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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, 2006.
 o
    
    Transition report under Section 13 or 15(d) of the Exchange Act.
 Commission file number: 333-123473
 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 58743
 (402) 632-2676
 None
 None
 o þ
 þ o
 þ
 o þ
 None
   None
 o þ




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##### 



TABLE OF CONTENTS
 PART IItem 1.
    
    DESCRIPTION OF BUSINESS
    
    
    1Item 2.
    
    DESCRIPTION OF PROPERTY
    
    
    8Item 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
    
    
    9Item 6.
    
    MANAGEMENTS DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
    
    
    10Item 7.
    
    FINANCIAL STATEMENTS
    
    
    14Item 8.
    
    CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
    
    
    28Item 8A.
    
    CONTROLS AND PROCEDURES
    
    
    28Item 8B.
    
    OTHER INFORMATION
    
    
    28PART IIIItem 9.
    
    DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS; COMPLIANCE WITH SECTION 16(a) OF THE EXCHANGE ACT
    
    
    28Item 10.
    
    EXECUTIVE COMPENSATION
    
    
    30Item 11.
    
    SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
    
    
    32Item 12.
    
    CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
    
    
    33Item 13.
    
    EXHIBITS
    
    
    34Item 14.
    
    PRINCIPAL ACCOUNTANT FEES AND SERVICES
    
    
    37SIGNATURES
    
    
    38Standard Form of Agreement and General ConditionsEquipment and Services AgreementRedevelopment ContractGuaranty AgreementSubordinate Deed of Trust, Assignment of Leases and Rents and Security AgreementDebt Subordination AgreementCertificationCertificationSection 1350 CertificationSection 1350 Certification
  Information Regarding Forward Looking Statements
  
    
    Changes in our business strategy, capital improvements or development plans;
    
    Construction delays and technical difficulties in constructing the plant;
    
    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;
    
    Changes in the availability and price of natural gas and corn
    
    Changes in the markets for ethanol and distillers grains, including the effects of
possible overproduction of ethanol or distillers grain;
    
    Changes in federal and/or state laws (including the elimination of any federal
and/or state ethanol tax incentives);
    
    Changes and advances in ethanol production technology; and
    
    Competition from alternative fuel additives.




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PART I
 
 Item 1. DESCRIPTION OF BUSINESS.
    Principal Products
   1




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Markets and Distribution
    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) 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 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




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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




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Utilities
  Natural Gas
  5




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Electricity .
 Water
   Transportation
  6




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Compliance with Environmental Laws
    7




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Employees
  Full-TimePosition
    
    PersonnelGeneral Manager
    
    
    1Plant Manager
    
    
    1Commodities Manager
    
    
    1Controller
    
    
    1Lab Manager
    
    
    1Lab Technician
    
    
    2Secretary/Clerical
    
    
    3Shift Supervisors
    
    
    4Office Manager
    
    
    1Maintenance Supervisor
    
    
    1Maintenance Craftsmen
    
    
    4Plant Operators
    
    
    12TOTAL
    
    
    32
 
 Item 2. DESCRIPTION OF PROPERTY.
  
 Item 3. LEGAL PROCEEDINGS.
  
 Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
  8




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PART II
 
 Item 5.
    
    MARKET FOR COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND SMALL BUSINESS ISSUER PURCHASES
OF EQUITY SECURITIES.
      9




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Item 6. MANAGEMENTS DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS.
 Overview
  Results of Operation
  Liquidity and Capital Resources
   Equity Financing
 Credit Facility
  10




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1
    Tax Increment Financing
     11




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Employment and Investment Growth Act Project Agreement.
 12




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Application of Critical Accounting Estimates
  Off-Balance Sheet Arrangements
  13




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Item 7. FINANCIAL STATEMENTS.
  
