reglab/housing_qa huggingface dataset:
SD Codified L § 1-16B-43 (2021)
2021 South Dakota Codified Laws|Title 1 - State Affairs and Government|Chapter 16B - Economic Development Finance Authority|Section 1-16B-43 - Maximum percentage of cost loaned to local agency--Assurances as to other financing.

1-16B-43. Maximum percentage of cost loaned to local agency--Assurances as to other financing.When it has been determined by the authority, after a hearing on an application of an enterprise, that the establishment of a particular development project referred to in the application has accomplished or will accomplish the public purposes of this chapter, the authority may contract to loan the enterprise an amount determined by the authority, subject to the following conditions:(1)The authority shall first have determined that the enterprise holds funds or property in an amount equal to the enterprise's share of the estimated cost of establishing the development project and that the funds or property will be applied to the project; and(2)In the event that the enterprise has obtained from other independent and responsible sources a firm commitment for any other funds necessary for payment of all the estimated cost of establishing the development project over and above the loan it is requesting from the authority and the funds or property the enterprise holds, the authority shall determine that the sum of all these funds, together with the machinery and equipment to be provided by the enterprise, is adequate to ensure completion and operation of the plan or facility. Source: SL 1978, ch 9, §28; SL 1986, ch 14, §14.
SD Codified L § 1-16B-44 (2021)
2021 South Dakota Codified Laws|Title 1 - State Affairs and Government|Chapter 16B - Economic Development Finance Authority|Section 1-16B-44 - Adjustment of local funding requirements when federal agency participates--Subordination to mortgage held by federal agency.

1-16B-44. Adjustment of local funding requirements when federal agency participates--Subordination to mortgage held by federal agency.If any federal agency participates in the financing of a development project with federal funds, the authority may adjust the required ratios of financial participation for the enterprise to the extent of the federal participation. However, the adjustment of such ratios may not cause the authority to grant a loan to the enterprise in excess of eighty percent of the cost or estimated cost of the development project.If any federal agency participating in the financing of any development project is not permitted to take a mortgage subordinate to the mortgage of the authority, the authority may secure its loan to the enterprise with a mortgage subordinate to that of the federal agency. Source: SL 1978, ch 9, §30; SL 1986, ch 14, §15; SL 2009, ch 1, §13.
SD Codified L § 1-16B-45 (2021)
2021 South Dakota Codified Laws|Title 1 - State Affairs and Government|Chapter 16B - Economic Development Finance Authority|Section 1-16B-45 - Pledge to United States not to impair powers of authority.

1-16B-45. Pledge to United States not to impair powers of authority.The State of South Dakota hereby pledges and agrees with the United States that if any federal agency constructs, loans, or contributes any funds to any development project, the state will not alter or limit the rights and powers of the authority in any manner inconsistent with the performance of any agreements between the authority and the federal agency, and the authority may continue to exercise all powers to carry out the purposes of this chapter. Source: SL 1978, ch 9, §35.
SD Codified L § 1-16B-46 (2021)
2021 South Dakota Codified Laws|Title 1 - State Affairs and Government|Chapter 16B - Economic Development Finance Authority|Section 1-16B-46 - Terms of loan to local agency--Subordination to other loans.

1-16B-46. Terms of loan to local agency--Subordination to other loans.Any loan of the authority shall be for the period of time and shall bear interest at the rate determined by the authority and shall be secured by a mortgage on the development project for which the loan was made. The mortgage may be subordinate only to a mortgage held by the independent and responsible sources which financed the development project. Source: SL 1978, ch 9, §29.
SD Codified L § 1-16B-47 (2021)
2021 South Dakota Codified Laws|Title 1 - State Affairs and Government|Chapter 16B - Economic Development Finance Authority|Section 1-16B-47 - Foreclosure to take title to development project--Sale or lease.

1-16B-47. Foreclosure to take title to development project--Sale or lease.The authority may, as necessary or appropriate to carry out the purposes of this chapter, take title by foreclosure to any development project where such acquisition is necessary to protect any loan previously made by the authority, and may sell, transfer, or convey any such development project to any responsible buyer. If such sale, transfer, or conveyance cannot be effected with reasonable promptness, the authority may, in order to minimize financial losses and sustain employment, lease such development project to a responsible tenant or tenants. However, the authority may not lease development projects except under the conditions and for the purposes cited in this section. Source: SL 1978, ch 9, §8 (11); SL 2009, ch 1, §14.
SD Codified L § 1-16B-48 (2021)
2021 South Dakota Codified Laws|Title 1 - State Affairs and Government|Chapter 16B - Economic Development Finance Authority|Section 1-16B-48 - Annual reports of authority--Contents.

