1-16B-38. Maximum loan to local agency--Vote required for approval.
58 words·~1 min read·
/sd/title-1/chapter-1-16/1-16b-38A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
If the authority determines, after hearing and examination, that the public purposes of this chapter will be accomplished, the authority may grant a loan to an enterprise. Approval of loan applications shall be by a majority vote of all members of the board of directors, eligible to vote thereon, the vote of each eligible member being duly recorded.