<html> <head> <title>Rule 12:03:03:03 Criteria for commission review of loan application.</title> <META NAME="Keywords" Content="Administrative Rules 12:03:03:03"> <META NAME="Description" Content="Administrative Rules 12:03:03:03 Criteria for commission review of loan application."> <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>12:03:03:03.&nbsp;&nbsp;Criteria for commission review of loan application.</b> The commission shall review a loan application from a district and shall base its approval upon the following criteria:</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)&nbsp;&nbsp;The lawfulness of the proposed use of the funds;</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)&nbsp;&nbsp;The consistency of the proposed use of the funds with SDCL chapters <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=38-8">38-8</A> and 46A-14 and with promotion of sound conservation practices;</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)&nbsp;&nbsp;The availability of funds in the revolving fund;</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)&nbsp;&nbsp;The requested terms and conditions of the loan;</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)&nbsp;&nbsp;The financial status of the district as determined by an investigation performed by the commission or its agent;</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6)&nbsp;&nbsp;The adequacy of the proposed security, if any, for the loan.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Source:</b> 11 SDR 59, effective October 29, 1984; 12 SDR 128, 12 SDR 154, effective July 1, 1986.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>General Authority:</b> SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=38-8-53">38-8-53</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=38-8-53.1">38-8-53.1.</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=38-8-53">38-8-53</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=38-8-53.1">38-8-53.1.</A></p> </div> </body> </html>