<html> <head> <title>Rule 12:22:02:18 Interim financing.</title> <META NAME="Keywords" Content="Administrative Rules 12:22:02:18"> <META NAME="Description" Content="Administrative Rules 12:22:02:18 Interim financing."> <meta name=Generator content="Microsoft Office HTML Filter 2.0"> <meta http-equiv=Content-Type content="text/html; charset=windows-1252"> <meta name=Originator content="Microsoft Word 10"> <style> <!-- --> </style> </head> <body lang=EN-US> <div> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>12:22:02:18.&nbsp;&nbsp;Interim financing.</b> Interim financing is not refinancing of existing debt. The VAFA may require that the borrower use a commitment for a VAARP loan to secure interim financing from a regulated lender. The VAFA shall satisfy the interim financing loan in accordance with the terms of the interim financing loan agreement upon certification of completion of the project in accordance with the VAARP commitment.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Source:</b> 28 SDR 44, effective October 2, 2001.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>General Authority:</b>SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=1-16E-24">1-16E-24.</A></p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Law Implemented:</b>SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=1-16E-8">1-16E-8.</A></p> </div> </body> </html>