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 68:01:02:11 - Acceptance by applicant - Time restrictions

Universal Citation: SD Admin Rules 68:01:02:11
Current through Register Vol. 51, page 43, September 23, 2024

Within six months after the official loan approval by the authority and USDA RD, the applicant must accept the commitment letter of the authority in writing or the approval may be withdrawn at the discretion of the authority.

Within six months after written acceptance, the applicant must begin the project. Final disbursement of the loan proceeds must be made within one year after approval by the authority, unless the time is extended by the authority pursuant to prior written consent. The request for extension must be submitted at a regularly scheduled meeting prior to the expiration of the six-month period. The authority shall decide the length of the extension period.

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

Law Implemented: SDCL 1-16B-14(4), 1-16B-37, 1-16B-44.

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