South Dakota Codified Laws 1-33B-17. Establishment of accounts from which loans to be made–Petroleum violation escrow fund–Legislative approval
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The Governor’s Office of Economic Development may establish in the state treasury such accounts as may be necessary to deposit the petroleum violation escrow funds and other funds from which to make the loans and grants authorized under § 1-33B-14. However, no such funds may be expended until appropriated by the Legislature. All funds may be invested by the state investment officer pursuant to chapter 4-5.
Terms Used In South Dakota Codified Laws 1-33B-17
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
Source: SL 1991, ch 16, § 7; SL 1994, ch 410 (Ex. Ord. 93-9), § 17.