##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-K
 þ
    
    Annual report under Section 13 or 15(d) of the Securities Exchange Act
of 1934for the fiscal year ended
September 30, 2008.
 o
    
    Transition report under Section 13 or 15(d) of the Exchange Act.
 Commission file number: 000-52420
 SIOUXLAND ETHANOL, LLC
  Nebraska
    
    22-3902184(State or other jurisdiction of
    
    (I.R.S. Employer Identification No.)incorporation or organization)
 1501 Knox Boulevard
Jackson, NE 68743
  (402) 632-2676
  None
 Limited Liability Company Membership Units
 o þ
 o þ
 þ o
 þ
  Large accelerated filer o
    
    Accelerated filer o
    
    Non-accelerated filer o
(Do not check if a smaller reporting company)
    
    Smaller reporting company þ
 o þ
  DOCUMENTS INCORPORATED BY REFERENCE




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##### 



TABLE OF CONTENTS
 PART IItem 1. BUSINESS
    
    
    1Item 2. PROPERTIES
    
    
    7Item 3. LEGAL PROCEEDINGS
    
    
    7Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
    
    
    7PART IIItem 5. MARKET FOR REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF
EQUITY SECURITIES
    
    
    8Item 7. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION
    
    
    9Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
    
    
    17Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
    
    
    35Item 9A(T) CONTROLS AND PROCEDURES
    
    
    35Item 9B. OTHER INFORMATION
    
    
    35PART IIIItem 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
    
    
    36Item 11. EXECUTIVE COMPENSATION
    
    
    36Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER
MATTERS
    
    
    36Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
    
    
    37Item 14 PRINCIPAL ACCOUNTANT FEES AND SERVICES
    
    
    37PART IVItem 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
    
    
    38SIGNATURES
    
    
    42
 Information Regarding Forward Looking Statements
  
    
    Changes in the availability and costs of products and raw materials,
particularly corn and natural gas;
    
    Projected growth, overcapacity or increased competition in the ethanol market in
which we operate;
    
    Fluctuations in the price and market for ethanol and distillers grains;
    
    Financial impact of our hedging strategies:EX-31.1EX-31.2EX-32.1EX-32.2
 ii




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
    
    Our ability to market and our reliance on third parties to market our products;
    
    Changes in plant production capacity, variations in actual ethanol and
distillers grains production from expectations or technical difficulties in
operating the plant;
    
    Changes in our development plans for expanding, maintaining or contracting our
presence in the market in which we operate;
    
    Changes in interest rates and the availability of credit to support capital
improvements, development, expansion and operations;
    
    Changes in or elimination of governmental laws, tariffs, trade or other controls
or enforcement practices;
    
    Market perception of the ethanol industry;
    
    Fluctuations in U.S. oil consumption and petroleum prices;
    
    The availability and adequacy of our cash flow to meet our requirements;
    
    Competition from alternative fuels and alternative fuel additives;
    
    Changes in general economic conditions or the occurrence of certain events
causing an economic impact in the agriculture, oil or automobile industries;
    
    Lack of transport, storage and blending infrastructure preventing ethanol from
reaching high demand markets;
    
    Costs of construction and equipment;
    
    The loss of, or inability to obtain any license or permit;
    
    Our liability resulting from litigation;
    
    The loss of available loan funding from our lenders;
    
    Changes and advances in ethanol production and technology; and
    
    Other factors described elsewhere in this report.
   iii




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PART I
 
 Item 1. BUSINESS.
  Principal Products
    Markets and Distribution
   1




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Ethanol Demand and Supply
      2




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Federal Ethanol Support Programs
   
    
    Volumetric Ethanol Excise Tax Credit. On January 1, 2005, the Volumetric
Ethanol Excise Tax Credit (VEETC) of $0.51 per gallon went into effect. The Food,
Conservation, and Energy Act of 2008 (the 2008 Farm Bill) reduced the VEETC to $0.45 per
gallon beginning January 1, 2009. The VEETC is available on all ethanol blended with all
gasoline, diesel and ethyl tertiary butyl ether, including ethanol in E-85. The VEETC is
scheduled to expire on December 31, 2010.
    
