S.D. Admin. R. 68:01:01:03

Current through Register Vol. 51, page 56, November 4, 2024

Section 68:01:01:03 - Loan reserve account requirement

For any series of bonds for which a loan reserve account is required, the borrower must deposit in the loan reserve account the amount, as of the date of calculation, as follows:

(1) The amount that is equal to 10 percent of the original principal amount of the series of bonds or the lesser amount required under § 148(d)(1) of the Internal Revenue Code of 1986 to preserve the tax-exempt status of interest on the series of bonds;

(2) If the series of bonds is issued on a taxable basis, the maximum debt service, assuming no acceleration of maturity, for the bond year; or

(3) An amount as determined by the authority.

S.D. Admin. R. 68:01:01:03

13 SDR 134, effective 3/31/1987; 21 SDR 14, effective 8/3/1994.

General Authority: SDCL 1-16B-14(4).

Law Implemented: SDCL 1-16B-14(4).