<html> <head> <title>Rule 12:07:14:19 Reserve fund.</title> <META NAME="Keywords" Content="Administrative Rules 12:07:14:19"> <META NAME="Description" Content="Administrative Rules 12:07:14:19 Reserve fund."> <meta http-equiv=Content-Type content="text/html; charset=windows-1252"> <meta name=Generator content="Microsoft Word 15 (filtered)"> <style> <!-- /* Font Definitions */ @font-face {font-family:"Cambria Math"; panose-1:2 4 5 3 5 4 6 3 2 4;} @font-face {font-family:Times; panose-1:2 2 6 3 5 4 5 2 3 4;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {margin:0in; margin-bottom:.0001pt; font-size:10.0pt; font-family:"Times",serif;} a:link, span.MsoHyperlink {color:blue; text-decoration:underline;} a:visited, span.MsoHyperlinkFollowed {color:purple; text-decoration:underline;} .MsoChpDefault {font-size:10.0pt;} @page WordSection1 {size:8.5in 11.0in; margin:1.0in 1.25in 1.0in 1.25in;} div.WordSection1 {page:WordSection1;} --> </style> </head> <body lang=EN-US link=blue vlink=purple> <div class=WordSection1> <p class=MsoNormal style='text-align:justify'><span style='font-size:12.0pt; font-family:"Times New Roman",serif'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>12:07:14:19.&nbsp;&nbsp;Reserve fund.</b> The </span><span style='font-size:12.0pt;font-family:"Times New Roman",serif'>Governor's Office of Economic Development</span><span style='font-size:12.0pt;font-family: "Times New Roman",serif'> shall establish a pooled reserve fund for guarantee programs administered by the </span><span style='font-size:12.0pt;font-family: "Times New Roman",serif'>Governor's Office of Economic Development</span><span style='font-size:12.0pt;font-family:"Times New Roman",serif'>. Ten percent of each VALU Guaranty made will be deposited into the pooled reserve fund. Interest income shall be maintained in the pooled fund. At a minimum, an amount equal to this deposit (combined with the deposits required by each guarantee program administered by the </span><span style='font-size:12.0pt;font-family: "Times New Roman",serif'>Governor's Office of Economic Development</span><span style='font-size:12.0pt;font-family:"Times New Roman",serif'>) shall be maintained in the reserve fund at all times. If the total maintained in this pooled reserve fund exceeds the minimum required and such additional amounts would not be required for payment on pending defaults, funds may be transferred to other funds or accounts. The VALU Guaranty constitutes a limited obligation of the </span><span style='font-size:12.0pt;font-family:"Times New Roman",serif'>Governor's Office of Economic Development</span><span style='font-size:12.0pt;font-family: "Times New Roman",serif'>, and is payable only from the pooled reserve fund and is not payable out of other revenues or property of the </span><span style='font-size:12.0pt;font-family:"Times New Roman",serif'>Governor's Office of Economic Development</span><span style='font-size:12.0pt;font-family:"Times New Roman",serif'> or any other funds of the State of South Dakota.</span></p> <p class=MsoNormal style='text-align:justify'><span style='font-size:12.0pt; font-family:"Times New Roman",serif'>&nbsp;</span></p> <p class=MsoNormal style='text-align:justify'><span style='font-size:12.0pt; font-family:"Times New Roman",serif'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Source:</b> 29 SDR 34, effective September 18, 2002; SL 2019, ch 235, &#167;&nbsp;37 and 38, effective April 14, 2019.</span></p> <p class=MsoNormal style='text-align:justify'><span style='font-size:12.0pt; font-family:"Times New Roman",serif'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>General Authority:</b> SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=1">1</A></span><span style='font-size:12.0pt;font-family:"Times New Roman",serif'>-53-30</span><span style='font-size:12.0pt;font-family:"Times New Roman",serif'>.</span></p> <p class=MsoNormal style='text-align:justify'><span style='font-size:12.0pt; font-family:"Times New Roman",serif'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Law Implemented:</b> SDCL </span><span style='font-size:12.0pt;font-family:"Times New Roman",serif'>1-53-24, 1-53-29</span><span style='font-size:12.0pt;font-family:"Times New Roman",serif'>.</span></p> <p class=MsoNormal style='text-align:justify'><span style='font-size:12.0pt; font-family:"Times New Roman",serif'>&nbsp;</span></p> </div> </body> </html>