    Small Ethanol Producer Tax Credit. Small ethanol producers are allowed an
income tax credit equal to 10 cents per gallon on up to 15 million gallons of ethanol
production annually. The tax credit is capped at $1.5 million per year per producer.
Historically, a small ethanol producer was one with the capacity to produce up to
30 million gallons per annum. Under the 2005 Energy Act, the size limitation on the
production capacity for small ethanol producers was increased from 30 million to 60 million
gallons per year. This credit expires on December 31, 2010.
    
    Other Tax Credits. The 2005 Energy Act created a new tax credit that permits
taxpayers to claim a 30% credit (up to $30,000) for the cost of installing clean-fuel
vehicle refueling equipment, such as an E85 fuel pump, to be used in a trade or business of
the taxpayer or installed at the principal residence of the taxpayer. Under the provision,
clean fuels are any fuel of which at least 85% of the volume consists of ethanol, natural
gas, compressed natural gas, liquefied natural gas, liquefied petroleum gas, and hydrogen
and any mixture of diesel fuel and biodiesel containing at least 20% biodiesel. The
provision is effective for equipment placed in service after December 31, 2005, and before
January 1, 2010.
  Competition
  3




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Corn Feedstock
   4




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Utilities
  Natural Gas
  Electricity .
 Water
 5




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Transportation
    Compliance with Environmental Laws
  6




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Employees
  
 Item 2. PROPERTIES.
   
 Item 3. LEGAL PROCEEDINGS.
  
 Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
  7




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PART II
 
 Item 5.
    
    MARKET FOR COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY
SECURITIES.
    8




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Item 7.
    
    MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
  Overview
    9




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10




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Results of Operations
 1 2
 Comparison of the fiscal years ended September 30, 2008 and 2007
  September 30, 2008
    
    
    September 30, 2007Statement of Operations Data
    
    Amount
    
    
    %
    
    
    Amount
    
    
    %Revenues
    
    $
    130,898,558
    
    
    
    100.0
    %
    
    $
    45,679,815
    
    
    
    100.0
    %Cost of Goods Sold
    
    
    119,003,777
    
    
    
    90.9
    %
    
    
    36,980,923
    
    
    
    81.0
    %Gross Profit
    
    
    11,894,781
    
    
    
    9.1
    %
    
    
    8,698,892
    
    
    
    19.0
    %SG&A Expenses
    
    
    2,853,984
    
    
    
    2.2
    %
    
    
    2,170,233
    
    
    
    4.7
    %Operating Income
    
    
    9,040,797
    
    
    
    6.9
    %
    
    
    6,528,659
    
    
    
    14.3
    %Other Expense, net
    
    
    (2,295,123
    )
    
    
    (1.7
    )%
    
    
    (1,401,623
    )
    
    
    (3.1
    )%Net Income
    
    $
    6,745,674
    
    
    
    5.2
    %
    
    $
    5,127,036
    
    
    
    11.2
    %
 Revenues 1 2
   Cost of Goods Sold
 11




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1 2
    Selling, General and Administrative Expenses
 12




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Other Income (Expense).
  Liquidity and Capital Resources
      13




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14




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Tax Increment Financing
 (i)
    
    a Redevelopment Contract, dated July 20, 2006, by and between us and the Issuer (the
Redevelopment Contract);(ii)
    
    a Guaranty Agreement, dated September 28, 2006, from us to the Issuer (the Guaranty);(iii)
    
    a Subordinate Deed of Trust, Assignment of Leases and Rents and Security Agreement
Fixture Filing Statement, dated September 28, 2006, made by us in favor of Wells Fargo
Bank, National Association, as trustee of the Bonds (the Deed of Trust); and(iv)
    
    a Debt Subordination Agreement, dated September 28, 2006, by and among us, Wells Fargo
Bank, National Associations, as trustee of the Bonds, and Farm Credit Services of America,
FLCA (the Subordination Agreement).
    Employment and Investment Growth Act Project Agreement.
 15




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Application of Critical Accounting Estimates
    Off-Balance Sheet Arrangements
  16




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Item 8. FINANCIAL STATEMENTS.
  