      
 14




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##### Table of Contents



SIOUXLAND ETHANOL, LLC
  September 30,
    
    
    September 30,2006
    
    
    2005ASSETSCurrent AssetsCash and equivalents
    
    $
    4,160,253
    
    
    $
    213,598Restricted cash
    
    
    246,550
    
    
    
    Other receivables
    
    
    5,437
    
    
    
    Prepaid and other
    
    
    39,168
    
    
    
    28,920Total current assets
    
    
    4,451,408
    
    
    
    242,518Property and EquipmentLand
    
    
    752,302
    
    
    
    Office equipment
    
    
    28,294
    
    
    
    11,042Construction in progress
    
    
    50,186,153
    
    
    
    50,966,749
    
    
    
    11,042Less accumulated depreciation
    
    
    (2,865
    )
    
    
    (626
    )Net property and equipment
    
    
    50,963,884
    
    
    
    10,416Other AssetsRestricted cash
    
    
    591,198
    
    
    
    Deferred loan costs and other
    
    
    517,628
    
    
    
    Deferred offering costs
    
    
    
    
    
    
    387,133Land options and other
    
    
    
    
    
    
    7,0001,108,826
    
    
    
    394,133Total Assets
    
    $
    56,524,118
    
    
    $
    647,067LIABILITIES AND EQUITYCurrent LiabilitiesAccounts payable
    
    $
    142,833
    
    
    $
    129,709Accrued expenses
    
    
    9,081
    
    
    
    2,451Construction payable
    
    
    11,064,425
    
    
    
    Total current liabilities
    
    
    11,216,339
    
    
    
    132,160Long-Term Debt
    
    
    9,030,000
    
    
    
    Commitments and ContingenciesMembers EquityMember contributions, net of cost of
raising capital,
3,789 and 195 units outstanding at
September 30, 2006 and 2005, respectively
    
    
    36,491,418
    
    
    
    975,000Deficit accumulated during development stage
    
    
    (213,639
    )
    
    
    (460,093
    )Total members equity
    
    
    36,277,779
    
    
    
    514,907Total Liabilities and Members Equity
    
    $
    56,524,118
    
    
    $
    647,067
  15




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SIOUXLAND ETHANOL, LLC
  Year Ended
    
    
    Year Ended
    
    
    From InceptionSeptember 30,
    
    
    September 30,
    
    
    (August 12, 2004) to2006
    
    
    2005
    
    
    September 30, 2006Revenues
    
    $
    
    
    
    $
    
    
    
    $
    Operating ExpensesProfessional fees
    
    
    362,675
    
    
    
    338,053
    
    
    
    733,358General and administrative
    
    
    277,447
    
    
    
    91,242
    
    
    
    368,976Total operating expenses
    
    
    640,122
    
    
    
    429,295
    
    
    
    1,102,334Operating Loss
    
    
    (640,122
    )
    
    
    (429,295
    )
    
    
    (1,102,334
    )Other Income (Expense)Interest income
    
    
    888,636
    
    
    
    
    
    
    
    888,636Other income
    
    
    1,463
    
    
    
    2,119
    
    
    
    3,582Interest expense
    
    
    (3,523
    )
    
    
    
    
    
    
    (3,523
    )Total other income, net
    
    
    886,576
    
    
    
    2,119
    
    
    
    888,695Net Income (Loss)
    
    $
    246,454
    
    
    $
    (427,176
    )
    
    $
    (213,639
    )Weighted Average Units Outstanding
    
    
    3,449
    
    
    
    175
    
    
    
    1,698Net Income (Loss) Per Unit
    
    $
    71.46
    
    
    $
    (2,441.01
    )
    
    $
    (125.82
    )
  16




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SIOUXLAND ETHANOL, LLC
  Balance  August 12, 2004
    
    $
    Capital contributions - 10 units, $5,000 per unit, August 2004
    
    
    50,000Net loss for the year ended September 30, 2004
    
    
    (32,917
    )Balance  September 30, 2004
    
    
    17,083Capital contributions - 185 units, $5,000 per unit, November 2004
    
    
    925,000Net loss for the year ended September 30, 2005
    
    
    (427,176
    )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
    
    $
    36,277,779
  17




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SIOUXLAND ETHANOL, LLC
  Year Ended
    
    
    Year Ended
    
    
    From InceptionSeptember 30,
    
    
    September 30,
    
    
    (August 12, 2004) to2006
    
    
    2005
    
    
    September 30, 2006Cash Flows from Operating
ActivitiesNet income (loss)
    
