<html> <head> <title>Rule 12:22:03:05 Uses of funds.</title> <META NAME="Keywords" Content="Administrative Rules 12:22:03:05"> <META NAME="Description" Content="Administrative Rules 12:22:03:05 Uses of funds."> <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;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {margin:0in; margin-bottom:.0001pt; text-align:justify; font-size:12.0pt; font-family:"Times New Roman",serif; color:black;} a:link, span.MsoHyperlink {color:blue; text-decoration:underline;} a:visited, span.MsoHyperlinkFollowed {color:purple; text-decoration:underline;} .MsoChpDefault {font-size:10.0pt; color:black;} @page WordSection1 {size:8.5in 11.0in; margin:1.0in 1.0in 1.0in 1.0in;} div.WordSection1 {page:WordSection1;} --> </style> </head> <body lang=EN-US link=blue vlink=purple> <div class=WordSection1> <p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>12:22:03:05.&nbsp;&nbsp;Uses of funds.</b> Funding must be for project specific requests including consultant contracts, attorney fees, down payment, strategic planning, supplies, and necessary services for studies or business planning, land use studies, and for other purposes not listed in this section as may be individually approved by the board. Funding may not be used to finance or refinance existing debt; for the purchase of land; for the construction, purchase, or installation of equipment; or for other fees, services, or costs related to the construction of the project. The board may commission studies 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.</p> <p class=MsoNormal>&nbsp;</p> <p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Source:</b> 40 SDR 109, effective December 9, 2013; 42 SDR 177, effective June 29, 2016; SL 2019, ch 235, &#167;&nbsp;37 and 38, effective April 14, 2019.</p> <p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>General Authority:</b> SDCL 1-53-34.</p> <p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Law Implemented:</b> SDCL 1-53-35, 1-53-37.</p> <p class=MsoNormal>&nbsp;</p> </div> </body> </html>