      
 17




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SIOUXLAND ETHANOL, LLC
  September 30,
    
    
    September 30,2008
    
    
    2007ASSETSCurrent AssetsCash and equivalents
    
    $
    4,130,632
    
    
    $
    5,924,234Restricted cash
    
    
    4,430,581
    
    
    
    286,902Accounts receivable
    
    
    3,432,770
    
    
    
    2,396,558Inventory
    
    
    4,097,906
    
    
    
    3,127,756Deposits and prepaid expenses
    
    
    210,576
    
    
    
    312,887Total current assets
    
    
    16,302,465
    
    
    
    12,048,337Property and EquipmentLand and land improvements
    
    
    9,740,984
    
    
    
    9,637,884Buildings
    
    
    8,500,470
    
    
    
    8,496,416Office equipment and furnishings
    
    
    223,079
    
    
    
    190,170Plant equipment and machinery
    
    
    59,945,892
    
    
    
    59,760,746Construction in progress
    
    
    603,338
    
    
    
    79,013,763
    
    
    
    78,085,216Less accumulated depreciation
    
    
    (7,436,643
    )
    
    
    (2,186,740
    )Net property and equipment
    
    
    71,577,120
    
    
    
    75,898,476Other AssetsRestricted cash
    
    
    404,807
    
    
    
    10,912Restricted investments
    
    
    
    
    
    
    399,533Construction deposit
    
    
    500,000
    
    
    
    560,150Debt issuance costs, net of amortization
    
    
    394,646
    
    
    
    568,553Deposits and other
    
    
    312,112
    
    
    
    1,079,886Total other assets
    
    
    1,611,565
    
    
    
    2,619,034Total Assets
    
    $
    89,491,150
    
    
    $
    90,565,847LIABILITIES AND EQUITYCurrent LiabilitiesLine of credit
    
    $
    703,034
    
    
    $
    Current maturities of long-term debt
    
    
    4,992,970
    
    
    
    7,297,627Accounts payable
    
    
    3,368,785
    
    
    
    1,947,482Accrued expenses
    
    
    2,860,884
    
    
    
    783,308Derivative instruments
    
    
    3,747,589
    
    
    
    43,591Construction payable
    
    
    271,836
    
    
    
    252,266Total current liabilities
    
    
    15,945,098
    
    
    
    10,324,274Long-Term Debt, net of current maturities
    
    
    25,113,869
    
    
    
    38,836,758Other Long-Term Liabilities
    
    
    281,694
    
    
    
    Commitments and ContingenciesMembers Equity, 3,789 units issued and outstanding
    
    
    48,150,489
    
    
    
    41,404,815Total Liabilities and Members Equity
    
    $
    89,491,150
    
    
    $
    90,565,847
  18




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SIOUXLAND ETHANOL, LLC
  Year Ended
    
    
    Year EndedSeptember 30,
    
    
    September 30,2008
       
       
    2007Revenues
    
    $
    130,898,558
    
    
    $
    45,679,815Cost of Goods Sold
    
    
    116,848,153
    
    
    
    36,980,923Lower of Cost or Market Adjustment
    
    
    2,155,624
    
    
    
    Gross Profit
    
    
    11,894,781
    
    
    
    8,698,892Selling, General, and Administrative Expenses
    
    
    2,853,984
    
    
    
    2,170,233Operating Income
    
    
    9,040,797
    
    
    
    6,528,659Other Income (Expense)Interest income
    
    
    143,350
    
    
    
    84,910Interest expense
    
    
    (2,689,529
    )
    
    
    (1,553,421
    )Other income
    
    
    251,056
    
    
    
    66,888Total other expense, net
    
    
    (2,295,123
    )
    
    
    (1,401,623
    )Net Income
    
    $
    6,745,674
    
    
    $
    5,127,036Weighted Average Units Outstanding
    
    
    3,789
    
    
    
    3,789Net Income Per Unit
    
    $
    1,780.33
    
    
    $
    1,353.14
  19




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SIOUXLAND ETHANOL, LLC
  Balance  September 30, 2006
    
    $
    36,277,779Net income for the year ended September 30, 2007
    
    
    5,127,036Balance  September 30, 2007
    
    
    41,404,815Net income for the year ended September 30, 2008
    
    
    6,745,674Balance  September 30, 2008
    
    $
    48,150,489
  20




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SIOUXLAND ETHANOL, LLC
  Year Ended
    
