality within the limits of its powers. See South Dakota Codified Laws 9-19-1
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
Source: SL 1968, ch 189; SL 1977, ch 75; SL 1986, ch 74.