46A-1-67. Term of loans--Capitalization and refinancing of loans for purposes other than construction.Loans from the South Dakota water and environment fund shall be for a term of years established by the board but may not exceed forty years for construction loans except as provided in §46A-1-69, the useful life of the equipment for equipment loans, or seven years for loans for other purposes. Loans made for purposes other than construction may, however, be capitalized and refinanced as construction loans when the project proceeds to construction. Source: SL 1982, ch 316, §6B; SDCL Supp, §46-17A-54.4; SL 1983, ch 315, §13; SL 1992, ch 254, §§8, 11; SL 2016, ch 218, §6, eff. Feb. 18, 2016.
South Dakota Legal Code