    
    Year EndedSeptember 30,
    
    
    September 30,2008
    
    
    2007Cash Flows from Operating ActivitiesNet income
    
    $
    6,745,674
    
    
    $
    5,127,036Adjustments to reconcile net income to net cash provided by operating
activities:Depreciation and amortization
    
    
    5,424,420
    
    
    
    2,211,292Change in fair value of derivative instruments
    
    
    5,636,964
    
    
    
    459,841Loss on lower of cost or market adjustment
    
    
    2,155,624
    
    
    
    Loss on disposal of property and equipment
    
    
    2,020
    
    
    
    Income earned on restricted cash and investments
    
    
    (20,943
    )
    
    
    Change in assets and liabilities:Restricted cash
    
    
    (4,090,125
    )
    
    
    (102,113
    )Accounts receivable
    
    
    (1,036,212
    )
    
    
    (2,391,121
    )Inventory
    
    
    (1,279,622
    )
    
    
    (3,127,756
    )Derivative instruments
    
    
    (1,932,966
    )
    
    
    (416,250
    )Deposits and prepaid expenses
    
    
    102,311
    
    
    
    (273,719
    )Deposits and other
    
    
    795,524
    
    
    
    (33,770
    )Accounts payable
    
    
    1,421,303
    
    
    
    1,804,649Accrued expenses and other liabilities
    
    
    513,118
    
    
    
    774,227Net cash provided by operating activities
    
    
    14,437,090
    
    
    
    4,032,316Cash Flows from Investing ActivitiesPayment for construction deposit
    
    
    
    
    
    
    (560,150
    )Capital expenditures
    
    
    (879,207
    )
    
    
    (38,943,275
    )Net cash used in investing activities
    
    
    (879,207
    )
    
    
    (39,503,425
    )Cash Flows from Financing ActivitiesProceeds from line of credit
    
    
    1,260,510
    
    
    
    1,795,966Payments on line of credit
    
    
    (557,476
    )
    
    
    (1,795,966
    )Proceeds from revolving term note
    
    
    1,000,000
    
    
    
    Payments on revolving term note
    
    
    (7,353,691
    )
    
    
    Proceeds from long-term debt
    
    
    
    
    
    
    41,120,649Payments on long-term debt
    
    
    (9,673,855
    )
    
    
    (4,016,264
    )Payments for financing costs and other
    
    
    
    
    
    
    (111,809
    )Net (deposits to) withdrawals from restricted cash
    
    
    (26,973
    )
    
    
    642,047Purchase of restricted investments
    
    
    
    
    
    
    (399,533
    )Net cash provided by (used in) financing activities
    
    
    (15,351,485
    )
    
    
    37,235,090Net Increase (Decrease) in Cash and Equivalents
    
    
    (1,793,602
    )
    
    
    1,763,981Cash and
Equivalents  Beginning of Period
    
    
    5,924,234
    
    
    
    4,160,253Cash and
Equivalents  End of Period
    
    $
    4,130,632
    
    
    $
    5,924,234Supplemental Cash Flow InformationCash paid during the period for:Interest capitalized
    
    $
    
    
    
    $
    1,491,418Interest expensed
    
    $
    2,556,256
    
    
    $
    1,419,088Total
    
    $
    2,556,256
    
    
    $
    2,910,506Supplemental Disclosure of Noncash ActivitiesCapital expenditures in construction payable
    
    $
    271,836
    
    
    $
    252,266Capital expenditures paid from construction deposit
    
    $
    32,400
    
    
    $
    Restricted investments and cash released for operating purposes
    
    $
    
    
    
    $
    242,514Capitalized amortization of financing costs
    
    $
    
    
    
    $
    31,467Proceeds from restricted investments transferred to restricted cash
    
    $
    405,000
    
    
    $
    
  21




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SIOUXLAND ETHANOL, LLC
 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 Nature of Business
  Fiscal Reporting Period
  Accounting Estimates
  Revenue Recognition
  Cash and Equivalents
   22




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SIOUXLAND ETHANOL, LLC
 Restricted Cash and Investments
  2008
    
    
    2007Included in Current AssetsCash restricted for debt service
    
    $
    238,344
    
    
    $
    184,789Cash restricted in derivative accounts
    
    
    4,192,237
    
    
    
