12:03:03:06. Revolving fund loan repayments. 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.
Source: 11 SDR 59, effective October 29, 1984; 12 SDR 128, 12 SDR 154, effective July 1, 1986; 21 SDR 90, effective November 14, 1994.
General Authority: SDCL 38-8-53, 38-8-53.1.
Law Implemented: SDCL 38-8-53, 38-8-53.1.
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