    $
    246,454
    
    
    $
    (427,176
    )
    
    $
    (213,639
    )Adjustments to reconcile net
income (loss) to net cash from
operations:Depreciation and amortization
    
    
    2,239
    
    
    
    626
    
    
    
    2,865Equity units exhanged for services
    
    
    60,000
    
    
    
    
    
    
    
    60,000Change in assets and liabilitiesRestricted cash
    
    
    (837,748
    )
    
    
    
    
    
    
    (837,748
    )Other receivable
    
    
    (5,437
    )
    
    
    
    
    
    
    (5,437
    )Prepaid and other
    
    
    (7,748
    )
    
    
    (28,920
    )
    
    
    (36,668
    )Accounts payable
    
    
    18,527
    
    
    
    92,926
    
    
    
    142,833Accrued expenses
    
    
    6,630
    
    
    
    2,451
    
    
    
    9,081Net cash provided used in
operating activities
    
    
    (517,083
    )
    
    
    (360,093
    )
    
    
    (878,713
    )Cash Flows from Investing
ActivitiesPayment for land options and other
    
    
    
    
    
    
    (7,000
    )
    
    
    (7,000
    )Capital expenditures
    
    
    (39,886,782
    )
    
    
    (11,042
    )
    
    
    (39,897,824
    )Net cash used in investing
activities
    
    
    (39,886,782
    )
    
    
    (18,042
    )
    
    
    (39,904,824
    )Cash Flows from Financing
ActivitiesProceeds from bridge financing loan
    
    
    760,000
    
    
    
    
    
    
    
    760,000Payments on bridge financing loan
    
    
    (760,000
    )
    
    
    
    
    
    
    (760,000
    )Proceeds from long-term debt
    
    
    5,000,000
    
    
    
    
    
    
    
    5,000,000Payments for financing costs and
other
    
    
    (362,486
    )
    
    
    
    
    
    
    (362,486
    )Proceeds from TIF financing
    
    
    3,874,858
    
    
    
    
    
    
    
    3,874,858Member contributions
    
    
    35,880,000
    
    
    
    925,000
    
    
    
    36,855,000Payments for deferred offering
costs
    
    
    (41,852
    )
    
    
    (380,480
    )
    
    
    (423,582
    )Net cash provided by financing
activities
    
    
    44,350,520
    
    
    
    544,520
    
    
    
    44,943,790Net Increase in Cash and
Equivalents
    
    
    3,946,655
    
    
    
    166,385
    
    
    
    4,160,253Cash and Equivalents  Beginning
of Period
    
    
    213,598
    
    
    
    47,213
    
    
    
    Cash and Equivalents  End of
Period
    
    $
    4,160,253
    
    
    $
    213,598
    
    
    $
    4,160,253Supplemental Cash Flow InformationCash paid during the period for:Interest
    
    $
    3,523
    
    
    $
    
    
    
    $
    3,523Supplemental Disclosure of Noncash
Investing and Financing ActivitiesLand options exercised for
land purchased
    
    $
    4,500
    
    
    $
    
    
    
    $
    4,500Construction in progress in
construction payable
    
    $
    11,064,425
    
    
    $
    
    
    
    $
    11,064,425Debt loan costs financed
with TIF financing
    
    $
    155,142
    
    
    $
    
    
    
    $
    155,142Deferred offering costs
offset against member
contributions
    
    $
    423,582
    
    
    $
    
    
    
    $
    423,582Deferred offering costs
included in accounts payable
    
    $
    
    
    
    $
    5,403
    
    
    $
    Equity units exchanged for
services
    
    $
    60,000
    
    
    
    
    
    
    $
    60,000
  18




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SIOUXLAND ETHANOL, LLC
   1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 Nature of Business
  Fiscal Reporting Period
  Accounting Estimates
  Cash and Equivalents
   Restricted Cash
  Property and Equipment
  Deferred Loan Costs
  19




