ARSD 12:03:03:03 – Criteria for commission review of loan application.

The commission shall review a loan application from a district and shall base its approval upon the following criteria:

(1) Whether the proposed use of the funds is for a purpose provided in SDCL 38-8-53;
(2) The availability of moneys in the special revenue fund;
(3) The requested amount of funds and the term of the loan;
(4) The financial status of the district, as determined following a review by the commission or its agent; and
(5) The adequacy of the proposed security, if any, for the loan.

Source: 11 SDR 59, effective October 29, 1984; 12 SDR 128, 12 SDR 154, effective July 1, 1986 ; 49 SDR 48, effective November 23, 2022 .

General Authority: SDCL 38-8-53 .

Law Implemented: SDCL 38-8-53 .

Prior versions effective: 1986-07-01.