Unless waived by an affirmative vote of two-thirds of the members of the board present and voting, a loan made pursuant to this chapter may not exceed the original principal amount of three million dollars. Unless waived by an affirmative vote of two-thirds of the members of the board present and voting, a loan made pursuant to this chapter may not exceed forty-five percent of the total project cost.

Source: 34 SDR 68, effective September 13, 2007 ; 52 SDR 49, effective November 17, 2025 .

General Authority: SDCL 1-16G-5 , 1-16G-8 (10).

Law Implemented: SDCL 1-16G-5 .

Prior versions effective: 2007-09-13.