##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-KSB
 þ
    
    Annual report under Section 13 or 15(d) of the Securities Exchange Act
of 1934 for the fiscal year ended September 30, 2007.
 o
    
    Transition report under Section 13 or 15(d) of the Exchange Act.
 Commission file number: 000-52420
 SIOUXLAND ETHANOL, LLC
  Nebraska
(State or other jurisdiction of 
incorporation or organization)
    
    22-3902184
(I.R.S. Employer Identification No.)
 1501 Knox Boulevard
Jackson, NE 68743
 (402) 632-2676
 None
 Limited Liability Company Membership Units
 o þ
 þ o
 þ
 o þ
  
   DOCUMENTS INCORPORATED BY REFERENCE
  o þ




---



##### 



TABLE OF CONTENTS
 PART IItem 1.
    
    DESCRIPTION OF BUSINESS
    
    
    1Item 2.
    
    DESCRIPTION OF PROPERTY
    
    
    7Item 3.
    
    LEGAL PROCEEDINGS
    
    
    8Item 4.
    
    SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
    
    
    8PART IIItem 5.
    
    MARKET FOR COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND SMALL BUSINESS ISSUER PURCHASES
OF EQUITY SECURITIES
    
    
    8Item 6.
    
    MANAGEMENTS DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
    
    
    9Item 7.
    
    FINANCIAL STATEMENTS
    
    
    15Item 8.
    
    CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
    
    
    31Item 8A.
    
    CONTROLS AND PROCEDURES
    
    
    31Item 8B.
    
    OTHER INFORMATION
    
    
    31PART IIIItem 9.
    
    DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS; COMPLIANCE WITH SECTION
16(a) OF THE EXCHANGE ACT
    
    
    31Item 10.
    
    EXECUTIVE COMPENSATION
    
    
    32Item 11.
    
    SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER
MATTERS
    
    
    32Item 12.
    
    CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
    
    
    32Item 13.
    
    EXHIBITS
    
    
    33Item 14.
    
    PRINCIPAL ACCOUNTANT FEES AND SERVICES
    
    
    36SIGNATURES
    
    
    37Second Amendment to Credit AgreementThird Amendment to Credit AgreementModification of the Terms of the CHS Marketing AgreementCertificateCertificateSection 1350 CertificationSection 1350 Certification
  Information Regarding Forward Looking Statements
  
    
    Changes in the markets for fuel ethanol as well as for petroleum, gasoline and other
fuel additives;
    
    Changes in the markets for distillers grains as well as for alternative livestock
feeds;
    
    Changes in the availability and prices of corn and natural gas and other factors
that affect our costs;
    
    The effectiveness of hedging strategies that we use to reduce the effects of
fluctuating corn prices;
    
    Operational or infrastructure difficulties at our single ethanol plant;
    
    Changes in federal and/or state laws (including those relating to federal and/or
state tax incentives for fuel ethanol production and tariffs on imported fuel ethanol);
    
    Changes in our business strategy, capital improvements or development plans;
    
    Changes in the environmental regulations that apply to our plant site and
operations;
    
    Changes in general economic conditions or the occurrence of certain events causing
an economic impact in the agriculture, oil or automobile industries; and
    
    Changes and advances in ethanol production technology.
 ii




---



##### Table of Contents



iii




---



##### Table of Contents



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




---



##### Table of Contents



Ethanol Demand and Supply
    2




---



##### Table of Contents



Federal Ethanol Support Programs
   
    
    Volumetric Ethanol Excise Tax Credit. On January 1, 2005, the Volumetric
Ethanol Excise Tax Credit (VEETC) went into effect. Prior to VEETC, the federal excise
tax on 10% ethanol-blended gasoline was 13.2 cents per gallon compared to 18.4 cents per
gallon on regular gasoline. Under VEETC, the lower federal excise tax on ethanol-blended
gasoline was eliminated. In place of the lower excise tax, the VEETC created a new
volumetric ethanol excise tax credit of $0.51 per gallon of ethanol. Gasoline distributors
apply for this credit on the same tax form as before only it is a credit from the
governments general revenue, not the highway trust fund. Based on volume, the VEETC is
expected to allow greater refinery flexibility in blending ethanol since it makes the tax
credit available on all ethanol blended with all gasoline, diesel and ethyl tertiary butyl
ether (ETBE), including ethanol in E-85. The VEETC is scheduled to expire on December
31, 2010. A number of bills have been introduced in the Congress to extend ethanol tax
credits, including some bills that would make the ethanol tax credits permanent. There can
be no assurance, however, that such legislation will be enacted.
    
