Section 46A-1-67 - Term of loans--Capitalization and refinancing of loans for purposes otherthan construction. - South Dakota Statutes

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 conservancy district, but the term may not exceed seven years for loans for purposes other than actual construction of water resources projects nor forty years for loans for actual construction except as provided in § 46A-1-69. 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.