South Dakota Administrative Rules
Title 68 - Tourism and State Development
Article 68:01 - Economic development finance authority
Chapter 68:01:02 - APEX loan program
Section 68:01:02:06 - Permissible uses of loan proceeds

Universal Citation: SD Admin Rules 68:01:02:06

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

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.

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

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

Disclaimer: These regulations may not be the most recent version. South Dakota may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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