46A-1-64. Limit on loans or grants to projects in water facilities plan--Security for loans.

In administering the consolidated water facilities construction program, the Board of Water and Natural Resources may loan or grant a sum equal to the construction cost as estimated by the board but not to exceed two million dollars to any project in the state water facilities plan without specific authorization of the Legislature. Loans shall be secured by the best security position available. A pledge of assets owned by the entity receiving a loan and project revenues shall constitute sufficient minimum security for loans under this section.

Source: SL 1976, ch 282, § 3; SL 1977, ch 378; SDCL Supp, § 46-17A-54.1; SL 1983, ch 315, § 16; SL 1986, ch 291, § 5; SL 1989, ch 385, § 14; SL 1991, ch 17 (Ex. Ord. 91-4), § 17; SL 2015, ch 224, § 8, eff. Mar. 12, 2015.