South Dakota Codified Laws 1-19A-13.3. Amount of loans and grants–Interest rate–Extensions and renewals–Amounts available for structures with public use
Loans and grants may be made from the loan and grant fund by the State Historical Society Board of Trustees to individuals, corporations, or historical organizations for up to ninety percent of the cost of purchase, restoration, and development of a structure. Loans shall be made at an annual interest rate of one–fourth the prime interest rate at the time the loan is made. The maximum amount of a loan for any one structure is twenty–five thousand dollars. Loans may not be extended beyond a three–year period, nor may they be renewed. Loans and grants may be made to nonprofit historical organizations, municipalities, and other local governmental entities for the full cost of purchase, restoration, and development of structures that will have a public use.
Terms Used In South Dakota Codified Laws 1-19A-13.3
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
Source: SL 1977, ch 19, § 3; SL 1994, ch 332, § 4; SL 2002, ch 14, § 1.