Permissible uses of loan proceeds.
Effective Apr 14, 201945 SDR 31Source: 17 SDR 141, effective March 25, 1991; 23 SDR 179, effective April 29, 1997; 25 SDR 95, effective January 20, 1999; 45 SDR 31, effective September 13, 2018; SL 2019, ch 235, § 37 and 38, effective April 14, 2019. | General Authority: SDCL 1 -53-30 . | Law Implemented: SDCL 1-53-24 , 1-53-29 .
The loan proceeds may only be used for purposes related to the project, including the following:
- (1) Purchase of land necessary to the project and site development or improvement;
- (2) Construction or acquisition and remodeling of buildings and facilities, including purchase and installation of machinery and equipment; and
- (3) Livestock purchases.
Source: 17 SDR 141, effective March 25, 1991; 23 SDR 179, effective April 29, 1997; 25 SDR 95, effective January 20, 1999; 45 SDR 31, effective September 13, 2018; SL 2019, ch 235, § 37 and 38, effective April 14, 2019.
General Authority: SDCL 1 -53-30 .
Law Implemented: SDCL 1-53-24 , 1-53-29 .
Prior versions effective: 2018-09-13, 1999-01-20.