<html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 1-19A-13.3 - Amount of loans and grants--Interest rate--Extensions and renewals--Amounts available for structures with public use. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2031185Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2031185SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2031185CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2031185Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2031185DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2031185DefaultParagraphFont-000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2031185000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2031185SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2031185SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } body { text-decoration-skip-ink: none; } </style></head><body><div><p dir="ltr" class="s2031185Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=1-19A-13.3"><span class="s2031185SENU">1-19A-13.3</span></a><span xml:space="preserve" class="s2031185SENU">. </span><span class="s2031185CL">Amount of loans and grants--Interest rate--Extensions and renewals--Amounts available for structures with public use.</span></p><p dir="ltr" class="s2031185Normal-000000"><span class="s2031185DefaultParagraphFont">Loans and grants may be made from the loan and grant fund by the State Historical Society Board of Trustees to individuals, corporations, or historical organizations for up to ninety percent of the cost of purchase, restoration, and development of a structure. Loans shall be made at an annual interest rate of one</span><span class="s2031185DefaultParagraphFont-000001">-</span><span class="s2031185DefaultParagraphFont">fourth the prime interest rate at the time the loan is made. The maximum amount of a loan for any one structure is twenty</span><span class="s2031185DefaultParagraphFont-000001">-</span><span class="s2031185DefaultParagraphFont">five thousand dollars. Loans may not be extended beyond a three</span><span class="s2031185DefaultParagraphFont-000001">-</span><span class="s2031185DefaultParagraphFont">year period, nor may they be renewed. Loans and grants may be made to nonprofit historical organizations, municipalities, and other local governmental entities for the full cost of purchase, restoration, and development of structures that will have a public use.</span></p><p dir="ltr" class="s2031185Normal"><span xml:space="preserve" class="s2031185000002"> </span></p><p dir="ltr" class="s2031185Normal"><span class="s2031185SCL">Source:</span><span xml:space="preserve" class="s2031185SCL-000003"> SL 1977, ch 19, § 3; SL 1994, ch 332, § 4; SL 2002, ch 14, § 1.</span></p></div></body></html>