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          12:03:03:05.  Approval procedure for loan application. Upon the approval of a loan application, the commission shall mail a promissory note containing the terms and conditions of the loan to the district. If the loan is to be used to purchase equipment, a security agreement and Uniform Commercial Code (UCC) financing statement shall also be mailed. The chairman of the board of managers or the board of supervisors shall sign the promissory note and the security agreement and UCC financing statement, if applicable, in the name of the district at a district meeting. The district shall submit the promissory note, security agreement, UCC financing statement, and a certified copy of the minutes of the district meeting to the division, which shall then disburse the funds.

          Source: 11 SDR 59, effective October 29, 1984; 12 SDR 128, 12 SDR 154, effective July 1, 1986.

          General Authority: SDCL 38-8-53, 38-8-53.1.

          Law Implemented: SDCL 38-8-53, 38-8-53.1.

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