Source: http://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=StatuteChapter&Statute=1-16E
Timestamp: 2018-09-24 11:18:03
Document Index: 21198530

Matched Legal Cases: ['§ 2', '§ 1', '§ 5', '§ 2', '§ 1', '§ 5', '§ 3', '§ 4', '§ 7', '§ 9', '§ 4', '§ 7', '§ 9', '§ 1', '§ 10', '§ 14', '§ 16', '§ 26', '§ 27', '§ 13']

SDLRC - Codified Law 1-16E
CHAPTER 1-16E
1-16E-1 Short title of chapter.
1-16E-2 Legislative declaration.
1-16E-3 Definition of terms.
1-16E-4 Creation of authority.
1-16E-4.1 Membership of board of directors--Terms of office.
1-16E-4.2 Duties and goal of Board of Directors of the Value Added Finance Authority.
1-16E-4.3 Election of members of Board of Directors of Value Added Finance Authority.
1-16E-4.4 Compensation of members of Board of Directors of Value Added Finance Authority.
1-16E-5, 1-16E-6. Obsolete.
1-16E-7 Powers of authority.
1-16E-8 Lending power of authority.
1-16E-9 Borrowing power of authority.
1-16E-10 Security for authority bonds.
1-16E-11 Authority bonds not state or subdivision obligation.
1-16E-12 Bond authorization, terms, and sale--Interest rate--Noninterest bearing bonds.
1-16E-13 Pledges by authority.
1-16E-14 Redemption of bonds.
1-16E-15 Trust indenture securing authority bonds.
1-16E-16 Proceeds of bonds--Investments.
1-16E-17 Bonds as negotiable instruments.
1-16E-18 Execution of bonds--Seal.
1-16E-19 Immunity from personal liability on bonds.
1-16E-20 State pledge not to alter rights of authority to detriment of its bondholders.
1-16E-21 Conflict of interest--Disclosure--Participation in transaction.
1-16E-22 Tax exemption--Filing fee exemption.
1-16E-23 Bonds as authorized investments and securities for deposits.
1-16E-24 Rules and regulations of authority.
1-16E-25 Construction with other laws.
1-16E-26 Liberal construction of chapter.
1-16E-27 Disposition of authority assets on dissolution.
1-16E-28 Report to Governor and Legislature.
1-16E-29 Cost of establishing a development project defined.
1-16E-30 Compliance with Internal Revenue Code.
1-16E-31 Confidentiality of borrower information.
1-16E-32 Authority may contract to manage payment or interest rate risk for bonds.
1-16E-1. Short title of chapter. This chapter shall be known and may be cited as the Value Added Finance Authority Act.
Source: SL 1986, ch 16, § 2; SL 1986, ch 17, § 1.
1-16E-4. Creation of authority. There is created the Value Added Finance Authority, with such powers and duties as are hereinafter provided.
Source: SL 1986, ch 16, § 5; SL 1995, ch 4, § 2.
1-16E-4.2. Duties and goal of Board of Directors of the Value Added Finance Authority. The board shall administer the beginning farmer bond program and make annual recommendations to the Legislature and Governor on programs to develop and promote agricultural processing activity in South Dakota, including the initial or subsequent production, use, or processing of any form of agricultural commodity, product, or by-product in this state. The authority's goal is to facilitate the retention of agricultural commodities and products in this state for the maximum feasible time span during the life cycle, use, or consumption of the commodity or product.
Source: SL 1994, ch 318, § 1, as amended by SL 1995, ch 4, § 5.
1-16E-4.4. Compensation of members of Board of Directors of Value Added Finance Authority. Members of the authority may receive no compensation for their services but may receive an allowance per day for the time spent in attending and traveling to and from meetings of the commission, and expenses and travel allowance pursuant to § 3-9-2.
Source: SL 1994, ch 318, § 4, as amended by SL 1995, ch 4, § 7.
