<html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><title></title><meta name="Generator" content="PowerTools for Open XML" /><style>p.scb8c4472-9e59-4767-aa51-c3f36513fb2dP0 { margin-top: 0; margin-bottom: 0; margin-left: 0; margin-right: 0; text-indent: 0.00in; text-align: justify; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; } span.scb8c4472-9e59-4767-aa51-c3f36513fb2dC0 { color: black; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.scb8c4472-9e59-4767-aa51-c3f36513fb2dC0-000000 { color: #0000FF; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.scb8c4472-9e59-4767-aa51-c3f36513fb2dC0-000001 { color: black; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.scb8c4472-9e59-4767-aa51-c3f36513fb2d000002 { color: black; background: white; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.scb8c4472-9e59-4767-aa51-c3f36513fb2dC0-000003 { color: #0000FF; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="scb8c4472-9e59-4767-aa51-c3f36513fb2dP0"><span style="white-space: pre-wrap;" xml:space="preserve" class="scb8c4472-9e59-4767-aa51-c3f36513fb2dC0">    </span><a href="https://sdlegislature.gov/Rules?Rule=70:05:03:12"><span style="white-space: pre-wrap;" class="scb8c4472-9e59-4767-aa51-c3f36513fb2dC0-000000">70:05:03:12</span></a><span style="white-space: pre-wrap;" class="scb8c4472-9e59-4767-aa51-c3f36513fb2dC0-000001">.  Maturity and interest rate.</span><span style="white-space: pre-wrap;" xml:space="preserve" class="scb8c4472-9e59-4767-aa51-c3f36513fb2dC0"> The </span><span style="white-space: pre-wrap;" xml:space="preserve" class="scb8c4472-9e59-4767-aa51-c3f36513fb2dC0">board shall set the </span><span style="white-space: pre-wrap;" xml:space="preserve" class="scb8c4472-9e59-4767-aa51-c3f36513fb2dC0">maturity of the loan, and </span><span style="white-space: pre-wrap;" xml:space="preserve" class="scb8c4472-9e59-4767-aa51-c3f36513fb2dC0">any </span><span style="white-space: pre-wrap;" xml:space="preserve" class="scb8c4472-9e59-4767-aa51-c3f36513fb2dC0">interest </span><span style="white-space: pre-wrap;" xml:space="preserve" class="scb8c4472-9e59-4767-aa51-c3f36513fb2dC0">rates, </span><span style="white-space: pre-wrap;" class="scb8c4472-9e59-4767-aa51-c3f36513fb2dC0">either fixed or variable, over the term of the loan.</span></p><p dir="ltr" class="scb8c4472-9e59-4767-aa51-c3f36513fb2dP0"><span style="white-space: pre-wrap;" xml:space="preserve" class="scb8c4472-9e59-4767-aa51-c3f36513fb2d000002"> </span></p><p dir="ltr" class="scb8c4472-9e59-4767-aa51-c3f36513fb2dP0"><span style="white-space: pre-wrap;" xml:space="preserve" class="scb8c4472-9e59-4767-aa51-c3f36513fb2dC0">    The board may consider the following in setting the interest rate:</span></p><p dir="ltr" class="scb8c4472-9e59-4767-aa51-c3f36513fb2dP0"><span style="white-space: pre-wrap;" xml:space="preserve" class="scb8c4472-9e59-4767-aa51-c3f36513fb2d000002"> </span></p><p dir="ltr" class="scb8c4472-9e59-4767-aa51-c3f36513fb2dP0"><span style="white-space: pre-wrap;" xml:space="preserve" class="scb8c4472-9e59-4767-aa51-c3f36513fb2dC0">    (1)  State and national market interest rates;</span></p><p dir="ltr" class="scb8c4472-9e59-4767-aa51-c3f36513fb2dP0"><span style="white-space: pre-wrap;" xml:space="preserve" class="scb8c4472-9e59-4767-aa51-c3f36513fb2dC0">    (2)  State and national economic conditions;</span></p><p dir="ltr" class="scb8c4472-9e59-4767-aa51-c3f36513fb2dP0"><span style="white-space: pre-wrap;" xml:space="preserve" class="scb8c4472-9e59-4767-aa51-c3f36513fb2dC0">    (3)  The solvency and balance of the fund; and</span></p><p dir="ltr" class="scb8c4472-9e59-4767-aa51-c3f36513fb2dP0"><span style="white-space: pre-wrap;" xml:space="preserve" class="scb8c4472-9e59-4767-aa51-c3f36513fb2dC0">    (4)  Other economic or business information determined by the board to be relevant.</span></p><p dir="ltr" class="scb8c4472-9e59-4767-aa51-c3f36513fb2dP0"><span style="white-space: pre-wrap;" xml:space="preserve" class="scb8c4472-9e59-4767-aa51-c3f36513fb2d000002"> </span></p><p dir="ltr" class="scb8c4472-9e59-4767-aa51-c3f36513fb2dP0"><span style="white-space: pre-wrap;" xml:space="preserve" class="scb8c4472-9e59-4767-aa51-c3f36513fb2dC0">    </span><span style="white-space: pre-wrap;" class="scb8c4472-9e59-4767-aa51-c3f36513fb2dC0-000001">Source:</span><span style="white-space: pre-wrap;" xml:space="preserve" class="scb8c4472-9e59-4767-aa51-c3f36513fb2dC0"> 19 SDR 107, effective January 24, 1993</span><span style="white-space: pre-wrap;" class="scb8c4472-9e59-4767-aa51-c3f36513fb2dC0">; 49 SDR 47, effective November 21, 2022</span><span style="white-space: pre-wrap;" class="scb8c4472-9e59-4767-aa51-c3f36513fb2dC0">.</span></p><p dir="ltr" class="scb8c4472-9e59-4767-aa51-c3f36513fb2dP0"><span style="white-space: pre-wrap;" xml:space="preserve" class="scb8c4472-9e59-4767-aa51-c3f36513fb2dC0">    </span><span style="white-space: pre-wrap;" class="scb8c4472-9e59-4767-aa51-c3f36513fb2dC0-000001">General Authority:</span><span style="white-space: pre-wrap;" xml:space="preserve" class="scb8c4472-9e59-4767-aa51-c3f36513fb2dC0"> SDCL </span><a href="https://sdlegislature.gov/Statutes?Statute=49-16C-3"><span style="white-space: pre-wrap;" class="scb8c4472-9e59-4767-aa51-c3f36513fb2dC0-000003">49-16C-3</span></a><span style="white-space: pre-wrap;" class="scb8c4472-9e59-4767-aa51-c3f36513fb2dC0">.</span></p><p dir="ltr" class="scb8c4472-9e59-4767-aa51-c3f36513fb2dP0"><span style="white-space: pre-wrap;" xml:space="preserve" class="scb8c4472-9e59-4767-aa51-c3f36513fb2dC0">    </span><span style="white-space: pre-wrap;" class="scb8c4472-9e59-4767-aa51-c3f36513fb2dC0-000001">Law Implemented:</span><span style="white-space: pre-wrap;" xml:space="preserve" class="scb8c4472-9e59-4767-aa51-c3f36513fb2dC0"> SDCL </span><a href="https://sdlegislature.gov/Statutes?Statute=49-16C-3"><span style="white-space: pre-wrap;" class="scb8c4472-9e59-4767-aa51-c3f36513fb2dC0-000003">49-16C-3</span></a><span style="white-space: pre-wrap;" xml:space="preserve" class="scb8c4472-9e59-4767-aa51-c3f36513fb2dC0">, </span><a href="https://sdlegislature.gov/Statutes?Statute=49-16C-4"><span style="white-space: pre-wrap;" class="scb8c4472-9e59-4767-aa51-c3f36513fb2dC0-000003">49-16C-4</span></a><span style="white-space: pre-wrap;" class="scb8c4472-9e59-4767-aa51-c3f36513fb2dC0">.</span></p><p dir="ltr" class="scb8c4472-9e59-4767-aa51-c3f36513fb2dP0"><span style="white-space: pre-wrap;" xml:space="preserve" class="scb8c4472-9e59-4767-aa51-c3f36513fb2d000002"> </span></p></div></body></html>