South Dakota Administrative Code

12:21:01:09. Loan requirements. The authority may take security for a loan in the form of a promissory note, security agreement, mortgage, or similar agreement. A loan may not be assumed without the prior written consent of the authority. The authority may not consent to an assum…

12:21:01:10. Availability of books and records. Participating lenders shall maintain books and records setting forth payments received and disbursements made on all authority loans. The participating lender's books and records must be available for examination by the authority or…

12:21:01:11. South Dakota beginning farmer bond program. The authority shall enter into a loan agreement with the beginning farmer and assign that loan to the lender. At the same time, the authority shall issue a tax-exempt bond in the amount of the loan and the lender shall purc…

12:21:01:12. Application procedures. After identifying a lender and receiving the lender's approval, the applicant may apply for an authority loan with that lender on forms provided by the authority. Prior to applying to the authority, the applicant and lender must agree on the t…

12:21:01:13. Issuance of bond. The authority may not issue a bond for the purpose of financing a project for a specific applicant unless, before its issuance, the authority has conducted a public hearing conforming to the applicable requirements of 26 U.S.C. § 147(f)(2)(B) (Decem…

12:21:01:14. Priority of applications. The authority shall process applications on a first-come, first-served basis, based on the receipt of a complete application. Source: 22 SDR 97, effective January 22, 1996; 52 SDR 49, effective November 17, 2025. General Authority: SDCL 1-16…

12:21:01:15. Procedures following bond issuance. No bond proceeds may be used for an unqualified purpose or by an unqualified user. Following disbursement of the bond proceeds, the authority may require the lender and the beginning farmer to certify to the authority that the proc…

12:21:01:16. Assignment of loans by participating lenders. A participating lender may assign a loan in whole or in part, the servicing of the loan, or both the loan and servicing, to any regulated lender as defined in SDCL 54-3-14. The authority must be notified in writing before…

12:21:01:17. Assignment of loans by bond purchasers. A bond purchaser may assign a loan in whole or in part to any person as defined in SDCL 2-14-2. The authority must be notified in writing prior to assignment of the loan. Source: 22 SDR 97, effective January 22, 1996; 52 SDR 49…

12:21:01:18. Substitution of collateral and transfer of property. Equipment and other depreciable property may be exchanged or traded for similar property, and other property such as breeding livestock may be added or substituted as collateral at the discretion of the lender with…

12:21:01:19. Right to audit. The authority may audit the records of the lender and the beginning farmer relating to any loan or bond governed by this chapter to ensure that bond proceeds were used for a qualified purpose by a qualified user. Source: 22 SDR 97, effective January 2…

12:22:01:01. Definitions. Terms defined in SDCL 1-16B-1 have the same meaning when used in this article. In addition, terms used in this article mean: (1) "Bond purchaser," any individual, corporation, government or governmental subdivision or agency, business trust, estate, trus…

12:22:01:02. Contents of application. An applicant for an agribusiness bonding program loan must apply for the loan on a form provided by the authority. The application must include the following: (1) The applicant's name and mailing address; (2) A description of the anticipated …

12:22:01:03. Procedure for informal settlements in contested cases. Repealed. Source: 23 SDR 161, effective April 7, 1997; 52 SDR 49, effective November 17, 2025.

12:22:01:04. Eligibility. To be eligible for assistance under this chapter, the project must be located in South Dakota at the time the bond is issued to finance the loan and the eligible applicant must agree to pay all fees associated with receiving an authority bond. Source: 23…

12:22:01:05. Ineligible uses of loan proceeds. The agribusiness bonding program may not be used to finance working capital or inventory. Source: 23 SDR 161, effective April 7, 1997; 52 SDR 49, effective November 17, 2025. General Authority: SDCL 1-16B-70. Law Implemented: SDCL 1-…

12:22:01:06. Loan requirements. The following are requirements for a loan under the agribusiness bonding program: (1) The authority may take security for a loan in the form of a promissory note, security agreement, mortgage, or similar agreement; (2) A loan may not be assumed; an…

12:22:01:07. Availability of books and records. Bond purchasers or their agents shall maintain books and records setting forth payments received and disbursements made on all authority loans. The books and records must be available for examination by the authority or its agent. S…

12:22:01:08. Application procedures. The eligible applicant shall obtain an application from the authority and submit the completed application along with the application fee described in subsection 12:22:01:06(3)(a), to the authority. The authority's legal counsel shall review t…

12:22:01:09. Public hearing -- Approval of bond issuance. The authority may not issue a bond for the purpose of financing a project for a specific eligible applicant unless, before its issuance, the authority has conducted a public hearing conforming to the applicable requirement…

12:22:01:10. Priority of applications. The authority shall process applications on a first-come, first-served basis, based on the receipt of a complete application. Source: 23 SDR 161, effective April 7, 1997; 52 SDR 49, effective November 17, 2025. General Authority: SDCL 1-16B-…

12:22:01:11. Procedures following bond issuance. Following disbursement of the bond proceeds, the authority may require the bond purchaser or the bond purchaser's agent and the eligible applicant to certify to the authority that the proceeds were used by a qualified eligible appl…

12:22:01:12. Assignment of loans. A bond purchaser may assign a loan in whole or in part. Servicing of the loan may also be assigned. Source: 23 SDR 161, effective April 7, 1997; 52 SDR 49, effective November 17, 2025. General Authority: SDCL 1-16B-70. Law Implemented: SDCL 1-16B…

12:22:01:13. Right to audit. The authority may audit the records of a bond purchaser or the bond purchaser's agents, and the eligible applicant, relating to any loan or bond governed by this chapter, to ensure that bond proceeds were used for a qualified purpose. Source: 23 SDR 1…

12:22:02:01. Definitions. Repealed. Source: 28 SDR 44, effective October 2, 2001; 42 SDR 14, effective August 10, 2015; 52 SDR 49, effective November 17, 2025.