    102,113Total
    
    $
    4,430,581
    
    
    $
    286,902Included in Other AssetsCash restricted for debt service
    
    $
    404,807
    
    
    $
    10,912Investments restricted for debt service
    
    $
    
    
    
    $
    399,533
 Accounts Receivable
   Inventory
  Property and Equipment
  Asset Description
    
    YearsLand improvements
    
    
    15  20Buildings
    
    
    5  40Office equipment and furnishings
    
    
    3  7Plant equipment and machinery
    
    
    3  15
   23




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SIOUXLAND ETHANOL, LLC
  Long-lived Assets
 Accounting for the
Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed of
 Derivative Instruments
 Accounting for Derivative Instruments and Hedging Activities
    Fair Value of Financial Instruments
   24




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SIOUXLAND ETHANOL, LLC
 Debt Issuance Costs
  Net Income per Unit
  Income Taxes
  Environmental Liabilities
  Reclassifications
  Recently Issued Accounting Pronouncements
 Fair Value Measurements
 25




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SIOUXLAND ETHANOL, LLC
 The Fair Value Option for Financial Assets and Financial Liabilities
 Disclosures about Derivative Instruments and Hedging
Activities
  2. UNCERTAINTIES
  3. CONCENTRATIONS
   26




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SIOUXLAND ETHANOL, LLC
 4. INVENTORY
  2008
    
    
    2007Raw materials
    
    $
    2,634,690
    
    
    $
    1,172,335Supplies
    
    
    340,485
    
    
    
    215,530Work in process
    
    
    830,261
    
    
    
    581,063Finished goods
    
    
    292,470
    
    
    
    1,158,828Total
    
    $
    4,097,906
    
    
    $
    3,127,756
  5. DERIVATIVE INSTRUMENTS
  6. INVESTMENTS
  7. LINE OF CREDIT
   27




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SIOUXLAND ETHANOL, LLC
 8. LONG-TERM DEBT
  2008
    
    
    2007Term note payable, see terms below
    
    $
    26,015,000
    
    
    $
    35,643,750Revolving promissory note, see terms below
    
    
    
    
    
    
    6,353,691Tax increment financing, see terms below
    
    
    4,025,000
    
    
    
    4,030,000Equipment note, see terms below
    
    
    66,839
    
    
    
    106,944Total
    
    
    30,106,839
    
    
    
    46,134,385Less amounts due within one year
    
    
    4,992,970
    
    
    
    7,297,627Net long-term debt
    
    $
    25,113,869
    
    
    $
    38,836,758
 Term Note
    28




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SIOUXLAND ETHANOL, LLC
 Revolving Promissory Note
  Tax Increment Financing (TIF)
       29




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SIOUXLAND ETHANOL, LLC
 Equipment Note
  Maturities
  2009
    
    $
    4,992,9702010
    
    
    4,932,6192011
    
    
    4,922,5002012
    
    
    4,937,5002013
    
    
    4,957,500Thereafter
    
    
    5,363,750Total long-term debt
    
    $
    30,106,839
 9. INCOME TAXES
  2008
    
    
    2007Financial statement basis of total assets
    
    $
    89,491,150
    
    
    $
    90,565,847Organizational and start-up costs capitalized
    
    
    1,672,558
    
    
    
    1,799,588Accumulated depreciation and amortization
    
    
    (18,688,540
    )
    
    
    (7,460,458
    )Inventory costs capitalized
    
    
    22,909
    
    
    
    32,078Income tax basis of total assets
    
    $
    72,498,077
    
    
    $
    84,937,055Financial statement basis of total liabilities
    
    $
    41,340,661
    
    
    $
    49,161,032Unrealized derivative losses
    
    
    (5,636,964
    )
    
    
    (43,591
    )Accrued expenses
    
    
    (1,879,717)
    
    
    
    (18,312
    )Income tax basis of total liabilities
    
    $
    33,823,980
    
    
    $
    49,099,129
 10. LEASES
  30




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SIOUXLAND ETHANOL, LLC
    2009
    
    $
    459,0002010
    
    
    459,0002011
    
    
    459,0002012
    
    
    351,0002013
    
    
    289,000Thereafter
    
    
    962,000Total lease commitments
    
    $
    2,979,000
  11. MEMBERS EQUITY
  12. COMMITMENTS AND CONTINGENCIES
 Construction Deposit
  Rail Service and Construction Agreement
  Marketing Agreements
  31




