The court appointing the receiver authorized by § 9-40-33 shall first approve such rates and in doing so the receiver and the court shall take into consideration the capital cost of such utility and the expenses reasonably required to operate and maintain the utility as well as any schedule of rates previously adopted by such municipality or fixed by a valid contract between the first or second class municipality and any third persons.

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Terms Used In South Dakota Codified Laws 9-40-34

  • Contract: A legal written agreement that becomes binding when signed.
  • Third persons: includes all who are not parties to the obligation or transaction concerning which the phrase is used. See South Dakota Codified Laws 2-14-2
  • utility: as used in this chapter means any system or part of system as referred to in §. See South Dakota Codified Laws 9-40-2

Source: SL 1931, ch 194, § 8; SDC 1939, § 45.2408; SL 1992, ch 60, § 2.