1-16B-48. Annual reports of authority--Contents.The authority shall submit annual reports. The reports shall include:(1)Its operations and accomplishments;(2)Its receipts and expenditures during the previous fiscal year;(3)Its assets and liabilities at the end of the previous fiscal year, including a schedule of its mortgage loans and commitments and the status of reserve, special, or other funds;(4)A schedule of the outstanding notes and bonds and a statement of the amounts redeemed and incurred during the previous fiscal year. Source: SL 1978, ch 9, §36; SL 2009, ch 1, §15.
SD Codified L § 1-16B-49 (2021)
2021 South Dakota Codified Laws|Title 1 - State Affairs and Government|Chapter 16B - Economic Development Finance Authority|Section 1-16B-49 - Cumulative rights and powers of authority.

1-16B-49. Cumulative rights and powers of authority.The rights, powers, authority, privileges, functions, and other properties of the South Dakota Economic Development Finance Authority, whether derived under this chapter, by executive order, or otherwise are cumulative and may be exercised by the authority either separately or in any combination as the board of the authority may determine to be necessary or appropriate. Source: SL 1987, ch 16, §5; SL 2020, ch 4, § 29.
SD Codified L § 1-16B-50 (2021)
2021 South Dakota Codified Laws|Title 1 - State Affairs and Government|Chapter 16B - Economic Development Finance Authority|Section 1-16B-50 - Annual action plan--Annual informational report.

1-16B-50. Annual action plan--Annual informational report.The South Dakota Economic Development Finance Authority shall develop and submit an annual action plan to the Board of Economic Development. The action plan shall outline the basic goals and objectives of the authority but is not subject to the approval or disapproval of the Board of Economic Development. The action plan shall be submitted prior to October first of each year. At the conclusion of each fiscal year, the authority shall prepare and submit an annual informational report to the Board of Economic Development. Source: SL 1987, ch 390 (Ex. Ord. 87-1), §40; SL 1993, ch 11, §1.
SD Codified L § 1-16B-53 (2021)
2021 South Dakota Codified Laws|Title 1 - State Affairs and Government|Chapter 16B - Economic Development Finance Authority|Section 1-16B-53 - Preferred development project defined.

1-16B-53. Preferred development project defined.The term, preferred development project, as used in this chapter, means any site, structure, facility, service, utility, or undertaking compromising, serving, or being a part of any industrial or agricultural or nonagricultural products, storage, distribution, or manufacturing enterprise, which employs not fewer than two thousand individuals. Source: SL 1994, ch 11, §7.
SD Codified L § 1-16B-54 (2021)
2021 South Dakota Codified Laws|Title 1 - State Affairs and Government|Chapter 16B - Economic Development Finance Authority|Section 1-16B-54 - Direct mortgage loans for preferred development projects.

1-16B-54. Direct mortgage loans for preferred development projects.Notwithstanding any other provision in this chapter, the authority may participate with other parties in the making of direct mortgage loans for capital improvements for preferred development projects. The interest rate and time and rate of amortization for that part of such a mortgage loan made by the authority and that made by others need not be equal. The interest rate, if any, charged by the authority shall be determined by the authority and the principal indebtedness represented by the mortgage loan and interest accrued, if any, may be forgiven on such terms and conditions as the authority in the exercise of its discretion deems appropriate. Source: SL 1994, ch 11, §8.
SD Codified L § 1-16B-55 (2021)
2021 South Dakota Codified Laws|Title 1 - State Affairs and Government|Chapter 16B - Economic Development Finance Authority|Section 1-16B-55 - Authority may contract to manage payment or interest rate risk for bonds.

1-16B-55. Authority may contract to manage payment or interest rate risk for bonds.The authority may enter into any contract that the authority determines necessary or appropriate to manage payment or interest rate risk for bonds issued pursuant to this chapter, the investment of proceeds, or other funds of the authority. The contracts may include: interest rate exchange agreements; contracts providing for payment or receipt of funds based on levels of or changes in interest rates; contracts to exchange cash flows or series of payments; or contracts incorporating interest rate caps, collars, floors, or locks. Source: SL 2003, ch 10, §2.
SD Codified L § 1-16B-57 (2021)
2021 South Dakota Codified Laws|Title 1 - State Affairs and Government|Chapter 16B - Economic Development Finance Authority|Section 1-16B-57 - Duties and goals--Agricultural production.

