S.D. Admin. R. 12:22:02:18
Current through Register Vol. 51, page 46, September 30, 2024
Interim financing is not refinancing of existing debt. The VAFA may require that the borrower use a commitment for a VAARP loan to secure interim financing from a regulated lender. The VAFA shall satisfy the interim financing loan in accordance with the terms of the interim financing loan agreement upon certification of completion of the project in accordance with the VAARP commitment.
S.D. Admin. R. 12:22:02:18
General Authority: SDCL 1-16E-24.
Law Implemented: SDCL 1-16E-8.