12:22:02:02. Eligibility requirements. Repealed. Source: 28 SDR 44, effective October 2, 2001; 52 SDR 49, effective November 17, 2025.

12:22:02:03. Application requirements. Repealed. Source: 28 SDR 44, effective October 2, 2001; 52 SDR 49, effective November 17, 2025.

12:22:02:04. Loan amounts. Repealed. Source: 28 SDR 44, effective October 2, 2001; 42 SDR 14, effective August 10, 2015; 52 SDR 49, effective November 17, 2025.

12:22:02:05. Equity contribution. Repealed. Source: 28 SDR 44, effective October 2, 2001; 52 SDR 49, effective November 17, 2025.

12:22:02:06. Permissible uses of loan proceeds. Repealed. Source: 28 SDR 44, effective October 2, 2001; 52 SDR 49, effective November 17, 2025.

12:22:02:07. Impermissible uses of loan proceeds. Repealed. Source: 28 SDR 44, effective October 2, 2001; 52 SDR 49, effective November 17, 2025.

12:22:02:08. Factors for action by VAFA. Repealed. Source: 28 SDR 44, effective October 2, 2001; 52 SDR 49, effective November 17, 2025.

12:22:02:09. Action by VAFA on applications. Repealed. Source: 28 SDR 44, effective October 2, 2001; 52 SDR 49, effective November 17, 2025.

12:22:02:10. Reservation of right to make loan. Repealed. Source: 28 SDR 44, effective October 2, 2001; 52 SDR 49, effective November 17, 2025.

12:22:02:11. Acceptance by applicant -- Time restrictions. Repealed. Source: 28 SDR 44, effective October 2, 2001; 52 SDR 49, effective November 17, 2025.

12:22:02:12. Review of financial status. Repealed. Source: 28 SDR 44, effective October 2, 2001; 52 SDR 49, effective November 17, 2025.

12:22:02:13. Loan agreement. Repealed. Source: 28 SDR 44, effective October 2, 2001; 52 SDR 49, effective November 17, 2025.

12:22:02:14. Maturity and interest rate. Repealed. Source: 28 SDR 44, effective October 2, 2001; 52 SDR 49, effective November 17, 2025.

12:22:02:15. Reporting requirements for borrower. Repealed. Source: 28 SDR 44, effective October 2, 2001; 52 SDR 49, effective November 17, 2025.

12:22:02:16. Inspection of project by VAFA -- Retention of records. Repealed. Source: 28 SDR 44, effective October 2, 2001; 52 SDR 49, effective November 17, 2025.

12:22:02:17. Default on loan agreement. Repealed. Source: 28 SDR 44, effective October 2, 2001; 52 SDR 49, effective November 17, 2025.

12:22:02:18. Interim financing. Repealed. Source: 28 SDR 44, effective October 2, 2001; 52 SDR 49, effective November 17, 2025.

12:22:03:01. Definitions. Repealed. Source: 40 SDR 109, effective December 9, 2013; SL 2019, ch 235, § 37 and 38, effective April 14, 2019; 52 SDR 49, effective November 17, 2025.

12:22:03:02. Eligibility. Repealed. Source: 40 SDR 109, effective December 9, 2013; SL 2019, ch 235, § 37 and 38, effective April 14, 2019; 52 SDR 49, effective November 17, 2025.

12:22:03:03. Application requirements. Repealed. Source: 40 SDR 109, effective December 9, 2013; SL 2019, ch 235, § 37 and 38, effective April 14, 2019; 52 SDR 49, effective November 17, 2025.

12:22:03:04. Funding amount. Repealed. Source: 40 SDR 109, effective December 9, 2013; SL 2019, ch 235, § 37 and 38, effective April 14, 2019; 52 SDR 49, effective November 17, 2025.

12:22:03:05. Uses of funds. Repealed. Source: 40 SDR 109, effective December 9, 2013; 42 SDR 177, effective June 29, 2016; SL 2019, ch 235, § 37 and 38, effective April 14, 2019; 52 SDR 49, effective November 17, 2025.

12:22:03:06. Factors for board action. Repealed. Source: 40 SDR 109, effective December 9, 2013; SL 2019, ch 235, § 37 and 38, effective April 14, 2019; 52 SDR 49, effective November 17, 2025.

12:22:03:07. Board action on applications. Repealed. Source: 40 SDR 109, effective December 9, 2013; SL 2019, ch 235, § 37 and 38, effective April 14, 2019; 52 SDR 49, effective November 17, 2025.

12:22:03:08. Acceptance and time restrictions of applicant. Repealed. Source: 40 SDR 109, effective December 9, 2013; SL 2019, ch 235, § 37 and 38, effective April 14, 2019; 52 SDR 49, effective November 17, 2025.