  1-16B-57  .  Duties and goals--Agricultural production.   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 the state, 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 in so doing 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 2020, ch 4, § 4.
SD Codified L § 1-16B-58 (2021)
2021 South Dakota Codified Laws|Title 1 - State Affairs and Government|Chapter 16B - Economic Development Finance Authority|Section 1-16B-58 - Lending power of authority.

  1-16B-58  .  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 that require the 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 determined necessary or desirable by the authority for the purpose of pledging the securities or obligations as security for any bonds of the authority; and   (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 2020, ch 4, § 6.
SD Codified L § 1-16B-59 (2021)
2021 South Dakota Codified Laws|Title 1 - State Affairs and Government|Chapter 16B - Economic Development Finance Authority|Section 1-16B-59 - Bond authorization, terms, and sale--Interest rate--Noninterest-bearing bonds.

  1-16B-59  .  Bond authorization, terms, and sale--Interest rate--Noninterest-bearing bonds.   The bonds shall be authorized by a resolution of the authority, shall bear the date or dates and shall mature at the time or times as the resolution or the instrument providing for the issuance of the bonds may provide, except that no bond may mature more than fifty years from the date of its issue. The bonds shall bear interest at the rate or rates, be in the denominations, be in the form, either coupon or registered, be evidenced by physical certificates or uncertificated, carry the registration privileges, be executed in the manner,   be payable in the medium of payment, at the place or places, and be subject to the terms of redemption, including redemption prior to maturity, as the resolution or the instrument providing for the issuance of the bonds may provide. No other state laws relating to the offer, sale or issuance of revenue bonds or any other security may apply to bonds issued by the authority. Bonds of the authority may be sold by the authority at public or private sale, and at the price or prices as the authority shall determine.   The bonds of the authority may bear interest at a fixed, variable or adjustable rate and may be convertible from one method of calculating interest to another. The interest rate may be based upon any formula or contractual arrangement for the periodic determination of interest rates. All interest rates may be established in the resolution or instrument providing for the issuance of the bonds. Any formula or contractual arrangement may authorize the delegation of the interest rate setting function to a third party subject only to the standards or criteria as shall be set forth in the resolution or instrument providing for the issuance of the bonds. In no event may the setting or resetting of the rate of interest on the authority's bonds or the conversion from one method of determining interest to another constitute a reissuance or refunding of bonds issued by the authority if the action is taken in accordance with the resolution or instrument providing for the initial issuance of the bonds.   The authority may issue noninterest bearing bonds or bonds bearing interest at a rate of zero percent and sell the same at the price or prices as may be determined by the authority.     Source:  SL 2020, ch 4, § 7.
SD Codified L § 1-16B-60 (2021)
2021 South Dakota Codified Laws|Title 1 - State Affairs and Government|Chapter 16B - Economic Development Finance Authority|Section 1-16B-60 - Pledges by authority.

  1-16B-60  .  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 pledged and thereafter received by or on behalf of the authority shall immediately be subject to the lien of the 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 2020, ch 4, § 8.
SD Codified L § 1-16B-61 (2021)
2021 South Dakota Codified Laws|Title 1 - State Affairs and Government|Chapter 16B - Economic Development Finance Authority|Section 1-16B-61 - Redemption of bonds.

  1-16B-61  .  Redemption of bonds.   The authority, subject to any agreements with bondholders as may then exist, may refund, purchase, or cancel the authority's bonds out of any funds available therefor, at any reasonable price which, if the bonds are then redeemable, may not exceed the redemption price then applicable plus accrued interest to the next interest payment thereon.     Source:  SL 2020, ch 4, § 9.
SD Codified L § 1-16B-62 (2021)
2021 South Dakota Codified Laws|Title 1 - State Affairs and Government|Chapter 16B - Economic Development Finance Authority|Section 1-16B-62 - Trust indenture securing authority bonds.

  1-16B-62  .  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. The trust indenture may contain any 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 the authority's 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 any 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 2020, ch 4, § 10.
SD Codified L § 1-16B-63 (2021)
2021 South Dakota Codified Laws|Title 1 - State Affairs and Government|Chapter 16B - Economic Development Finance Authority|Section 1-16B-63 - Proceeds of bonds--Investments.