    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 is available through 2008 and will be available to us unless
our production exceeds the 60 million gallons per year limit by that time.
    
    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.
    
    Tariffs on Imported Ethanol. Ethanol imported into the United States is
generally subject to an ad valorem tariff of 2.5% of the product value. A secondary duty
of 14.27 cents per liter or 54 cents per gallon is also imposed on ethanol imports. The
secondary duty was created to offset the value of the ethanol tax credit taken by the
petroleum industry when ethanol, both domestic and imported, is blended with gasoline.
Some bilateral trade agreements like the U.S.-Israel Free Trade Agreement and the North
American Free Trade Agreement, allow ethanol that is produced completely with feedstocks
from countries that are parties to these agreements to enter the U.S. duty-free. Congress
has also created unilateral trade preference programs, such as the Caribbean Basin
Initiative and the Andean Trade Preference Act, that allow ethanol
 3




---



##### Table of Contents



produced in those countries to enter the U.S. duty free. This means that ethanol producers
in those countries avoid the secondary tariff as long as the ethanol is produced from within
their own country.
  Competition
     Corn Feedstock
  4




---



##### Table of Contents



Utilities
  Natural Gas
  5




---



##### Table of Contents



Electricity .
 Water
   Transportation
  6




---



##### Table of Contents



Compliance with Environmental Laws
   Employees
  
 Item 2. DESCRIPTION OF PROPERTY.
   7




---



##### Table of Contents



Item 3. LEGAL PROCEEDINGS.
  
 Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
  
 PART II
 
 Item 5.
    
    MARKET FOR COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND SMALL BUSINESS ISSUER PURCHASES
OF EQUITY SECURITIES.
    8




---



##### Table of Contents



Item 6. MANAGEMENTS DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS.
   Overview
    Results of Operations
  9




---



##### Table of Contents



Financial Summary and Discussion of the Fiscal Year Ended September 30, 2007.
  2007Income Statement Data
    
    Amount
    
    
    %Revenues
    
    $
    45,838,559
    
    
    
    100.0Cost of Goods Sold
    
    
    36,618,120
    
    
    
    79.9Gross Margin
    
    
    9,220,439
    
    
    
    20.1Selling, General, and Administrative Expenses
    
    
    2,691,780
    
    
    
    5.9Operating Income
    
    
    6,528,659
    
    
    
    14.2Other Income (Expense)
    
    
    (1,401,623
    )
    
    
    (3.0
    )Net Income
    
    $
    5,127,036
    
    
    
    11.2
 Revenues
     10




---



##### Table of Contents



Cost of Goods Sold
   Selling, General, and Administrative Expense
  Operating Income
  Other Income and (Expense)
  Plan of Operations for the Next 12 Months
  11




---



##### Table of Contents



Liquidity and Capital Resources
    Credit Facility
    12




---



##### Table of Contents



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).
   13




---



##### Table of Contents



Employment and Investment Growth Act Project Agreement.
 Application of Critical Accounting Estimates
  Property and Equipment
  Asset Description
    
    YearsLand improvements
    
    
    15  20Buildings
    
    
    5  40Office equipment and furnishings
    
    
    3  7Plant equipment and machinery
    
    
    3  15
 Off-Balance Sheet Arrangements
  14




---



##### Table of Contents



Item 7. FINANCIAL STATEMENTS.
  
 
    /s/ Boulay, Heutmaker, Zibell & Co. P.L.L.P.Certified Public Accountants 
 15




---



##### Table of Contents



SIOUXLAND ETHANOL, LLC
  September 30,
    
    
    September 30,ASSETS
    
    2007
    
    
    2006Current AssetsCash and equivalents
    
    $
    5,924,234
    
    
    $
    4,160,253Restricted cash
    
    
    286,902
    
    
    
    246,550Accounts receivable
    
    
    3,091,829
    
    
    
    Other receivables
    
    
    
    
    
    
    5,437Inventory
    
    
    3,127,756
    
    
    
