State Codes and Statutes
Statutes > South-dakota > Title-34a > Chapter-14 > Statute-34a-14-734A-14-7. Additional powers of authority to make loans and investments. The authority may:
(1) Make, and undertake commitments to make, loans to or deposits with lenders including certificates of deposits, under terms and conditions which shall require such lenders to make loans (in an amount substantially equal to or in an amount greater than the principal amount of the loan or deposit and at such interest rates as may be agreed to between the authority and such lenders so as to encourage compliance by the borrowers with environmental legal requirements) to borrowers to finance the costs of petroleum marketing and business enterprises in order to comply with environmental legal requirements;
(2) Invest in, purchase, or make commitments to invest in or purchase, and take assignments of, loans made by lenders to borrowers to finance the costs of petroleum marketing and business enterprises in order to comply with environmental legal requirements;
(3) Invest in, purchase, or make commitments to invest in or purchase, and take assignments of, loans made by lenders to borrowers to finance the costs meeting the financial responsibility requirements of the industry imposed by state or federal statute or regulation including capital requirements of any corporation which provides agreements of indemnification or risk sharing;
(4) Make, and undertake commitments to make, loans to borrowers or provide guarantees or other security arrangements to borrowers or establish reserves or other security arrangements with any lender, trustee, or other party in connection with the financing of the costs of petroleum marketing and business enterprises in order to comply with environmental legal requirements on such terms and conditions as the authority may deem appropriate and at such interest rates and on such terms as may encourage compliance with environmental legal requirements; and
(5) Utilize moneys credited to the fund established under § 34A-13-20, in such amounts and on such terms as the authority and the secretary of transportation may agree, to make loans, deposits, guarantees, and other security arrangements with any lender, trustee, or other party for the purposes of encouraging compliance with environmental legal requirements, and repay or provide for the repayment of moneys to such account in accordance with the procedures and on the terms established by the authority and the secretary of transportation.
Source: SL 1988, ch 290, § 46; SL 1989, ch 310, § 12; SL 1995, ch 321 (Ex. Ord. 95-5), § 17.
