S.D. Admin. R. 12:22:01:01

Current through Register Vol. 51, page 67, December 16, 2024

Section 12:22:01:01 - Definitions

Terms defined in SDCL 1-16E-3 have the same meaning when used in this article. In addition, terms used in this article mean:

(1) "Authority," the Value Added Finance Authority created under SDCL chapter 1-16 E;

(2) "Bond purchaser," any individual, corporation, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity, that purchases an authority bond under the agribusiness bonding program;

(3) "Eligible applicant." a profit or nonprofit agricultural or business enterprise as defined in SDCL 1-16E-3, including an individual, partnership, corporation, joint venture, association, limited liability company, or cooperative;

(4) "Executive director," the executive director of the Value Added Finance Authority;

(5) "Intent resolution," a nonbinding resolution of intent by the authority to issue bonds to finance a proposed project;

(6) "Program," the agribusiness bonding program;

(7) "Project," a description of the intended use of the loan proceeds;

(8) "Qualified purposes," land, buildings or other improvements, or any real or personal property, debt service reserve fund, capitalized interest, and any cost relating to the foregoing.

S.D. Admin. R. 12:22:01:01

23 SDR 161, effective 4/7/1997.

General Authority: SDCL 1-16E-24.

Law Implemented: SDCL 1-16E-7, 1-16E-24.