    Deposits and prepaid expenses
    
    
    312,887
    
    
    
    39,168Total current assets
    
    
    12,743,608
    
    
    
    4,451,408Property and EquipmentLand and land improvements
    
    
    9,637,884
    
    
    
    752,302Buildings
    
    
    8,496,416
    
    
    
    Office equipment and furnishings
    
    
    190,170
    
    
    
    28,294Plant equipment and machinery
    
    
    59,760,746
    
    
    
    Construction in progress
    
    
    
    
    
    
    49,142,03778,085,216
    
    
    
    49,922,633Less accumulated depreciation
    
    
    (2,186,740
    )
    
    
    (2,865
    )Net property and equipment
    
    
    75,898,476
    
    
    
    49,919,768Other AssetsRestricted cash
    
    
    10,912
    
    
    
    591,198Restricted investments
    
    
    399,533
    
    
    
    Expansion deposit
    
    
    560,150
    
    
    
    Debt issuance costs, net of amortization
    
    
    568,553
    
    
    
    515,628Deposits and other
    
    
    1,079,886
    
    
    
    1,046,1162,619,034
    
    
    
    2,152,942Total Assets
    
    $
    91,261,118
    
    
    $
    56,524,118LIABILITIES AND EQUITYCurrent LiabilitiesCurrent maturities of long-term debt
    
    $
    4,797,627
    
    
    $
    Accounts payable
    
    
    2,642,753
    
    
    
    142,833Accrued expenses
    
    
    783,308
    
    
    
    9,081Derivative instruments
    
    
    43,591
    
    
    
    Construction payable
    
    
    252,266
    
    
    
    11,064,425Total current liabilities
    
    
    8,519,545
    
    
    
    11,216,339Long-Term Debt, net of current maturities
    
    
    41,336,758
    
    
    
    9,030,000Commitments and ContingenciesMembers Equity, 3,789 units issued and outstanding
    
    
    41,404,815
    
    
    
    36,277,779Total Liabilities and Members Equity
    
    $
    91,261,118
    
    
    $
    56,524,118
  16




---



##### Table of Contents



SIOUXLAND ETHANOL, LLC
  Year Ended
    
    
    Year EndedSeptember 30,
    
    
    September 30,2007
    
    
    2006Revenues
    
    $
    45,838,559
    
    
    $
    Cost of Goods Sold
    
    
    36,618,120
    
    
    
    Gross Profit
    
    
    9,220,439
    
    
    
    Selling, General, and Administrative Expenses
    
    
    2,691,780
    
    
    
    640,122Operating Income (Loss)
    
    
    6,528,659
    
    
    
    (640,122
    )Other Income (Expense)Interest income
    
    
    84,910
    
    
    
    888,636Interest expense
    
    
    (1,553,421
    )
    
    
    (3,523
    )Other income
    
    
    66,888
    
    
    
    1,463Total other income (expense), net
    
    
    (1,401,623
    )
    
    
    886,576Net Income
    
    $
    5,127,036
    
    
    $
    246,454Weighted Average Units Outstanding
    
    
    3,789
    
    
    
    3,449Net Income Per Unit
    
    $
    1,353.14
    
    
    $
    71.46
  17




---



##### Table of Contents



SIOUXLAND ETHANOL, LLC
  Balance  September 30, 2005
    
    $
    514,907Capital
contributions  3,588 units, $10,000 per unit, November 2005
    
    
    35,880,000Cost of raising capital
    
    
    (423,582
    )Equity units exchanged for services, 6 units, $10,000 per unit, September 2006
    
    
    60,000Net income for the year ended September 30, 2006
    
    
    246,454Balance  September 30, 2006
    
    
    36,277,779Net income for the year ended September 30, 2007
    
    
    5,127,036Balance  September 30, 2007
    
    $
    41,404,815
 18




---



##### Table of Contents



SIOUXLAND ETHANOL, LLC
  Year Ended
    
    
    Year EndedSeptember 30,
    
    
    September 30,2007
    
    
    2006Cash Flows from Operating ActivitiesNet income
    
    $
    5,127,036
    
    
    $
    246,454Adjustments to reconcile net income to net cash from (used in) operations:Depreciation and amortization
    
    
    2,211,292
    
    
    
    2,239Equity units exhanged for services
    
    
    
    
    
