Section 46A-4-68 - Resolution for exclusion of land when bonds or federal contract outstanding--Bondholders' or federal assent required--Assent waived by terms of bondissue.
46A-4-68. Resolution for exclusion of land when bonds or federal contract outstanding--Bondholders' or federal assent required--Assent waived by terms of bond issue. If there be outstanding bonds of the district or if the district shall have entered into a contract with the United States as provided in chapters 46A-5 and 46A-6, the board of directors may adopt a resolution to the effect that the board deems it to be for the best interests of the district that the lands mentioned in the petition, or some portion thereof, should be excluded from the district. The resolution shall describe such lands so that the boundaries thereof can be readily traced. The holder or holders of such outstanding bonds may give their consent in writing to the effect that they severally consent that the board may make an order by which the lands mentioned in the resolution may be excluded from the district and in case any contract has been made with the United States, the secretary of the interior may assent to such change. The assent may be acknowledged by the several holders of such bonds in the same manner and form as required in case of a conveyance of land, except the assent of the secretary of the interior need not be acknowledged. The assent shall be filed with the board and shall be recorded in the minutes of the board; and such minutes, or a certified copy thereof, shall be admissible in evidence with the same effect as the assent; but if such assent of the bondholders, and in case of any contract with the United States such assent of the secretary of the interior, is not filed, the board shall deny and dismiss the petition; provided, however, that if the resolution or resolutions authorizing the issuance of the outstanding bonds explicitly provide that no bondholder assent shall be required for the exclusion of lands from the district or if the resolution or resolutions provide that the bondholder assent shall be required only under certain specified conditions then the terms of the resolution or resolutions shall prevail and no bondholder assent need necessarily be obtained as provided in this section.
Source: SDC 1939, § 61.0834; SDCL, § 46-12-67; SL 1976, ch 277, § 3.