A district may apply for a loan from the special revenue fund by submitting an application to the commission. The commission shall review applications twice per year. The commission shall conduct the first review for applications received from January first through June thirtieth. The commission shall conduct the second review for applications received from July first through December thirty-first. Applications must be received by the division before 5:00 p.m. Central Time on the stated date.
- (1) State the name of the district;
- (2) State the name and office mailing address of the district employee authorized to act on behalf of the board of supervisors;
- (3) State the amount of funds and the term of the loan being requested;
- (4) Include a description of when and how the loan will be used;
- (5) Indicate whether the district has pursued other loans and if any loans received will be used in conjunction with the revolving loan fund for the same purpose;
- (6) Include the district's current financial statement;
- (7) Be accompanied by the past year's financial statements and the projected financial statements of the district over the term of the loan;
- (8) Include the minutes of the district meeting at which the loan application was authorized;
- (9) Include the source and policy limits of any liability insurance if the loan is for the purpose of purchasing equipment;
- (10) A statement that the district will maintain financial records, as required by the commission, and will make those records available to the commission or its agent for inspection upon request;
- (11) The date of the application; and
- (12) The signature of the board of supervisors' chair or designated signatory.
The commission may consider applications for emergency funding at any meeting.
An application for a loan must be on a form provided by the commission and must:
Source: 11 SDR 59, effective October 29, 1984; 12 SDR 128, 12 SDR 154, effective July 1, 1986; 21 SDR 90, effective November 14, 1994 ; 49 SDR 48, effective November 23, 2022 .
General Authority: SDCL 38-8-53 .
Law Implemented: SDCL 38-8-53 .
Prior versions effective: 1994-11-14.