68:02:02:19Equity contribution.

An applicant shall provide an equity contribution of at least 10 percent of the total cost of the study. The requirement may be waived by a two-thirds affirmative vote of the members of the board present and voting if the equity contribution is not necessary to secure the interests of the board. In-kind contributions and completed work may be applied toward the equity contribution if, in the judgment of the board, such in-kind contributions and work completed contribute substantially to the study. The applicant shall provide proof of the existence or availability of the equity contribution.

Source: 34 SDR 68, effective September 13, 2007.