reglab/housing_qa huggingface dataset:
SD Codified L § 1-16B-16 (2021)
2021 South Dakota Codified Laws|Title 1 - State Affairs and Government|Chapter 16B - Economic Development Finance Authority|Section 1-16B-16 - Issuance, renewal, payment, and refunding of notes and bonds--Application of proceeds of refunding bonds.

1-16B-16. Issuance, renewal, payment, and refunding of notes and bonds--Application of proceeds of refunding bonds.The authority may issue notes, renew notes and bonds, pay notes and the interest thereon, refund any bonds by the issuance of new bonds whenever it deems refunding expedient whether the bonds to be refunded have or have not matured, and issue bonds partly to refund bonds then outstanding and partly for any of its corporate purposes. The refunding bonds shall be refunded or sold and the proceeds applied to the purchase, redemption, or payment of such bonds. Source: SL 1978, ch 9, §10; SL 2009, ch 1, §8.
SD Codified L § 1-16B-17 (2021)
2021 South Dakota Codified Laws|Title 1 - State Affairs and Government|Chapter 16B - Economic Development Finance Authority|Section 1-16B-17 - Notes and bonds as general obligations of authority--Funds from which payable.

1-16B-17. Notes and bonds as general obligations of authority--Funds from which payable.Except as may otherwise be expressly provided by resolution of the authority, every issue of its notes and bonds shall be general obligations of the authority payable out of any revenues or moneys of the authority, subject only to any agreements with the holders of particular notes or bonds pledging any particular revenues. Source: SL 1978, ch 9, §11.
SD Codified L § 1-16B-18 (2021)
2021 South Dakota Codified Laws|Title 1 - State Affairs and Government|Chapter 16B - Economic Development Finance Authority|Section 1-16B-18 - Terms of notes and bonds--Maturity--Interest--Registration--Redemption--Sale.

1-16B-18. Terms of notes and bonds--Maturity--Interest--Registration--Redemption--Sale.Notes and bonds shall be authorized by resolution of the authority, shall bear the dates and shall mature at the times the resolution provides, except that no bond may mature more than twenty years from the date of its issue. The bonds may be issued as serial bonds payable in annual installments, or as term bonds, or as a combination thereof. The notes and bonds shall bear interest at the rate, be in denominations, be either coupon or registered, carry registration privileges, be executed in the manner, be payable in the medium of payment and at the place, and be subject to the terms of redemption that the resolution provides. The notes and bonds of the authority may be sold by the authority at public or private sale at the price determined by the authority. Source: SL 1978, ch 9, §12; SL 2009, ch 1, §9.
SD Codified L § 1-16B-19 (2021)
2021 South Dakota Codified Laws|Title 1 - State Affairs and Government|Chapter 16B - Economic Development Finance Authority|Section 1-16B-19 - State pledge not to impair powers of authority--Inclusion in terms of notes or bonds.

1-16B-19. State pledge not to impair powers of authority--Inclusion in terms of notes or bonds.The state hereby pledges and agrees with the holder of any notes or bonds issued under this chapter that the state will not limit or alter the rights vested in the authority to fulfill the terms of any agreement made with any holder or impair the rights and remedies of any holder until the notes and bonds, together with the interest thereon, with interest on any unpaid installments of interest, and all costs in connection with any proceeding on behalf of any holder, are fully met and discharged. The authority may include this pledge and agreement in any agreement with the holder of any notes or bonds. Source: SL 1978, ch 9, §25.
SD Codified L § 1-16B-20 (2021)
2021 South Dakota Codified Laws|Title 1 - State Affairs and Government|Chapter 16B - Economic Development Finance Authority|Section 1-16B-20 - Obligations payable only from assets of authority--Statement on face of obligations.

