<html> <head> <title>Rule 12:03:03:06 Revolving fund loan repayments.</title> <META NAME="Keywords" Content="Administrative Rules 12:03:03:06"> <META NAME="Description" Content="Administrative Rules 12:03:03:06 Revolving fund loan repayments."> <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>12:03:03:06.&nbsp;&nbsp;Revolving fund loan repayments.</b> A district shall repay a loan from the revolving fund in annual installments in an even amount of principal set by the commission, which amount may not be less than $250, plus interest at the rate of three percent (3%) per annum on the unpaid balance of the loan. Additional amounts may be repaid at any time. A district may repay a loan in full after first contacting the division for a statement of the amount due. All loans must be repaid in full within five years unless a loan extension is approved by the commission.</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; 21 SDR 90, effective November 14, 1994.</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>