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 68:01:02:14 - Maturity and interest rate

The maturity of the loan may not be more than 20 years with regular payments amortized over the term of the loan with a balloon payment prior to maturity. The authority shall match the term with the useful life of the assets being financed.

The interest rate of the loan shall be for a fixed rate as negotiated.

The borrower is responsible for arranging other financing when the note becomes due. If the borrower is unable to obtain financing, the borrower may apply before the loan due date for an extension of the loan by the authority at an interest rate and for a time period to be set by the authority.

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

Law Implemented: SDCL 1-16B-37, 1-16B-44, 1-16B-46.