S.D. Admin. R. 12:03:03:02

Current through Register Vol. 51, page 46, September 30, 2024

Section 12:03:03:02 - Application for loan

A district may apply for a loan from the special revenue fund by submitting an application to the commission. Applications will be reviewed twice per year. The first review will be of applications received from January 1 through June 30. The second review will be for applications received from July 1 to December 31. Applications must be received by the division before 5:00 p.m. Central Time on the stated date.

The commission may consider applications for emergency funding at any meeting.

The application for a loan must be on a form provided by the commission and must:

(1) State the name of the district;

(2) State the name and office mailing address of the district employee authorized to act on behalf of the board of supervisors;

(3) State the amount of funds and the term of the loan being requested.

(4) Include a description of when and how the loan will be used;

(5) Indicate whether the district has pursued other loans and if any loans received will be used in conjunction with the revolving loan fund for the same purpose;

(6) Include the district's current financial statement in accordance with the accounting manual;

(7) The financial statements, including the projected financial statement of the district over the term of the loan;

(8) The minutes of the district meeting at which the loan application was authorized;

(9) Include the source and policy limits of any liability insurance if the loan is for the purpose of purchasing equipment Insurance deductible shall not exceed $5,000 except with prior commission approval;

(10) A statement that the district will maintain financial records as required by the commission, and will make those records available to the commission or its agent for inspection upon request;

(11) The date of the application;

(12) The signature of the chair or designated signatory within the board of supervisors.

S.D. Admin. R. 12:03:03:02

11 SDR 59, effective 10/29/1984; 12 SDR 128, 12 SDR 154, effective 7/1/1986; 21 SDR 90, effective 11/14/1994; 49 SDR 049, effective 11/23/2022

General Authority: SDCL 38-8-53, 38-8-53.1.

Law Implemented: SDCL 38-8-53, 38-8-53.1.