South Dakota Administrative Rules
Title 12 - Department of Agriculture
Article 12:22 - Agribusiness bonding and lending programs
Chapter 12:22:01 - General provisions
Section 12:22:01:01 - Definitions

Universal Citation: SD Admin Rules 12:22:01:01

Current through Register Vol. 51, page 43, September 23, 2024

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.

General Authority: SDCL 1-16E-24.

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

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