South Dakota Codified Laws 46A-1-66. Interest on loans
Loans made from the South Dakota Water and Environment Program by the South Dakota Conservancy District shall bear no interest until the Water Management Board has issued its final decision to grant a permit to appropriate water under chapter 46-5 or chapter 46-6 for the project for which the loan is made. Except as provided in § 46A-1-69, beginning with the date of the final decision of the Water Management Board, a loan from the water and environment fund shall bear interest at an annual rate not to exceed ten percent as determined by the Board of Water and Natural Resources. In establishing the interest rate, however, the Board of Water and Natural Resources shall give due regard to the maximum rate of interest which the project may economically afford.
Terms Used In South Dakota Codified Laws 46A-1-66
- 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 1982, ch 316, § 6A; SDCL Supp, § 46-17A-54.3; SL 1983, ch 315, § 12; SL 1992, ch 254, § 8.