South Dakota Administrative Rules
Title 12 - Department of Agriculture
Article 12:22 - Agribusiness bonding and lending programs
Chapter 12:22:02 - Value added agribusiness relending program
Section 12:22:02:18 - Interim financing
Universal Citation: SD Admin Rules 12:22:02:18
Current through Register Vol. 51, page 43, September 23, 2024
Interim financing is not refinancing of existing debt. The VAFA may require that the borrower use a commitment for a VAARP loan to secure interim financing from a regulated lender. The VAFA shall satisfy the interim financing loan in accordance with the terms of the interim financing loan agreement upon certification of completion of the project in accordance with the VAARP commitment.
General Authority: SDCL 1-16E-24.
Law Implemented: SDCL 1-16E-8.
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