<html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><title></title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s418bcbb9-4c32-45d0-98e7-fa1b74a66b38P0 { 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.s418bcbb9-4c32-45d0-98e7-fa1b74a66b38C0 { color: black; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s418bcbb9-4c32-45d0-98e7-fa1b74a66b38C0-000000 { color: #0000FF; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s418bcbb9-4c32-45d0-98e7-fa1b74a66b38C0-000001 { color: black; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s418bcbb9-4c32-45d0-98e7-fa1b74a66b38000002 { color: black; background: white; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s418bcbb9-4c32-45d0-98e7-fa1b74a66b38C0-000003 { 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="s418bcbb9-4c32-45d0-98e7-fa1b74a66b38P0"><span xml:space="preserve" class="s418bcbb9-4c32-45d0-98e7-fa1b74a66b38C0">    </span><a href="https://sdlegislature.gov/Rules?Rule=12:03:03:06"><span class="s418bcbb9-4c32-45d0-98e7-fa1b74a66b38C0-000000">12:03:03:06</span></a><span class="s418bcbb9-4c32-45d0-98e7-fa1b74a66b38C0-000001">.  Revolving fund loan repayments.</span><span xml:space="preserve" class="s418bcbb9-4c32-45d0-98e7-fa1b74a66b38C0"> A district shall repay a loan from the revolving fund in </span><span xml:space="preserve" class="s418bcbb9-4c32-45d0-98e7-fa1b74a66b38C0">equal </span><span xml:space="preserve" class="s418bcbb9-4c32-45d0-98e7-fa1b74a66b38C0">annual installments set by the commission, </span><span class="s418bcbb9-4c32-45d0-98e7-fa1b74a66b38C0">provided each installment</span><span xml:space="preserve" class="s418bcbb9-4c32-45d0-98e7-fa1b74a66b38C0"> may not be less than $250, plus interest at the rate of three percent per annum on the unpaid </span><span xml:space="preserve" class="s418bcbb9-4c32-45d0-98e7-fa1b74a66b38C0">prinicipal </span><span xml:space="preserve" class="s418bcbb9-4c32-45d0-98e7-fa1b74a66b38C0">balance of the loan. Additional amounts may be repaid at any time. A district may repay a loan in full </span><span class="s418bcbb9-4c32-45d0-98e7-fa1b74a66b38C0">at any time</span><span class="s418bcbb9-4c32-45d0-98e7-fa1b74a66b38C0">. All loans must be repaid in full within five years unless a loan extension is approved by the commission.</span><span xml:space="preserve" class="s418bcbb9-4c32-45d0-98e7-fa1b74a66b38C0"> An approved loan is due for payment nine months after the application deadline.</span></p><p dir="ltr" class="s418bcbb9-4c32-45d0-98e7-fa1b74a66b38P0"><span xml:space="preserve" class="s418bcbb9-4c32-45d0-98e7-fa1b74a66b38000002"> </span></p><p dir="ltr" class="s418bcbb9-4c32-45d0-98e7-fa1b74a66b38P0"><span xml:space="preserve" class="s418bcbb9-4c32-45d0-98e7-fa1b74a66b38C0">    </span><span class="s418bcbb9-4c32-45d0-98e7-fa1b74a66b38C0-000001">Source:</span><span xml:space="preserve" class="s418bcbb9-4c32-45d0-98e7-fa1b74a66b38C0"> 11 SDR 59, effective October 29, 1984; 12 SDR 128, 12 SDR 154, effective July 1, 1986; 21 SDR 90, effective November 14, 1994</span><span class="s418bcbb9-4c32-45d0-98e7-fa1b74a66b38C0">; 49 SDR 48, effective November 23, 2022</span><span class="s418bcbb9-4c32-45d0-98e7-fa1b74a66b38C0">.</span></p><p dir="ltr" class="s418bcbb9-4c32-45d0-98e7-fa1b74a66b38P0"><span xml:space="preserve" class="s418bcbb9-4c32-45d0-98e7-fa1b74a66b38C0">    </span><span class="s418bcbb9-4c32-45d0-98e7-fa1b74a66b38C0-000001">General Authority:</span><span xml:space="preserve" class="s418bcbb9-4c32-45d0-98e7-fa1b74a66b38C0"> SDCL </span><a href="https://sdlegislature.gov/Statutes?Statute=38-8-53"><span class="s418bcbb9-4c32-45d0-98e7-fa1b74a66b38C0-000003">38-8-53</span></a><span class="s418bcbb9-4c32-45d0-98e7-fa1b74a66b38C0">.</span></p><p dir="ltr" class="s418bcbb9-4c32-45d0-98e7-fa1b74a66b38P0"><span xml:space="preserve" class="s418bcbb9-4c32-45d0-98e7-fa1b74a66b38C0">    </span><span class="s418bcbb9-4c32-45d0-98e7-fa1b74a66b38C0-000001">Law Implemented:</span><span xml:space="preserve" class="s418bcbb9-4c32-45d0-98e7-fa1b74a66b38C0"> SDCL </span><a href="https://sdlegislature.gov/Statutes?Statute=38-8-53"><span class="s418bcbb9-4c32-45d0-98e7-fa1b74a66b38C0-000003">38-8-53</span></a><span class="s418bcbb9-4c32-45d0-98e7-fa1b74a66b38C0">.</span></p><p dir="ltr" class="s418bcbb9-4c32-45d0-98e7-fa1b74a66b38P0"><span xml:space="preserve" class="s418bcbb9-4c32-45d0-98e7-fa1b74a66b38000002"> </span></p></div></body></html>