  1-16B-63  .  Proceeds of bonds--Investments.   Any proceeds of bonds not needed for immediate disbursement may be held uninvested or invested in any one or more of the following:   (1) Obligations issued or guaranteed by the United States of America;   (2) Obligations issued or guaranteed by any person controlled or supervised by and acting as an instrumentality of the United States of America pursuant to authority granted by the Congress of the United States of America;   (3) Obligations issued or guaranteed by any state of the United States of America, or the District of Columbia, or any political subdivision of any state or district;   (4) Commercial paper or corporate debt obligations having a rating by Standard & Poor's Corporation or Moody's Investors Service equal to an "A" or higher rating assigned by the organization;   (5) Banker's acceptances drawn on and accepted by any bank, trust company or national banking association organized under the laws of any state or of the United States of America;   (6) Repurchase agreements fully secured by obligations issued or guaranteed by the United States of America or by any person controlled or supervised by and acting as an instrumentality of the United States of America pursuant to authority granted by the Congress of the United States of America;   (7) Certificates of deposit or time deposits issued by any bank, trust company or national banking association organized under the laws of any state or of the United States of America;   (8) United States dollar-denominated certificates of deposits issued by, or time deposits with, the European subsidiaries of any bank, trust company or national banking association incorporated or doing business under the laws of the United States of America or one of the states thereof;   (9) Certificates or units issued by any mutual fund, unit investment trust or similar entity evidencing interest in obligations described in this section.     Source:  SL 2020, ch 4, § 11.
SD Codified L § 1-16B-64 (2021)
2021 South Dakota Codified Laws|Title 1 - State Affairs and Government|Chapter 16B - Economic Development Finance Authority|Section 1-16B-64 - Bonds as negotiable instruments.

  1-16B-64  .  Bonds as negotiable instruments.   Whether or not the bonds are in the form and character of negotiable instruments, the bonds are hereby made negotiable instruments, subject only to provisions of the bonds relating to registration.     Source:  SL 2020, ch 4, § 12.
SD Codified L § 1-16B-65 (2021)
2021 South Dakota Codified Laws|Title 1 - State Affairs and Government|Chapter 16B - Economic Development Finance Authority|Section 1-16B-65 - Execution of bonds--Seal.

  1-16B-65  .  Execution of bonds--Seal.   Bonds of the authority may be executed by the manual or facsimile signatures of the board members or officers of the authority authorized by the resolution of the authority to execute the bonds. If the resolution authorizes or directs the affixing of the seal of the authority on bonds of the authority, the seal or a facsimile thereof may be impressed or imprinted thereon. If any board members or officers of the authority ceases to be members or officers of the authority before the delivery of any bonds or coupons signed by them, their signatures or facsimiles thereof shall nevertheless be valid and sufficient for all purposes, the same as if the members or officers had remained in office until the delivery.     Source:  SL 2020, ch 4, § 13.
SD Codified L § 1-16B-66 (2021)
2021 South Dakota Codified Laws|Title 1 - State Affairs and Government|Chapter 16B - Economic Development Finance Authority|Section 1-16B-66 - Immunity from personal liability on bonds.

  1-16B-66  .  Immunity from personal liability on bonds.   Neither the members of the authority nor any other person executing the bonds issued under this chapter is subject to personal liability or accountability by reason of the issuance thereof.     Source:  SL 2020, ch 4, § 14.
SD Codified L § 1-16B-67 (2021)
2021 South Dakota Codified Laws|Title 1 - State Affairs and Government|Chapter 16B - Economic Development Finance Authority|Section 1-16B-67 - Conflict of interest --Disclosure--Participation in transaction.

  1-16B-67  .  Conflict of interest --Disclosure--Participation in transaction.   Any member or employee of the authority who has, will have, or later acquires a personal interest, direct or indirect, in any transaction with the authority shall immediately disclose the nature and extent of the interest in writing to the authority as soon as the member or employee has knowledge of the actual or prospective interest. The disclosure shall be entered upon the minutes of the authority. Upon any disclosure, the member or employee may not participate in any action by the authority authorizing the transaction. Actions taken when the member or employee reasonably believed that the member or employee had and would not have any conflict are not invalidated because of the conflict. The fact that a member is also an officer or owner of an organization is not considered to be a direct or indirect interest unless:   (1) The member has an ownership interest of greater than five percent in the organization; or   (2) The transaction in question does not involve all similar organizations, but rather involves only the authority and the organization.     Source:  SL 2020, ch 4, § 15.