    
    60,000Change in fair value of derivative instruments
    
    
    459,841
    
    
    
    Change in assets and liabilities:Restricted cash
    
    
    (102,113
    )
    
    
    Accounts receivable
    
    
    (3,091,829
    )
    
    
    Other receivable
    
    
    5,437
    
    
    
    (5,437
    )Inventory
    
    
    (3,127,756
    )
    
    
    Derivative instruments
    
    
    (416,250
    )
    
    
    Deposits and prepaid expenses
    
    
    (273,719
    )
    
    
    (7,748
    )Deposits and other
    
    
    (33,770
    )
    
    
    (1,044,116
    )Accounts payable
    
    
    2,499,920
    
    
    
    18,527Accrued expenses
    
    
    774,227
    
    
    
    6,630Net cash from (used in) operating activities
    
    
    4,032,316
    
    
    
    (723,451
    )Cash Flows from Investing ActivitiesPayment for expansion deposit
    
    
    (560,150
    )
    
    
    Capital expenditures
    
    
    (38,943,275
    )
    
    
    (38,842,666
    )Net cash (used in) investing activities
    
    
    (39,503,425
    )
    
    
    (38,842,666
    )Cash Flows from Financing ActivitiesProceeds from long-term debt
    
    
    41,120,649
    
    
    
    5,000,000Payments on long-term debt
    
    
    (4,016,264
    )
    
    
    Payments for financing costs and other
    
    
    (111,809
    )
    
    
    (362,486
    )Net (deposits to) withdrawals from restricted cash
    
    
    642,047
    
    
    
    (837,748
    )Purchase of restricted investments
    
    
    (399,533
    )
    
    
    Proceeds from TIF financing
    
    
    
    
    
    
    3,874,858Proceeds from bridge financing loan
    
    
    
    
    
    
    760,000Payments on bridge financing loan
    
    
    
    
    
    
    (760,000
    )Member contributions
    
    
    
    
    
    
    35,880,000Payments for deferred offering costs
    
    
    
    
    
    
    (41,852
    )Net cash provided by financing activities
    
    
    37,235,090
    
    
    
    43,512,772Net Increase in Cash and Equivalents
    
    
    1,763,981
    
    
    
    3,946,655Cash and Equivalents  Beginning of Period
    
    
    4,160,253
    
    
    
    213,598Cash and Equivalents  End of Period
    
    $
    5,924,234
    
    
    $
    4,160,253Supplemental Cash Flow InformationCash paid during the period for:Interest capitalized
    
    $
    1,491,418
    
    
    $
    20,070Interest expensed
    
    $
    1,419,088
    
    
    $
    3,523Total
    
    $
    2,910,506
    
    
    $
    23,593Supplemental Disclosure of Noncash ActivitiesCapital expenditures in construction payable
    
    $
    252,266
    
    
    $
    11,064,425Restricted cash released for operating purposes
    
    $
    242,514
    
    
    $
    Capitalized amortization of financing costs
    
    $
    31,467
    
    
    $
    Land options exercised for land purchased
    
    $
    
    
    
    $
    4,500Debt loan costs financed with TIF financing
    
    $
    
    
    
    $
    155,142Deferred offering costs offset against member contributions
    
    $
    
    
    
    $
    423,582Equity units exchanged for services
    
    $
    
    
    
    $
    60,000
  19




---



##### Table of Contents



SIOUXLAND ETHANOL, LLC
 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 Nature of Business
  Fiscal Reporting Period
  Accounting Estimates
   Revenue Recognition
    Cash and Equivalents
  20




---



##### Table of Contents



SIOUXLAND ETHANOL, LLC
  Restricted Cash and Investments
  Accounts Receivable
   Inventory
  Property and Equipment
  Asset Description
    
    YearsLand improvements
    
    
    15  20Buildings
    
    
    5  40Office equipment and furnishings
    
    
    3    7Plant equipment and machinery
    
    
    3  15
    21




---



##### Table of Contents



SIOUXLAND ETHANOL, LLC
 Derivative Instruments
 Accounting for Derivative Instruments and Hedging Activities
    Fair Value of Financial Instruments
   Debt Issuance Costs
  Grants
  22