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SIOUXLAND ETHANOL, LLC
  Utility Contracts
    Landfill Gas Contract
  Grant
  32




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SIOUXLAND ETHANOL, LLC
 Purchase Commitments
   Corn Oil Extraction Contract
  Tax Incentive Rebate
  33




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SIOUXLAND ETHANOL, LLC
 13. RELATED PARTY TRANSACTIONS
  2008
    
    2007Corn purchases
    
    $
    2,301,000
    
    
    $
    838,000Distillers grain sales
    
    
    906,000
    
    
    
    214,700
 
 34




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Item 9.
    
    CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
DISCLOSURE.
  
 Item 9A(T). CONTROLS AND PROCEDURES.
 Evaluation of Disclosure Controls and Procedures
 Managements Report on Internal Control over Financial Reporting
 Change in Internal Control Over Financial Reporting.
 
 Item 9B. OTHER INFORMATION.
  35




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PART III
 
 Item 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE.
  Charles Hofland
 Mark Rolfes
 Section 16(a) Beneficial Ownership Reporting Compliance
  Adoption of Code of Ethics
  Audit Committee
  
 Item 11. EXECUTIVE COMPENSATION.
  
 Item 12.
    
    SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER
MATTERS.
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##### Table of Contents



Equity Compensation Plans
  Number of securitiesremaining available forNumber of Securities to
    
    
    
    
    
    
    future issuance underbe issued upon the
    
    
    Weighted-average
    
    
    equity compensationexercise of outstanding
    
    
    exercise price of
    
    
    plans (excludingoptions, warrants and
    
    
    outstanding options,
    
    
    securities reflected inrights
    
    
    warrants and rights
    
    
    column (a))Plan Category
    
    (a)
    
    
    (b)
    
    
    (c)Equity compensation
plans approved by
security holders
    
    
    n/a
    
    
    
    n/a
    
    
    
    
 
 Item 13.
    
    CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE.
  
 Item 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
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##### Table of Contents



PART IV
 
 Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.
 Exhibit No.
    
    Exhibit3.1
    
    Articles of Organization of Siouxland Ethanol, LLC. Filed as
Exhibit 3.1 to the Companys registration statement on Form
SB-2 (Commission File 333-123473) and incorporated by
reference herein.3.2
    
    Amended and Restated Operating Agreement of Siouxland Ethanol,
LLC. Filed as Exhibit 3.2 to the Companys registration
statement on Form SB-2 (Commission File 333-123473) and
incorporated by reference herein.4.1
    
    Form of Membership Certificate. Filed as Exhibit 4.1 to the
Companys registration statement on Form SB-2 (Commission File
333-123473) and incorporated by reference herein.10.1
    
    License Agreement, dated January 20, 2006, with ICM, Inc.
Filed as Exhibit 10.3 to Quarterly Report on Form 10-QSB
(Commission File 333-123473) filed by the Company on February
14, 2006 and incorporated by reference herein10.2
    
    Ethanol Marketing Agreement, dated March 29, 2006, with Archer
Daniels Midland Co. Filed as Exhibit 10.5 to Quarterly Report
on Form 10-QSB (Commission File 333-123473) filed by the
Company on May15, 2006 and incorporated by reference herein10.3
    
    Distillers Grain Marketing Agreement, dated March 2, 2006,
with Commodity Specialist Company. Filed as Exhibit 10.3 to
Quarterly Report on Form 10-QSB (Commission File 333-123473)
filed by the Company on May15, 2006 and incorporated by
reference herein10.4
    
    Modification of the terms of Distillers Grain Marketing
Agreement, dated August 7, 2007. Filed as Exhibit 10.35 to
Annual Report on Form 10-KSB (Commission File 000-52420) filed
by the Company on December 31, 2007 and incorporated by
reference herein
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##### Table of Contents



Exhibit No.
    