1-16E-8. Lending power of authority. The authority may:
(1) Make, and undertake commitments to make, loans or deposits with lenders including certificates of deposits, under terms and conditions which shall require such lenders to make loans (in an amount substantially equal to the principal amount of the loan or deposit) to or enter into leases with borrowers to finance the costs of agricultural enterprises, to finance the cost of business enterprises, to finance the working capital needs of businesses, to refinance existing indebtedness incurred for any of the foregoing purposes or any combination of the foregoing;
(2) Invest in, purchase or make commitments to invest in or purchase, and take assignments of, loans made by lenders to borrowers to finance the costs of agricultural enterprises, to finance the cost of business enterprises, to finance the working capital needs of businesses, to refinance existing indebtedness incurred for any of the foregoing purposes or any combination of the foregoing;
(3) Invest in, purchase or make commitments to invest in or purchase, any securities or obligations deemed necessary or desirable by the authority for the purpose of pledging such securities or obligations as security for any bonds of the authority;
(4) Make loans directly to a beginning farmer and enter into agreements, contracts, and other instruments with a beginning farmer or lender in connection with the beginning farmer bond program.
Source: SL 1986, ch 16, § 9; SL 1986, ch 17, § 4; SL 1990, ch 11, § 7; SL 1995, ch 4, § 9.
1-16E-9. Borrowing power of authority. The authority may:
(1) Borrow funds and issue its bonds from time to time and in such principal amounts as the authority deems necessary to carry out its purposes under this chapter, including, but not limited to, the exercise of its powers under § 1-16E-8, the payment of interest on its bonds, the establishment of reserves to secure the bonds, and payment of other expenses necessary, convenient and incident to fulfillment of its purposes;
(2) Issue from time to time bonds to renew or to pay bonds, including the interest or premium thereon, and whenever it deems refunding expedient, to refund any bonds and to pay costs of issuance of such refunding bonds by the issuance of new bonds, whether the bonds to be refunded have or have not matured, and to issue bonds partly to refund outstanding bonds and partly for any other of its corporate purposes. The refunding bonds may be sold and the proceeds applied to the purchase, redemption, or payment of the bonds to be refunded, or exchanged for the bonds to be refunded.
Source: SL 1986, ch 16, § 10.
1-16E-13. Pledges by authority. Any pledge made by the authority shall be valid and binding from the time when the pledge is made. The revenue, money, or properties so pledged and thereafter received by or on behalf of the authority shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act, and the lien of any such pledge shall be valid and binding as against all parties having claims of any kind in tort, contract, or otherwise against the authority, irrespective of whether the parties have notice thereof. Neither the resolution nor the trust indenture, if any, nor any other instrument by which a pledge is created need be recorded.
Source: SL 1986, ch 16, § 14.
1-16E-15. Trust indenture securing authority bonds. The bonds may be secured by a trust indenture by and between the authority and a corporate trustee which may be any bank having the power of a trust company or any trust company within or without the state. Such trust indenture may contain such provisions for protecting and enforcing the rights and remedies of the bondholders as may be reasonable and proper and not in violation of law, including covenants setting forth the duties of the authority in relation to the exercise of its powers and the custody, safekeeping, and application of all money. The authority may provide by the trust indenture for the payment of the proceeds of the bonds and the revenue to the trustee under the trust indenture or other depository, and for the method of disbursement thereof, with such safeguards and restrictions as the authority may determine. All expenses incurred in carrying out the trust indenture may be treated as a part of the operating expenses of the authority.
Source: SL 1986, ch 16, § 16.
1-16E-25. Construction with other laws. Insofar as the provisions of this chapter are inconsistent with the provisions of any other law, the provisions of this chapter shall be controlling.
Source: SL 1986, ch 16, § 26.
1-16E-26. Liberal construction of chapter. This chapter, being necessary for the welfare of the state and its inhabitants, shall be liberally construed so as to effectuate its purposes.
Source: SL 1986, ch 16, § 27.
1-16E-31. Confidentiality of borrower information. All financial information submitted by the borrower to the board is confidential.
Source: SL 1995, ch 4, § 13.