---



##### Table of Contents



SIOUXLAND ETHANOL, LLC
 Income Taxes
  Environmental Liabilities
  Reclassifications
  Recently Issued Accounting Pronouncements
 Fair Value Measurements
 The Fair Value Option for Financial Assets and Financial Liabilities including an amendment
of FASB Statement 115
 2. INVENTORY
  Raw materials
    
    $
    1,172,335Supplies
    
    
    215,530Work in process
    
    
    581,063Finished goods
    
    
    1,158,828Total
    
    $
    3,127,756
 23




---



##### Table of Contents



SIOUXLAND ETHANOL, LLC
 3. DERIVATIVE INSTRUMENTS
  4. INVESTMENTS
  5. LINE OF CREDIT
  6. LONG-TERM DEBT
  2007
    
    
    2006Term note payable to lending institution, see terms below
    
    $
    35,643,750
    
    
    $
    5,000,000Revolving promissory note to lending institution, see
terms below
    
    
    6,353,691
    
    
    
    Tax increment financing, see terms below
    
    
    4,030,000
    
    
    
    4,030,000Equipment note, see terms below
    
    
    106,944
    
    
    
    Total
    
    
    46,134,385
    
    
    
    9,030,000Less amounts due within one year
    
    
    4,797,627
    
    
    
    Net long-term debt
    
    $
    41,336,758
    
    
    $
    9,030,000
 Term Note
  24




---



##### Table of Contents



SIOUXLAND ETHANOL, LLC
    Revolving Promissory Note
  Tax Increment Financing (TIF)
     25




---



##### Table of Contents



SIOUXLAND ETHANOL, LLC
    Equipment Note
  Maturities
  2008
    
    $
    4,797,6272009
    
    
    4,869,2202010
    
    
    4,932,5972011
    
    
    4,922,5002012
    
    
    4,937,500Thereafter
    
    
    21,674,941Total long-term debt
    
    $
    46,134,385
 26




---



##### Table of Contents



SIOUXLAND ETHANOL, LLC
 7. INCOME TAXES
  2007
    
    
    2006Financial statement basis of total assets
    
    $
    91,261,118
    
    
    $
    56,524,118Organizational and start-up costs capitalized
    
    
    1,799,588
    
    
    
    1,091,930Accumulated depreciation and amortization
    
    
    (7,460,458
    )
    
    
    Inventory costs capitalized
    
    
    32,078
    
    
    
    Income tax basis of total assets
    
    $
    85,632,326
    
    
    $
    57,616,048Financial statement basis of total liabilities
    
    $
    49,856,303
    
    
    $
    20,246,339Unrealized derivative losses
    
    
    (43,591
    )
    
    
    Accrued expenses
    
    
    (18,312
    )
    
    
    Income tax basis of total liabilities
    
    $
    49,794,400
    
    
    $
    20,246,339
 8. LEASES
     2008
    
    $
    459,0002009
    
    
    459,0002010
    
    
    459,0002011
    
    
    459,0002012
    
    
    354,360Thereafter
    
    
    1,250,340Total lease commitments
    
    $
    3,440,700
  27




---



##### Table of Contents



SIOUXLAND ETHANOL, LLC
 9. MEMBERS EQUITY
     10. COMMITMENTS AND CONTINGENCIES
 Construction contracts
  Expansion Design Build Letter of Intent
  Rail Service and Construction Agreement
  28




---



##### Table of Contents



SIOUXLAND ETHANOL, LLC
 Marketing agreements
   Utility contracts
    Landfill gas contract
  Grant
  29




---



##### Table of Contents



SIOUXLAND ETHANOL, LLC
  Forward Contracts
  11. RELATED PARTY TRANSACTIONS
  12. CONCENTRATIONS
    13. SUBSEQUENT EVENTS
  30




---



##### Table of Contents



Item 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.
  
 Item 8A. CONTROLS AND PROCEDURES.
   
 Item 8B. OTHER INFORMATION.
  
 PART III
 
 Item 9.
    
    DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS; COMPLIANCE WITH SECTION
16(a) OF THE EXCHANGE ACT.
  Charles Hofland
 Mark Rolfes
 Section 16(a) Beneficial Ownership Reporting Compliance
  31




---



##### Table of Contents



Adoption of Code of Ethics
  
 Item 10. EXECUTIVE COMPENSATION.
  