1-16B-20. Obligations payable only from assets of authority--Statement on face of obligations.No obligation issued under the provisions of this chapter constitutes a debt or liability or obligation of the state or any political subdivision or a pledge of the faith and credit of the state or any political subdivision but is payable solely from the revenue or assets of the authority. Each obligation issued under this chapter shall contain on its face a statement that the authority is not obligated to pay the principal or interest except from the revenues or assets pledged and that neither the faith and credit nor the taxing power of the state or any political subdivision is pledged to the payment of the principal or interest on the obligation. Source: SL 1978, ch 9, §26; SL 2009, ch 1, §10.
SD Codified L § 1-16B-21 (2021)
2021 South Dakota Codified Laws|Title 1 - State Affairs and Government|Chapter 16B - Economic Development Finance Authority|Section 1-16B-21 - Repurchase and cancellation of notes and bonds--Maximum price paid.

1-16B-21. Repurchase and cancellation of notes and bonds--Maximum price paid.The authority, subject to agreements with noteholders or bondholders may purchase notes or bonds of the authority, which shall thereupon be canceled, at a price not exceeding:(1)If the notes or bonds are then redeemable, the redemption price then applicable, plus accrued interest to the next interest payment thereon; or(2)If the notes or bonds are not then redeemable, the redemption price applicable on the first date after the purchase upon which the notes or bonds become subject to redemption plus accrued interest to the date. Source: SL 1978, ch 9, §13.
SD Codified L § 1-16B-22 (2021)
2021 South Dakota Codified Laws|Title 1 - State Affairs and Government|Chapter 16B - Economic Development Finance Authority|Section 1-16B-22 - Issuance of refunding obligations--Terms governed by chapter.

1-16B-22. Issuance of refunding obligations--Terms governed by chapter.The authority may issue refunding obligations to retire outstanding obligations which have been issued under the provisions of this chapter, including any redemption premium and interest accrued or which will accrue by the date of redemption or for any corporate purpose of the authority. The issuance of refunding obligations, the maturities and other details thereof, the rights of holders thereof, and the rights, duties, and obligations of the authority in respect to the same shall be governed by the provisions of this chapter which relate to the issuance of obligations where appropriate. Source: SL 1978, ch 9, §19.
SD Codified L § 1-16B-23 (2021)
2021 South Dakota Codified Laws|Title 1 - State Affairs and Government|Chapter 16B - Economic Development Finance Authority|Section 1-16B-23 - Disposition of refunding obligations--Application or investment of proceeds.

1-16B-23. Disposition of refunding obligations--Application or investment of proceeds.Refunding obligations may be sold or exchanged for outstanding obligations issued under this chapter, and, if sold, the proceeds may be applied to any authorized purpose or to the purchase, redemption or payment of outstanding obligations. The proceeds from any refunding obligation may be invested by the state investment officer, under the provisions of chapter 4-5, until they are required for the retirement of outstanding obligations. Source: SL 1978, ch 9, §20.
SD Codified L § 1-16B-24 (2021)
2021 South Dakota Codified Laws|Title 1 - State Affairs and Government|Chapter 16B - Economic Development Finance Authority|Section 1-16B-24 - Bonds and notes as legal investments for public and fiduciary funds.

1-16B-24. Bonds and notes as legal investments for public and fiduciary funds.The state and all counties, municipalities, political subdivisions, public bodies, public officers, banks, bankers, trust companies, savings banks and institutions, building and loan associations, savings and loan associations, personal representatives, conservators, trustees, and other fiduciaries may legally invest any debt service funds, money, or other funds belonging to them or within their control in any bonds or notes issued pursuant to this chapter. Source: SL 1978, ch 9, §27; SL 1993, ch 213, §75.
SD Codified L § 1-16B-25 (2021)
2021 South Dakota Codified Laws|Title 1 - State Affairs and Government|Chapter 16B - Economic Development Finance Authority|Section 1-16B-25 - Appointment of trustee on default in payment of bonds or notes.

1-16B-25. Appointment of trustee on default in payment of bonds or notes.If the authority is in default in the payment of principal or interest on any bonds or notes issued under this chapter for a period of thirty days, or if the authority fails to comply with the provisions of this chapter or defaults in any agreement with the holders of bonds or notes of the authority, the holders of twenty-five percent of the aggregate principal amount of the outstanding bonds or notes of that issue may appoint a trustee to represent them by filing the appointment with the secretary of state. Source: SL 1978, ch 9, §21.
SD Codified L § 1-16B-26 (2021)
2021 South Dakota Codified Laws|Title 1 - State Affairs and Government|Chapter 16B - Economic Development Finance Authority|Section 1-16B-26 - Trustee's powers in protection of bondholders or noteholders.