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SIOUXLAND ETHANOL, LLC
   Deferred Offering Costs
  Grants
  Income Taxes
  Fair Value of Financial Instruments
   Recently Issued Accounting Pronouncements
  2. DEVELOPMENT STAGE ENTERPRISE
    3. MEMBERS EQUITY
  20




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SIOUXLAND ETHANOL, LLC
   4. CONSTRUCTION IN PROGRESS
  Construction costs
    
    $
    50,052,656Capitalized interest
    
    
    20,070Insurance and other costs
    
    
    113,427$
    50,186,153
  5. INCOME TAXES
  September 30,
    
    
    September 30,2006
    
    
    2005Financial statement basis of total assets
    
    $
    56,524,118
    
    
    $
    647,067Organizational costs expensed for
financial reporting purposes
    
    
    1,091,930
    
    
    
    456,456Taxable income tax basis of total assets
    
    $
    57,616,048
    
    
    $
    1,103,523
  21




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SIOUXLAND ETHANOL, LLC
   6. LONG-TERM DEBT
  2006
    
    
    2005Term note payable to lending institution, see terms below
    
    $
    5,000,000
    
    
    $
    Tax increment financing, see terms below
    
    
    4,030,000
    
    
    
    Total long-term debt
    
    $
    9,030,000
    
    
    $
    
 Term Note
   Revolving Promissory Note
  Revolving Term Note
  22




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SIOUXLAND ETHANOL, LLC
    Tax Increment Financing (TIF)
       23




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SIOUXLAND ETHANOL, LLC
   Bridge Financing
   2007
    
    $
    2008
    
    
    4,307,5002009
    
    
    772,5002010
    
    
    155,0002011
    
    
    170,000After 2011
    
    
    3,625,000Total long-term debt
    
    $
    9,030,000
 7. COMMITMENTS AND CONTINGENCIES
 Land Contracts
  Construction Contracts
     24




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SIOUXLAND ETHANOL, LLC
         Consulting Contracts
    Marketing Agreements
   25




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SIOUXLAND ETHANOL, LLC
    Utility Contracts
   Landfill Gas Contract
  Grant
  8. RELATED PARTY TRANSACTIONS
  9. SUBSEQUENT EVENTS
 Rail Service and Construction Agreement
  26




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SIOUXLAND ETHANOL, LLC
    Rail Car Lease Agreement
  Expansion Design Build Letter of Intent
  27




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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 AC.
 Directors and Executive Officers
  Tom Lynch, Chairman, President and Director .
 Pam Miller, Vice Chairperson, Vice President and Director .
 28




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##### Table of Contents



John Kingsbury, Director and Treasurer .
 Doug Garwood, Secretary and Director.
 Ronald Wetherell, Director .
 Darrell Downs, Director .
 Shennen Saltzman, Director .
 Donald Skip Meisner, Director .
 29




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Matt Sederstrom, Director . ,
 Craig Ebberson, Director
 David Bailey Aalfs
 Adoption of Code of Ethics
   Audit Committee
  Audit Committee Financial Expert
  
 Item 10. EXECUTIVE COMPENSATION.
  30




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31




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Item 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS.
  Amount andNature ofBeneficial
    
    Percent ofName and Address of Beneficial Owner
    
    Ownership
    
    ClassTom Lynch, Chairman, President and Director
1221 Monona Blvd.
Jackson, NE 68743
    
    14 units
    
    
    *Pam Miller, Vice Chairman, Vice President and Director
414 Howard St.
Homer, NE 68030
    
    6 units
    
    
    *John Kingsbury, Treasurer and Director
P.O. Box 570, Ponca, NE 68770
    
    12 units
    
    
    *Doug Garwood, Secretary and Director
520 Timberline Dr., South Sioux City, NE 68776
    
