S.D. Admin. R. 12:03:03:05
Upon approval of a loan application by the commission and the signature of the commission's designated signatory, the commission shall mail provide the district with a promissory note containing the terms and conditions of the loan. If the purpose of the loan is to purchase equipment, a security agreement and Uniform Commercial Code (UCC) financing statement must also be provided.
The chair of the board of supervisors or the designated signatory shall sign the promissory note and the security agreement and UCC financing statement, if applicable, in the name of the district at a district meeting.
The district shall submit the promissory note, security agreement, and UCC financing statement, and to the division, for the disbursal of the funds.
S.D. Admin. R. 12:03:03:05
General Authority: SDCL 38-8-53, 38-8-53.1.
Law Implemented: SDCL 38-8-53, 38-8-53.1.