1-16B-26. Trustee's powers in protection of bondholders or noteholders.The trustee may, and upon written request of the holders of twenty-five percent of the principal amount of the outstanding bonds or notes shall, in the trustee's own name:(1)Enforce all rights of the bondholders or noteholders, including the rights to require the authority to collect interest and amortization payments on the mortgages held by it, adequate to carry out any agreement as to, or pledge of, such interest and amortization payments, to collect and enforce the payment of principal and interest due or becoming due on loans to mortgage lenders and collect and enforce any collateral securing such loans or sell such collateral, so as to carry out any contract as to, or pledge of such revenues, and to require the authority to perform the terms of any contract with the holders of the bonds or notes and to perform its duties under this chapter;(2)Bring suit upon all or any part of the bonds or notes;(3)Require the authority to account as if it were the trustee of an express trust for the holders of the bonds or notes;(4)Enjoin any acts which may be unlawful or in violation of the rights of the holders of the bonds or notes;(5)Declare all bonds or notes due and payable, and, if all defaults shall be made good, then, with the consent of the holders of twenty-five percent of the principal amount of the outstanding bonds or notes, annul the declaration and its consequences. Source: SL 1978, ch 9, §22; SL 2009, ch 1, §11.
SD Codified L § 1-16B-27 (2021)
2021 South Dakota Codified Laws|Title 1 - State Affairs and Government|Chapter 16B - Economic Development Finance Authority|Section 1-16B-27 - Notice required of trustee before declaring principal due.

1-16B-27. Notice required of trustee before declaring principal due.Before declaring the principal of bonds or notes due and payable, the trustee shall give thirty days' notice in writing to the Governor, the authority, and the attorney general. Source: SL 1978, ch 9, §23.
SD Codified L § 1-16B-28 (2021)
2021 South Dakota Codified Laws|Title 1 - State Affairs and Government|Chapter 16B - Economic Development Finance Authority|Section 1-16B-28 - Incidental powers of trustee.

1-16B-28. Incidental powers of trustee.The trustee may also exercise any functions specifically set forth in this chapter or incident to the general representation of bondholders or noteholders in the enforcement and protection of their rights. Source: SL 1978, ch 9, §24.
SD Codified L § 1-16B-29 (2021)
2021 South Dakota Codified Laws|Title 1 - State Affairs and Government|Chapter 16B - Economic Development Finance Authority|Section 1-16B-29 - Capital reserve fund required--Moneys paid in.

1-16B-29. Capital reserve fund required--Moneys paid in.The authority shall establish a capital reserve fund and shall pay into the capital reserve fund any moneys appropriated or made available by the state for the fund, any proceeds from the sale of notes or bonds to the extent provided in the authorizing resolution, and any other moneys which may be made available to the authority for the fund from any other source. Source: SL 1978, ch 9, §14.
SD Codified L § 1-16B-30 (2021)
2021 South Dakota Codified Laws|Title 1 - State Affairs and Government|Chapter 16B - Economic Development Finance Authority|Section 1-16B-30 - Amounts required in capital reserve fund.

1-16B-30. Amounts required in capital reserve fund.The maximum annual debt service shall be the capital reserve requirement. For purposes of computing the capital reserve requirement, the annual debt service for any fiscal year shall be equal to the sum of all interest payable during the fiscal year on all bonds outstanding on the date of computation, plus the principal amount of all bonds and notes outstanding on that date which mature during the fiscal year, all calculated on the assumption that bonds and notes will after that date cease to be outstanding. The moneys in the capital reserve fund may not be less than the capital reserve requirement, except when withdrawals are made for payments of principal, interest and redemption premiums may be made from the capital reserve fund if other moneys of the authority are not available. Source: SL 1978, ch 9, §15.
SD Codified L § 1-16B-31 (2021)
2021 South Dakota Codified Laws|Title 1 - State Affairs and Government|Chapter 16B - Economic Development Finance Authority|Section 1-16B-31 - Application of capital reserve fund--Transfer of income.

