<html> <head> <title>Rule 68:02:02:20 Uses of loan proceeds -- Board-funded study.</title> <META NAME="Keywords" Content="Administrative Rules 68:02:02:20"> <META NAME="Description" Content="Administrative Rules 68:02:02:20 Uses of loan proceeds -- Board-funded study."> <meta http-equiv=Content-Type content="text/html; charset=windows-1252"> <meta name=Generator content="Microsoft Word 10 (filtered)"> <style> <!-- /* Font Definitions */ @font-face {font-family:Calibri; panose-1:2 15 5 2 2 2 4 3 2 4;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {margin:0in; margin-bottom:.0001pt; font-size:12.0pt; font-family:"Times New Roman";} @page Section1 {size:8.5in 11.0in; margin:1.0in 1.0in 1.0in 1.0in;} div.Section1 {page:Section1;} --> </style> </head> <body lang=EN-US> <div class=Section1> <p class=MsoNormal style='text-align:justify'><font size=3 face="Times New Roman"><span style='font-size:12.0pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b><span style='font-weight:bold'>68:02:02:20.&nbsp;&nbsp;Uses of loan proceeds -- Board-funded study.</span></b> Loan proceeds may be used for salaries, consultant contracts, supplies, and necessary services for studies, and for other purposes not listed in this section as may be individually approved by the board. Loan proceeds may not be used to finance or refinance existing debt; for the purchase of land, site development or improvement; for the construction, purchase, or installation of equipment; or for other fees, services, and costs related to the construction of the project. No more than once per fiscal year, the board may commission a study and pay the entire cost of the study from VASF if it determines that doing so may avoid duplication of effort or will serve an unmet need. The cost to the VASF of a board-commissioned study may not exceed $100,000.</span></font></p> <p class=MsoNormal style='text-align:justify'><font size=3 face="Times New Roman"><span style='font-size:12.0pt'>&nbsp;</span></font></p> <p class=MsoNormal style='text-align:justify'><font size=3 face="Times New Roman"><span style='font-size:12.0pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b><span style='font-weight:bold'>Source:</span></b> 34 SDR 68, effective September 13, 2007; 39 SDR 16, effective August 6, 2012.</span></font></p> <p class=MsoNormal style='text-align:justify'><font size=3 face="Times New Roman"><span style='font-size:12.0pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b><span style='font-weight:bold'>General Authority:</span></b> SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=1-16G-5">1-16G-5</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=1-16G-8">1-16G-8(9)</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=1-16G-28">1-16G-28(3)(4).</A></span></font></p> <p class=MsoNormal style='text-align:justify'><font size=3 face="Times New Roman"><span style='font-size:12.0pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b><span style='font-weight:bold'>Law Implemented:</span></b> SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=1-16G-5">1-16G-5</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=1-16G-8">1-16G-8(9)</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=1-16G-25">1-16G-25</A> to <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=1-16G-27">1-16G-27</A>, inclusive.</span></font></p> <p class=MsoNormal style='text-align:justify'><font size=3 face="Times New Roman"><span style='font-size:12.0pt'>&nbsp;</span></font></p> </div> </body> </html>