    Exhibit10.5
    
    Power Purchase Agreement, dated February 2, 2007, between the
Company and Northeast Nebraska Public Power District. Filed
as Exhibit 10.1 to Quarterly Report on Form 10-QSB (Commission
File 000-52420) filed by the Company on May 21, 2007 and
incorporated by reference herein10.6
    
    Firm Throughput Service Agreement, dated March 14, 2006, with
Northern Natural Gas Company. Filed as Exhibit 10.4 to
Quarterly Report on Form 10-QSB (Commission File 333-123473)
filed by the Company on May15, 2006 and incorporated by
reference herein10.7
    
    Landfill Gas Purchase and Sale Agreement, dated July 28, 2006,
with L.P. Gill, Inc. Filed as Exhibit 10.5 to Quarterly
Report on Form 10-QSB (Commission File 333-123473) filed by
the Company on August 14, 2006 and incorporated by reference
herein10.8
    
    Credit Agreement, dated May 4, 2006, with Farm Credit Services
of America, FLCA (Credit Agreement). Filed as Exhibit 10.6
to Quarterly Report on Form 10-QSB (Commission File
333-123473) filed by the Company on May15, 2006 and
incorporated by reference herein10.9
    
    Amendment to Credit Agreement, dated October 27, 2006. Filed
as Exhibit 10.1 to Quarterly Report on Form 10-QSB (Commission
File 000-52420) filed by the Company on February 14, 2007 and
incorporated by reference herein10.10
    
    Second Amendment to Credit Agreement, dated May 24, 2007.
Filed as Exhibit 10.14 to Annual Report on Form 10-KSB
(Commission File 000-52420) filed by the Company on December
31, 2007 and incorporated by reference herein10.11
    
    Third Amendment to Credit Agreement, dated September 25, 2007.
Filed as Exhibit 10.15 to Annual Report on Form 10-KSB
(Commission File 000-52420) filed by the Company on December
31, 2007 and incorporated by reference herein10.12
    
    Fourth Amendment to Credit Agreement, dated April 11, 2008.
Filed as Exhibit 10.1 to the Companys Current Report on

Form 8-K. (Commission File No. 000-52420) filed April 15, 2008
and incorporated by reference herein10.13
    
    Fifth Amendment to Credit Agreement, dated June 30, 2008.
Filed as Exhibit 10.2 to Quarterly Report on Form 10-Q
(Commission File 000-52420) filed by the Company on August 14,
2008 and incorporated by reference herein10.14
    
    Term Note, dated May 4, 2006, with Farm Credit Services of
America, FLCA. Filed as Exhibit 10.7 to Quarterly Report on
Form 10-QSB (Commission File 333-123473) filed by the Company
on May15, 2006 and incorporated by reference herein10.15
    
    Revolving Term Note, dated May 4, 2006, with Farm Credit
Services of America, FLCA. Filed as Exhibit 10.8 to Quarterly
Report on Form 10-QSB (Commission File 333-123473) filed by
the Company on May15, 2006 and incorporated by reference
herein10.16
    
    $3,500,000 Revolving Term Note, dated October 27, 2006, from
the Company to Farm Credit Services of America, FLCA. Filed
as Exhibit 10.2 to Quarterly Report on Form 10-QSB (Commission
File 000-52420) filed by the Company on February 14, 2007 and
incorporated by reference herein10.17
    
    Security Agreement and Assignment of Hedging Account, dated
October 27, 2006, between the Company and Farm Credit Services
of America, FLCA. Filed as Exhibit 10.3 to Quarterly Report
on Form 10-QSB (Commission File 000-52420) filed by the
Company on February 14, 2007 and incorporated by reference
herein
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Exhibit No.
    
    Exhibit10.18
    
    Redevelopment Contract, dated July 20, 2006, by and between
the Company and the Community Redevelopment Authority of the
Village of Jackson, Nebraska relating to $4,030,000 Tax
Increment Revenue Bonds, Taxable Series 2006A. Filed as
Exhibit 10.22 to Annual Report on Form 10-KSB (Commission File
333-123473) filed by the Company on December 28, 2006 and
incorporated by reference herein10.19
    
    Guaranty Agreement, dated September 28, 2006, from the Company
to the Community Redevelopment Authority of the Village of
Jackson, Nebraska relating to $4,030,000 Tax Increment Revenue
Bonds, Taxable Series 2006A. Filed as Exhibit 10.23 to Annual
Report on Form 10-KSB (Commission File 333-123473) filed by
the Company on December 28, 2006 and incorporated by reference
herein10.20
    
