S.D. Admin. R. 68:01:02:06

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

Section 68:01:02:06 - Permissible uses of loan proceeds

APEX loan proceeds may be used for the following purposes;

(1) Purchase and development of land, easements, rights-of-way, buildings, facilities, leases, or materials;

(2) Construction or acquisition and remodeling of buildings and works necessary to the operation and protection of the project;

(3) Purchase and installation of machinery, equipment, and leasehold improvements;

(4) Fees, services, and costs related to the construction of the project;

(5) Other purposes not listed in this section and not prohibited in § 68:01:02:07, as individually approved by the authority and the USDA RD;

(6) Business construction, conversion, enlargement, repair, modernization, or development; and

(7) Business and industrial acquisitions if the loan will keep the business from closing, prevent the loss of employment opportunities, or provide expanded job opportunities.

S.D. Admin. R. 68:01:02:06

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

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

Law Implemented: SDCL 1-16B-4, 1-16B-37, 1-16B-44.