S.D. Admin. R. 68:01:02:01

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

Section 68:01:02:01 - Definitions

Words used in this chapter mean:

(1) "Applicant," a person, partnership, joint venture, corporation, profit or nonprofit development corporation, or other qualified enterprise that has completed an APEX application for a loan from the APEX fund;

(2) "Borrower," an applicant who has been awarded a loan from the APEX fund;

(3) "APEX," the agriculture processing and export fund;

(4) "Equity," capital that has no guaranteed or mandatory return which must be paid out in any event, has no definite timetable for repayment of the capital investment, and may not be withdrawn at the contributor's option without the permission of the superior debt holders;

(5) "USDA RD," United States Department of Agriculture Rural Development;

(6) "GOED," the Governor's Office of Economic Development;

(7) "IRP," Intermediary Relending Program;

(8) "Preliminary design stage," that portion of the project associated with market research studies identifying the project scope and need, compilation of the business plan, written initial cost estimates, written site options and description, and the commitment of the regulated lender;

(9) "Primary jobs," jobs that provide goods and services that are primarily exported from the state, that gain market share from imports to the state, or that meet an unmet need in the area and result in the creation of new wealth. Primary jobs are derived from businesses that bring new income into an area, stimulate other local businesses, or assist a community to diversify and stabilize its economy;

(10) "REDI," Revolving Economic Development Initiative;

(11) "Regulated lender," as defined in SDCL 54-3-14, including state-sanctioned lending authorities and federally sanctioned lending authorities;

(12) "Total project costs," the direct costs associated with the purchase of land, necessary site development and improvements, construction or acquisition and remodeling of buildings and works necessary to the operation and protection of the project, purchase and installation of machinery and equipment, fees for services, approved in-kind contributions, and adequate financing of working capital.

S.D. Admin. R. 68:01:02:01

16 SDR 158, effective 3/25/1990; 21 SDR 14, August 3, 1994; 27 SDR 66, effective 1/4/2001.

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

Law Implemented: SDCL 1-16B-37, 1-16B-44.