46A-1-67. Term of loans--Capitalization and refinancing of loans for purposes other than construction.

Loans from the South Dakota water and environment fund shall be for a term of years established by the board but may not exceed forty years for construction loans except as provided in § 46A-1-69, the useful life of the equipment for equipment loans, or seven years for loans for other purposes. Loans made for purposes other than construction may, however, be capitalized and refinanced as construction loans when the project proceeds to construction.

Source: SL 1982, ch 316, § 6B; SDCL Supp, § 46-17A-54.4; SL 1983, ch 315, § 13; SL 1992, ch 254, §§ 8, 11; SL 2016, ch 218, § 6, eff. Feb. 18, 2016.

46A-1-67.1. Repayment of loan may be deferred until execution of contract for project construction.

The provisions of § 46A-1-67 notwithstanding, repayment of any water project study loan that has been made or will be made pursuant to chapter 46A-1 by agreement between the South Dakota Conservancy District and any public or private entity may be deferred until the entity has executed a contract with the United States for the purpose of constructing the water project that was the subject of the study loan agreement.

Source: SL 1987, chapter 330, § 2.