The Governor's Office of Economic Development shall establish a pooled reserve fund for guarantee programs administered by the Governor's Office of Economic Development. Ten percent of each VALU Guaranty made will be deposited into the pooled reserve fund. Interest income shall be maintained in the pooled fund. At a minimum, an amount equal to this deposit (combined with the deposits required by each guarantee program administered by the Governor's Office of Economic Development) shall be maintained in the reserve fund at all times. If the total maintained in this pooled reserve fund exceeds the minimum required and such additional amounts would not be required for payment on pending defaults, funds may be transferred to other funds or accounts. The VALU Guaranty constitutes a limited obligation of the Governor's Office of Economic Development, and is payable only from the pooled reserve fund and is not payable out of other revenues or property of the Governor's Office of Economic Development or any other funds of the State of South Dakota.

Source: 29 SDR 34, effective September 18, 2002; 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: 2002-09-18.