 Item 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER
MATTERS.
  Equity Compensation Plans
  Number ofsecuritiesremaining availableNumber of
    
    
    
    
    
    for future issuanceSecurities to be
    
    
    
    
    
    under equityissued upon the
    
    Weighted-average
    
    compensation plansexercise of
    
    exercise price of
    
    (excludingoutstanding
    
    outstanding
    
    securitiesoptions, warrants
    
    options, warrants
    
    reflected in columnand rights
    
    and rights
    
    (a))Plan Category
    
    (a)
    
    (b)
    
    (c)Equity compensation
plans approved by
security holders
    
    
    n/a
    
    
    
    n/a
    
    
    
    Equity compensation
plans not approved
by security
holders1
    
    
    6
    
    
    
    n/a
    
    
    
    
 
 1.
    
    Consists of units issued to a director and a former director under terms of
consulting agreements. 
 Item 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.
  32




---



##### Table of Contents



Item 13. EXHIBITS.
 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.4.2
    
    Form of Subscription Agreement. Filed as Exhibit 4.2 to the
Companys registration statement on Form SB-2 (Commission File
333-123473) and incorporated by reference herein.4.3
    
    Amended and Restated Escrow Agreement. Filed as Exhibit 4.3
to Pre-Effective Amendment No. 3 to the Companys registration
statement on Form SB-2 (Commission File 333-123473) dated July
22, 2005 and incorporated by reference herein.10.1
    
    Phase I Grading and Drainage Contract dated October 14, 2005.
Filed as Exhibit 10.1 to Annual Report on Form 10-KSB
(Commission File 333-123473) filed by the Company on December
15, 2005 and incorporated by reference herein.10.2
    
    Promissory Note (Installment Loan) and Loan Agreement dated
October 14, 2005 Filed as Exhibit 10.2 to Annual Report on
Form 10-KSB (Commission File 333-123473) filed by the Company
on December 15, 2005 and incorporated by reference herein.10.3
    
    Phase I and II Engineering Services Agreement dated November
11, 2005. Filed as Exhibit 10.3 to Annual Report on Form
10-KSB (Commission File 333-123473) filed by the Company on
December 15, 2005 and incorporated by reference herein10.4
    
    Standard Form of Agreement and General Conditions between
Owner and Contractor for Auger Cast Grout Piles dated January
6, 2006 with Blackhawk Foundation Co. Filed as Exhibit 10.1
to Quarterly Report on Form 10-QSB (Commission File
333-123473) filed by the Company on February 14, 2006 and
incorporated by reference herein10.5
    
    Lump-Sum Design-Build Agreement dated January 9, 2006 with
Fagen, Inc. Filed as Exhibit 10.2 to Quarterly Report on Form
10-QSB (Commission File 333-123473) filed by the Company on
February 14, 2006 and incorporated by reference herein10.6
    
    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 herein10.7
    
    Construction Management Services Agreement dated October 1,
2005 and accepted February 14, 2006 with Timothy R. Smith.
Filed as Exhibit 10.1 to Quarterly Report on Form 10-QSB
(Commission File 333-123473) filed by the Company on May15,
2006 and incorporated by reference herein
 33




---



##### Table of Contents



Exhibit No.
    
    Exhibit10.8
    
    Standard Form of Agreement and General Conditions between Owner and
Contractor for Precast Concrete Bridge Construction dated February
17, 2006 with Elk Horn Construction. Filed as Exhibit 10.2 to
Quarterly Report on Form 10-QSB (Commission File 333-123473) filed
by the Company on May15, 2006 and incorporated by reference herein10.9
    
    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 herein10.10
    
    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 herein10.11
    
    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 herein10.12
    
    Credit Agreement dated May 4, 2006 with Farm Credit Services of
America, FLCA. 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 herein10.13
    
    Amendment, dated October 27, 2006, to Credit Agreement, dated May 4,
2006, between the Company and Farm Credit Services of America, FLCA.
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 herein10.14
    
    Second Amendment, dated May 24, 2007, to Credit Agreement, dated May
4, 2006, between the Company and Farm Credit Services of America,
FLCA.10.15
    
    Third Amendment, dated September 25, 2007, to Credit Agreement,
dated May 4, 2006, between the Company and Farm Credit Services of
America, FLCA.10.16
    
    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 herein10.17
    
    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 herein10.18
    
    $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 herein10.19
    
    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 herein10.20
    
    Standard Form of Agreement and General Conditions between Owner and
Contractor for Grain Handling and Storage System Auger Piling and
Soil Stabilization dated April 13, 2006, with McCormick
Construction. Filed as Exhibit 10.1 to Quarterly Report on Form
10-QSB (Commission File 333-123473) filed by the Company on August
14, 2006 and incorporated by reference herein
 34




---



##### Table of Contents



Exhibit No.
    
