S.D. Admin. R. 12:07:20:20
The department shall establish a pooled reserve fund for guarantee programs administered by the department. Twenty-five percent of each Stock Purchase Guaranty made will be deposited into the pooled reserve fund. Interest income will be maintained in the pooled fund. At a minimum, an amount equal to this deposit (combined with the deposits required by each guarantee program administered by the department) will be maintained in the reserve fund at all times. If the total maintained in this pooled reserve fund exceeds the minimum required and such additional amounts would not be required for payment on pending defaults, funds may be transferred to other funds or accounts. The Stock Purchase Guaranty constitutes a limited obligation of the South Dakota Department of Agriculture, and is payable only from the pooled reserve fund and shall not be payable out of other revenues or property of the department or any other funds of the State of South Dakota.
S.D. Admin. R. 12:07:20:20
General Authority: SDCL 38-6-8.1.
Law Implemented: SDCL 38-6-3, 38-6-8.