1-16B-31. Application of capital reserve fund--Transfer of income.All moneys held in the capital reserve fund, except as hereinafter provided, shall be used solely for the payment of the principal of bonds or notes secured by the fund, the purchase or redemption of the bonds or notes, the payment of interest on the bonds or notes, or the payment of any redemption premium required to be paid when the bonds or notes are redeemed prior to maturity. Any income from the capital reserve fund may be transferred to other funds or accounts to the extent the transfer does not reduce the amount of the capital reserve fund below the capital reserve fund requirement in this chapter. Source: SL 1978, ch 9, §15.
SD Codified L § 1-16B-32 (2021)
2021 South Dakota Codified Laws|Title 1 - State Affairs and Government|Chapter 16B - Economic Development Finance Authority|Section 1-16B-32 - Bonds and notes not issued when capital reserve below required amount.

1-16B-32. Bonds and notes not issued when capital reserve below required amount.The authority may not issue bonds or notes secured by the capital reserve fund if the capital reserve requirement exceeds the capital reserve fund at the time of issuance, unless the authority, at the time of issuance of such bonds or notes, deposits in the fund an amount which, together with the amount then in the fund, will not be less than the new capital reserve requirement. Source: SL 1978, ch 9, §16.
SD Codified L § 1-16B-33 (2021)
2021 South Dakota Codified Laws|Title 1 - State Affairs and Government|Chapter 16B - Economic Development Finance Authority|Section 1-16B-33 - Annual budget estimate for restoration of capital reserve fund--Governor's budget--Application of appropriated funds.

1-16B-33. Annual budget estimate for restoration of capital reserve fund--Governor's budget--Application of appropriated funds.The chair of the board of directors shall annually submit to the Bureau of Finance and Management a budget estimate in accordance with §4-7-7 stating the sum, if any, needed to restore the capital reserve fund to the level of the capital reserve requirement. If the chair certifies a need to restore the capital reserve fund, the Governor shall submit a budget in accordance with §4-7-9 including the sum, if any, needed to restore the capital reserve fund to the level of the capital reserve requirement. All sums appropriated by the Legislature for the restoration shall be deposited in the capital reserve fund. Source: SL 1978, ch 9, §17; SL 2009, ch 1, §12.
SD Codified L § 1-16B-34 (2021)
2021 South Dakota Codified Laws|Title 1 - State Affairs and Government|Chapter 16B - Economic Development Finance Authority|Section 1-16B-34 - Establishment of loan funds--Investment.

1-16B-34. Establishment of loan funds--Investment.The authority may establish other funds within the state treasury for its corporate purposes from which the authority may make loans as provided in this chapter. All funds may be invested by the state investment officer pursuant to chapter 4-5. Source: SL 1978, ch 9, §18.
SD Codified L § 1-16B-35 (2021)
2021 South Dakota Codified Laws|Title 1 - State Affairs and Government|Chapter 16B - Economic Development Finance Authority|Section 1-16B-35 - Cooperation with local agencies.

1-16B-35. Cooperation with local agencies.The authority may, as necessary or appropriate to carry out the purposes of this chapter, cooperate with local units of government and local development corporations in their efforts to promote the expansion of industrial and manufacturing activity in this state. Source: SL 1978, ch 9, §8 (1).
SD Codified L § 1-16B-36 (2021)
2021 South Dakota Codified Laws|Title 1 - State Affairs and Government|Chapter 16B - Economic Development Finance Authority|Section 1-16B-36 - Determination of desirability of development projects.

