<html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><title></title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s689b4168-0b98-4dc2-b1ca-fa3019d41b86P0 { margin-top: 0; margin-bottom: 0; margin-left: 0; margin-right: 0; text-indent: 0.00in; text-align: justify; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; } span.s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0 { color: black; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0-000000 { color: #0000FF; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0-000001 { color: black; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s689b4168-0b98-4dc2-b1ca-fa3019d41b86000002 { color: black; background: white; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0-000003 { color: #0000FF; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86P0"><span xml:space="preserve" class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0">    </span><a href="https://sdlegislature.gov/Rules?Rule=12:22:01:06"><span class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0-000000">12:22:01:06</span></a><span class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0-000001">.  Loan requirements.</span><span xml:space="preserve" class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0"> The following are requirements for a loan under the agribusiness bonding program:</span></p><p dir="ltr" class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86P0"><span xml:space="preserve" class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86000002"> </span></p><p dir="ltr" class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86P0"><span xml:space="preserve" class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0">    (1)  The authority may take security for a loan in the form of a promissory note, security agreement, mortgage, or similar agreement;</span></p><p dir="ltr" class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86P0"><span xml:space="preserve" class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86000002"> </span></p><p dir="ltr" class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86P0"><span xml:space="preserve" class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0">    (2)  A loan may not be assumed; and any interest in land, improvements, or depreciable property may not be leased, sold, exchanged, used as a trade-in, used on an equipment-for-hire basis, or otherwise conveyed without the prior written consent of the authority. The authority may not consent to an assumption of its loan or the conveyance of property subject to its mortgage or security agreement unless the purchaser of the property is an eligible applicant for an authority loan; and</span></p><p dir="ltr" class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86P0"><span xml:space="preserve" class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86000002"> </span></p><p dir="ltr" class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86P0"><span xml:space="preserve" class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0">    (3)  The eligible applicant, bond purchaser, or lender must pay the following fees to the authority:</span></p><p dir="ltr" class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86P0"><span xml:space="preserve" class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86000002"> </span></p><p dir="ltr" class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86P0"><span xml:space="preserve" class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0">        (a)  </span><span class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0">W</span><span xml:space="preserve" class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0">ith the submission of an application, a nonrefundable fee of </span><span class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0">two hundred dollars</span><span class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0">;</span></p><p dir="ltr" class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86P0"><span xml:space="preserve" class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0">        (b)  </span><span class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0">On the date of bond issuance</span><span xml:space="preserve" class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0">, a fee equal to </span><span class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0">one-eighth of one</span><span xml:space="preserve" class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0"> percent of the bond amount with a </span><span xml:space="preserve" class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0">five-hundred-dollar </span><span xml:space="preserve" class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0"> minimum;</span></p><p dir="ltr" class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86P0"><span xml:space="preserve" class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0">        (c)  </span><span class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0">I</span><span xml:space="preserve" class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0">f the loan is assumed, on the date of assumption, a fee equal to </span><span class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0">one-sixteenth of one</span><span xml:space="preserve" class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0"> percent of </span><span xml:space="preserve" class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0">the </span><span xml:space="preserve" class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0">outstanding bond balance with a </span><span class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0">three-hundred-dollar</span><span xml:space="preserve" class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0"> minimum;</span></p><p dir="ltr" class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86P0"><span xml:space="preserve" class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0">        (d)  </span><span class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0">O</span><span xml:space="preserve" class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0">n the date of </span><span xml:space="preserve" class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0">bond </span><span xml:space="preserve" class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0">issuance, a fee equal to </span><span class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0">one-eighth of one</span><span xml:space="preserve" class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0"> percent of the bond amount; and</span></p><p dir="ltr" class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86P0"><span xml:space="preserve" class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0">        (e)  </span><span class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0">On the date of bond issuance</span><span class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0">, the fees and expenses of bond counsel and the authority's special counsel.</span></p><p dir="ltr" class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86P0"><span xml:space="preserve" class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86000002"> </span></p><p dir="ltr" class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86P0"><span xml:space="preserve" class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0">    </span><span class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0-000001">Source:</span><span xml:space="preserve" class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0"> 23 SDR 161, effective April 7, 1997</span><span class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0">; 52 SDR 49, effective November 17, 2025</span><span class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0">.</span></p><p dir="ltr" class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86P0"><span xml:space="preserve" class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0">    </span><span class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0-000001">General Authority:</span><span xml:space="preserve" class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0"> SDCL </span><a href="https://sdlegislature.gov/Statutes?Statute=1-16B-70"><span class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0-000003">1-16B-70</span></a><span class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0">.</span></p><p dir="ltr" class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86P0"><span xml:space="preserve" class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0">    </span><span class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0-000001">Law Implemented:</span><span xml:space="preserve" class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0"> SDCL </span><a href="https://sdlegislature.gov/Statutes?Statute=1-16B-56"><span class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0-000003">1-16B-56</span></a><span xml:space="preserve" class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0">, </span><a href="https://sdlegislature.gov/Statutes?Statute=1-16B-57"><span class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0-000003">1-16B-57</span></a><span xml:space="preserve" class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0">, </span><a href="https://sdlegislature.gov/Statutes?Statute=1-16B-58"><span class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0-000003">1-16B-58</span></a><span class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0">(1)</span><span class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86C0">.</span></p><p dir="ltr" class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86P0"><span xml:space="preserve" class="s689b4168-0b98-4dc2-b1ca-fa3019d41b86000002"> </span></p></div></body></html>