    Exhibit10.21
    
    Contract Agreement dated May 1, 2006 with Walsh-Hohenstein and
Hohenstein Construction Co. Filed as Exhibit 10.2 to Quarterly
Report on Form 10-QSB (Commission File 333-123473) filed by the
Company on August 14, 2006 and incorporated by reference herein10.22
    
    Standard Form of Agreement and General Conditions between Owner and
Contractor for Rail Spur Track Construction dated June 13, 2006 with
Volkmann Railroad Builders. Filed as Exhibit 10.3 to Quarterly
Report on Form 10-QSB (Commission File 333-123473) filed by the
Company on August 14, 2006 and incorporated by reference herein10.23
    
    Standard Form of Agreement and General Conditions between Owner and
Contractor for Site Primary Electrical Distribution System with
Thompson Electric Co. . Filed as Exhibit 10.4 to Quarterly Report
on Form 10-QSB (Commission File 333-123473) filed by the Company on
August 14, 2006 and incorporated by reference herein10.24
    
    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 herein10.25
    
    Standard Form of Agreement and General Conditions, dated September
18, 2006, between the Company and Mark Albenesius, Inc. Filed as
Exhibit 10.20 to Annual Report on Form 10-KSB (Commission File
333-123473) filed by the Company on December 28, 2006 and
incorporated by reference herein10.26
    
    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
herein10.27
    
    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 herein10.28
    
    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 herein10.29
    
    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
herein10.30
    
    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 herein
 35




---



##### Table of Contents



Exhibit No.
    
    Exhibit10.31
    
    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 herein10.32
    
    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 herein10.33
    
    Binding Letter of Intent, dated December 11, 2006, between the
Company and Fagen, Inc. pertaining to services for the development
of a 50 million gallon per year expansion to Companys ethanol
production facility. Filed as Exhibit 10.6 to Quarterly Report on
Form 10-QSB (Commission File 000-52420) filed by the Company on
February 14, 2007 and incorporated by reference herein10.34
    
    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 herein10.35
    
    Modification of the terms of the CHS Marketing Agreement14.1
    
    Code of Ethics of Siouxland Ethanol, LLC. Filed as Exhibit 14.1 to
Annual Report on Form 10-KSB (Commission File 333-123473) filed by
the Company on December 15, 2005 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.
 
 Item 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
  36




---



##### Table of Contents



SIGNATURES
  SIOUXLAND ETHANOL, LLCDate: December 27, 2007
    /s/ Tom LynchTom LynchChairman and President (Principal Executive Officer)Date: December 27, 2007
    /s/ John KingsburyJohn KingsburyTreasurer  (Principal Financial Officer)Date: December 27, 2007
    /s/ Mark RolfesMark RolfesController  (Principal Accounting Officer)  Date: December 27, 2007
    /s/ Tom LynchTom Lynch, Chairman, President and DirectorDate: December 27, 2007
    /s/ Pam MillerPam Miller, Vice Chairman and DirectorDate: December 27, 2007
    /s/ John KingsburyJohn Kingsbury, Treasurer and DirectorDate: December 27, 2007
    /s/ Doug GarwoodDoug Garwood, Secretary and DirectorDate: December 27, 2007
    /s/ Ronald WetherellRonald Wetherell, DirectorDate: December 27, 2007
    /s/ Darrell DownsDarrell Downs, DirectorDate: December 27, 2007
    /s/ Shennen SaltzmanShennen Saltzman, DirectorDate: December 27, 2007
    /s/ Donald MeisnerDonald Meisner, DirectorDate: December 27, 2007
    /s/ Matt SederstromMatt Sederstrom, DirectorDate: December 27, 2007
    /s/ Craig EbbersonCraig Ebberson, DirectorDate: December 27, 2007
    /s/ David B. AalfsDavid B. Aalfs, Director 37