1-16B-36. Determination of desirability of development projects.The authority may, as necessary or appropriate to carry out the purposes of this chapter, determine, upon proper application of the enterprise, whether the declared public purpose of this chapter has been or will be accomplished by the establishment of development projects by such enterprises. Source: SL 1978, ch 9, §8(2); SL 1986, ch 14, §8.
SD Codified L § 1-16B-37 (2021)
2021 South Dakota Codified Laws|Title 1 - State Affairs and Government|Chapter 16B - Economic Development Finance Authority|Section 1-16B-37 - Power to make loans to local agencies--Repayment provisions.

1-16B-37. Power to make loans to local agencies--Repayment provisions.The authority may, as necessary or appropriate to carry out the purposes of this chapter, make, upon proper application of enterprises, loans to such enterprises for development projects in South Dakota, and may provide for the repayment and redeposit of such allocations and loans in the manner hereinafter provided. Source: SL 1978, ch 9, §8(5); SL 1986, ch 14, §9.
SD Codified L § 1-16B-38 (2021)
2021 South Dakota Codified Laws|Title 1 - State Affairs and Government|Chapter 16B - Economic Development Finance Authority|Section 1-16B-38 - Maximum loan to local agency--Vote required for approval.

1-16B-38. Maximum loan to local agency--Vote required for approval.If the authority determines, after hearing and examination, that the public purposes of this chapter will be accomplished, the authority may grant a loan to an enterprise. Approval of loan applications shall be by a majority vote of all members of the board of directors, eligible to vote thereon, the vote of each eligible member being duly recorded. Source: SL 1978, ch 9, §§7, 32; SL 1986, ch 14, §10.
SD Codified L § 1-16B-40 (2021)
2021 South Dakota Codified Laws|Title 1 - State Affairs and Government|Chapter 16B - Economic Development Finance Authority|Section 1-16B-40 - Application by local agency for loan--Contents.

1-16B-40. Application by local agency for loan--Contents.Prior to loaning of any funds to an enterprise for a development project, the authority shall receive from the enterprise a loan application in the form adopted by the authority which shall contain, without being limited to, the following provisions:(1)A general description of the development project and a general description of the enterprise for which the development project has been or is to be established;(2)A legal description of all real estate necessary for the development project;(3)Plans and other documents to show the type, structure and general character of the development project;(4)A general description of the number, types and skills of employees to be employed;(5)The cost or estimates of cost of establishing the development project;(6)A statement of the value of any property which the enterprise applied or intends to apply to the establishment of the development project;(7)A statement of cash funds previously applied, or at present held by the enterprise which are to be applied to the establishment of the development project;(8)Evidence of the arrangement made by the enterprise for the financing of all costs of the development project;(9)Evidence that the development project probably will not cause the removal of a plant or facility from one area of the state to another area of the state;(10)Any additional evidence pertinent to a determination of the probable success of the development project at the selected location, and evidence that a substantial increase in employment and payrolls will probably result from the granting of the loans;(11)Evidence that the enterprise does currently or will possess the ability to obtain the revenues which will be used to repay a loan to finance the development project. Source: SL 1978, ch 9, §31; SL 1986, ch 14, §12.
SD Codified L § 1-16B-41 (2021)
2021 South Dakota Codified Laws|Title 1 - State Affairs and Government|Chapter 16B - Economic Development Finance Authority|Section 1-16B-41 - Loans made only when other loans not available.

1-16B-41. Loans made only when other loans not available.The authority shall require the applicant enterprise to investigate fully other sources of funding for a development project. Such loans shall be made only after a determination by the authority that sufficient development project loans are not otherwise available from private or public lenders upon reasonably equivalent terms and conditions. Source: SL 1978, ch 9, §33; SL 1986, ch 14, §13.
SD Codified L § 1-16B-42 (2021)
2021 South Dakota Codified Laws|Title 1 - State Affairs and Government|Chapter 16B - Economic Development Finance Authority|Section 1-16B-42 - Preference to projects for processing raw materials produced in state.

1-16B-42. Preference to projects for processing raw materials produced in state.When the authority considers two or more applications for a loan for development projects which have been identified as creating equal amounts of employment and income and generally achieving the purposes of this chapter, the authority shall give preference to applications for projects involving the processing of raw materials produced in the state. Source: SL 1978, ch 9, §38.