South Dakota Administrative Rules
Title 12 - Department of Agriculture
Article 12:07 - Agriculture enterprise programs
Chapter 12:07:12 - Rural development loans and participations
Section 12:07:12:07 - Impermissible uses of loan proceeds
Universal Citation: SD Admin Rules 12:07:12:07
Current through Register Vol. 50, page 114, March 25, 2024
The loan proceeds may not be used for the following purposes;
(1) Purchase, construction, or renovation of a personal dwelling;
(2) Establishment of or participation in a line of credit;
(3) Paying off a creditor in excess value of the collateral;
(4) Farm machinery, except as needed for the project;
(5) Refinancing preexisting and carry-over debt except as provided by this chapter, making past-due payments on land or equipment, paying delinquent taxes, or paying interest on outstanding debt; and
(6) Start-up costs, inventory, and working capital.
General Authority: SDCL 38-6-8.1.
Law Implemented: SDCL 38-6-3, 38-6-8.
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