South Dakota Administrative Rules
Title 70 - Department of Transportation
Article 70:05 - State Railroad Board
Chapter 70:05:03 - Railroad trust fund loans
Section 70:05:03:08 - Loan security
Universal Citation: SD Admin Rules 70:05:03:08
Current through Register Vol. 50, page 114, March 25, 2024
Loans may be secured by a guarantee or promissory note executed by the benefitted entity; liens on the interest of the borrower in all real and personal property; easements; rights-of-way; a commitment by the borrower to exercise taxing authority; and any other assets of the borrower considered necessary by the board to adequately secure the loan.
General Authority: SDCL 49-16C-3.
Law Implemented: SDCL 49-16C-3.a
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