SDCL § 10-52-23: Capital improvement tax--Special municipal fund--Authorized expenditures--Transfer of property.

The governing body of a municipality may expend moneys in the special capital outlay fund only for the following purposes:

(1) Acquisition or lease, by the municipality, of real property, a plant asset, or equipment; or

(2) Construction, repair, or renovation of real property owned solely by the municipality or jointly by the municipality with one or more political subdivisions of this state.

After the completion of a project using moneys in the special capital outlay fund, the municipality may transfer ownership of the real property, plant, or equipment to a county in which the municipality is at least partially situated or to a school district in which the municipality is at least partially situated.