    Subordinate Deed of Trust, Assignment of Leases and Rents and
Security Agreement Fixture Filing Statement, dated
September 28, 2006, made by the Company in favor of Wells
Fargo Bank, National Association, as trustee of $4,030,000 Tax
Increment Revenue Bonds, Taxable Series 2006A issued by the
Community Redevelopment Authority of the Village of Jackson,
Nebraska. Filed as Exhibit 10.24 to Annual Report on Form
10-KSB (Commission File 333-123473) filed by the Company on
December 28, 2006 and incorporated by reference herein10.21
    
    Debt Subordination Agreement, dated September 28, 2006, by and
among the Company, Wells Fargo Bank, National Associations, as
trustee of $4,030,000 Tax Increment Revenue Bonds, Taxable
Series 2006A issued by the Community Redevelopment Authority
of the Village of Jackson, Nebraska and Farm Credit Services
of America FLCA. Filed as Exhibit 10.25 to Annual Report on
Form 10-KSB (Commission File 333-123473) filed by the Company
on December 28, 2006 and incorporated by reference herein10.22
    
    Equipment and Services Agreement, dated September 26, 2006,
between the Company and U.S. Water Services. Filed as Exhibit
10.21 to Annual Report on Form 10-KSB (Commission File
333-123473) filed by the Company on December 28, 2006 and
incorporated by reference herein
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Exhibit No.
    
    Exhibit10.23
    
    Rail Service and Construction Agreement, dated November 11,
2006, between the Company Nebraska Northeastern Railroad.
Filed as Exhibit 10.4 to Quarterly Report on Form 10-QSB
(Commission File 000-52420) filed by the Company on
February 14, 2007 and incorporated by reference herein10.24
    
    Railroad Car Lease Agreement, dated December 7, 2006, between
the Company and Trinity Industries Leasing Company. Filed as
Exhibit 10.5 to Quarterly Report on Form 10-QSB (Commission
File 000-52420) filed by the Company on February 14, 2007 and
incorporated by reference herein14.1
    
    Code of Ethics of Siouxland Ethanol, LLC. Filed as Exhibit 14
to Current Report on Form 8-K (Commission File 000-52420)
filed by the Company on December 31, 2008 and incorporated by
reference herein31.1
    
    Certificate pursuant to 17 CFR 240.13a-14(a).31.2
    
    Certificate pursuant to 17 CFR 240.13a-14(a).32.1
    
    Certificate pursuant to 18 U.S.C. § 1350.32.2
    
    Certificate pursuant to 18 U.S.C. § 1350.
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##### Table of Contents



SIGNATURES
  SIOUXLAND ETHANOL, LLCBy:
    
    /s/ Charles Hofland

Charles Hofland, President and Chief Executive OfficerDate: January 13, 2009
  Date: January 13, 2009
    
    /s/ Charles Hofland

Charles Hofland, President and Chief Executive
Officer (Principal Executive Officer)Date: January 13, 2009
    
    /s/ Mark Rolfes

Mark Rolfes, Treasure and Chief Financial Officer

(Principal Financial Officer and Principal Accounting
Officer)Date: January 13, 2009
    
    /s/ Tom Lynch

Tom Lynch, Chairman and DirectorDate: January 13, 2009
    
    /s/ Pam Miller

Pam Miller, Vice Chairman and DirectorDate: January 13, 2009
    
    /s/ David B. Aalfs

David B. Aalfs, DirectorDate: January 13, 2009
    
    /s/ Darrell Downs

Darrell Downs, DirectorDate: January 13, 2009
    
    /s/ Craig Ebberson

Craig Ebberson, DirectorDate: January 13, 2009
    
    /s/ Doug Garwood

Doug Garwood, Secretary and DirectorDate: January 13, 2009
    
    /s/ John Kingsbury

John Kingsbury, DirectorDate: January 13, 2009
    
    /s/ Donald Meisner

Donald Meisner, DirectorDate: January 13, 2009
    
    /s/ Shennen Saltzman

Shennen Saltzman, DirectorDate: January 13, 2009
    
    /s/ Matt Sederstrom

Matt Sederstrom, DirectorDate: January 13, 2009
    
    /s/ Ronald Wetherell

Ronald Wetherell, Director
 42