S.D. Admin. R. 12:03:03:06
A district shall repay a loan from the revolving fund in even annual installments set by the commission, provided each installment may not be less than $250, plus interest at the rate of three percent per annum on the unpaid principal balance of the loan. Additional amounts may be repaid at any time. Annual payments against the principal may result in a lower final installment necessary to complete repayment. A district may repay a loan in full at any time. All loans must be repaid in full within five years, unless a loan extension is approved by the commission. Loans applied for will be due for payment nine months after the application deadline.
S.D. Admin. R. 12:03:03:06
General Authority: SDCL 38-8-53, 38-8-53.1.
Law Implemented: SDCL 38-8-53, 38-8-53.1.