South Dakota Codified Laws 9-21-31. Capital replacement reserve fund authorized
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The governing body of a municipality may by ordinance create a capital replacement reserve fund or account for general fixed assets, not to exceed fifty percent of the value of the general fixed assets.
Terms Used In South Dakota Codified Laws 9-21-31
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
Source: SL 1994, ch 69, § 1.