    21 units
    
    
    *Ronald Wetherell, Director
P.O. Box 188, Cleghorn, IA 51015
    
    15 units
    
    
    *Darrell Downs, Director
P.O. Box 103, Marcus, IA 51035
    
    6 units
    
    
    *Shennen Saltzman, Director
729 E. 7th St., Suite 2, South Sioux City, NE 68776
    
    65 units
    
    
    1.72
    %Donald Skip Meisner, Director
3116 Everett St., Sioux City, IA 51106
    
    9 units
    
    
    *Matt Sederstrom, Director
1005 Boxelder Ave., Marshall, MN 56258
    
    6 units
    
    
    *Craig Ebberson, Director
56521 870th Rd., Belden, NE 68716
    
    37 units
    
    
    *David Bailey Aalfs, Director(1)
920 Quail Hollow Circle, Dakota Dunes, SD 57047
    
    300 units
    
    
    7.93
    %All Directors and Executive Officers
as a group (11 persons)
    
    491 units
    
    
    13.03
    %
 
 *
    
    Represents less than 1% of the outstanding membership units1.
    
    Mr. Aalfs jointly owns all 300 Units with his wife
Kathleen M. Aalfs 32




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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 inPlan Category
    
    rights
    
    warrants and rights
    
    column (a))Equity compensation
plans approved by
security holders
    
    
    
    
    
    
    n/a
    
    
    
    Equity compensation
plans not approved
by security
holders1
    
    
    6
    
    
    
    n/a
    
    
    
    0
 
  
 Item 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.
 Transactions with Fagen, Inc.
    33




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##### Table of Contents



Transactions with Directors
  
 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 herein
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##### Table of Contents



Exhibit No.
    
    Exhibit10.6
    
    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 herein10.8
    
    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
    
    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 herein10.14
    
    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
herein10.15
    
    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, 2006 and incorporated by reference
herein10.16
    
    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, 2006 and incorporated by
reference herein10.17
    
    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, 2006 and
incorporated by reference herein
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##### Table of Contents



Exhibit No.
    
    Exhibit10.18
    
    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, 2006 and incorporated by
reference herein10.19
    
    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, 2006 and incorporated by reference
herein10.20
    
    Standard Form of Agreement and General Conditions, dated
September 18, 2006, between the company and Mark Albenesius,
Inc.10.21
    
    Equipment and Services Agreement, dated September 26, 2006,
between the company and U.S. Water Services.10.22
    
    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 2006A10.23
    
    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.10.24
    
    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.10.25
    
    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.14.1
    
    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.
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##### Table of Contents



Item 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
  Category
    
    Year
    
    FeesAudit Fees
    
    
    2006
    
    
    $
    83,3362005
    
    
    $
    57,174Audit-Related Fees
    
    
    2006
    
    
    
    2005
    
    
    
    Tax Fees
    
    
    2006
    
    
    
    2005
    
    
    
    All Other Fees
    
    
    2006
    
    
    
    2005
    
    
    
    
  37




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##### Table of Contents



SIGNATURES
  SIOUXLAND ETHANOL, LLCDate: December 22, 2006
    
    /s/ Tom LynchTom LynchChairman and President (Principal Executive Officer)Date: December 22, 2006
    
    /s/ John KingsburyJohn KingsburyTreasurer (Principal Financial and Accounting Officer)
  Date: December 22, 2006
    
    /s/ Tom LynchTom Lynch, Chairman, President and DirectorDate: December 22, 2006
    
    /s/ Pam MillerPam Miller, Vice Chairman, Vice President and DirectorDate: December 22, 2006
    
    /s/ John KingsburyJohn Kingsbury, Treasurer and DirectorDate: December 22, 2006
    
    /s/ Doug GarwoodDoug Garwood, Secretary and DirectorDate: December 22, 2006
    
    /s/ Ronald WetherellRonald Wetherell, DirectorDate: December 22, 2006
    
    /s/ Darrell DownsDarrell Downs, DirectorDate: December 22, 2006
    
    /s/ Shennen SaltzmanShennen Saltzman, DirectorDate: December 22, 2006
    
    /s/ Donald MeisnerDonald Meisner, DirectorDate: December 22, 2006
    
    /s/ Matt SederstromMatt Sederstrom, DirectorDate: December 22, 2006
    
    /s/ Craig EbbersonCraig Ebberson, DirectorDate: December 22, 2006
    
    /s/ David B. AalfsDavid B. Aalfs, Director
 38