SD Codified L § 1-16B-14 (2021)
2021 South Dakota Codified Laws|Title 1 - State Affairs and Government|Chapter 16B - Economic Development Finance Authority|Section 1-16B-14 - Powers of authority.

1-16B-14. Powers of authority.The authority may exercise all powers necessary or appropriate to carry out the purposes of this chapter, including the following:(1)To conduct examinations and to hear testimony and take proof, under oath or affirmation at public or private hearings, on any matter material for the authority's information and necessary to the establishment of development projects hereunder or other determinations related to the exercise of the authority's lawful powers;(2)To authorize any member or members of the authority to conduct hearings, administer oaths, and take affidavits;(3)To sue and be sued;(4)To adopt, use, and alter a corporate seal;(5)To enter into agreements with any federal agency;(6)To procure insurance against any loss in connection with the property and other assets, including loans and loan notes in any amounts and from any insurers as the authority considers advisable;(7)To borrow money and issue bonds as provided by this chapter;(8)To procure insurance, letters of credit, guarantees, or other credit enhancement arrangements from any public or private entities, including any department, agency, or instrumentality of the United States, for payment of all or any portion of any bonds issued by the authority, including the power to pay premiums, fees, or other charges on the insurance, letters of credit, guarantees, or credit arrangements;(9)To receive and accept from any source aid or contributions of moneys, property, labor, or other things of value to be held, used and applied to carry out the purposes of this chapter subject to the conditions upon which the grants or contributions are made, including gifts or grants from any department, agency, or instrumentality of the United States for any purpose consistent with the provisions of this chapter;(10)To enter into agreements with any department, agency, or instrumentality of the United States or this state and with lenders or others and enter into loan agreements, sales contracts and leases or other financing arrangements with a beginning farmer or other contracting parties in connection with the beginning farmer bond program or for the purpose of planning, regulating, and providing for the financing or refinancing of any agricultural and business enterprises or financing or refinancing the working capital needs of businesses;(11)To enter into contracts or agreements with lenders for the servicing and processing of loans or with any person or entity providing credit enhancement for the bonds of the authority;(12)To provide technical assistance to local public bodies and to profit and nonprofit entities in the development or operation of agricultural and business enterprises and distribute data and information concerning the encouragement and improvement of agricultural and business enterprises;(13)To the extent permitted under the authority's contract with the holders of bonds of the authority, to consent to any modification with respect to the rate of interest, time, and payment of any installment of principal or interest, or any other term of any contract, loan, loan note, loan note commitment, contract, lease, or agreement of any kind to which the authority is a party;(14)To the extent permitted under the authority's contract with the holders of bonds of the authority, to enter into contracts with any lender containing provisions enabling the lender to reduce the rental or carrying charges to persons unable to pay the regular schedule or charges when, by reason of other income or payment by any department, agency, or instrumentality of the United States or of this state, the reduction can be made without jeopardizing the economic stability of the agricultural or business enterprise being financed;(15)To collect fees and charges, as the authority determines to be reasonable, in connection with the authority's loans, advances, insurance, commitments, servicing, and other activities;(16)To cooperate with and exchange services, personnel, and information with any federal, state, or local governmental agency;(17)To sell, at public or private sale, with or without public bidding, any loan or other obligation held by the authority;(18)To purchase the equity of redemption in any mortgage, deed of trust, debenture, bond, or other security interest;(19)To mortgage, pledge, assign, or grant security interests in any or all of the authority's notes or other instruments, contract rights or other property, including, without limitation to, any receipts from insurance on or guarantees of any of the authority's notes or other instruments, as security for the payment of the principal of, premium, if any, and interest on any bonds issued by the authority, or as security for any credit enhancement or other agreements made in connection therewith, whether then owned or thereafter acquired, and to pledge the revenues from which the bonds are payable and any other available revenues or assets as security for the payment of the principal of, premium, if any, and interest on the bonds and any agreements made in connection therewith;(20)To enter into agreements for management on behalf of the authority of any of the authority's properties upon the terms and conditions as may be mutually agreeable;(21)To sell, exchange, donate, and convey any or all of the authority's properties whenever the authority determines the action is in furtherance of the purposes for which the corporation was organized;(22)To do any act and execute any instrument which in the authority's judgment is necessary or convenient to the exercise of the powers granted by this chapter or reasonably implied from it;(23)To assign the loans or security documents or other instruments to bondholders as security without recourse;(24)To acquire, hold, and dispose of real and personal property for the authority's purposes; and(25)To foreclose any mortgages, deeds of trust, notes, debentures, bonds, and other security interests held by the authority, either by action or by exercise of a power of sale, and to sell the equity of redemption in the security interests in accordance with the terms of the instruments and applicable state law, and to take all other actions necessary to enforce any obligation held by the authority. Source: SL 1978, ch 9, §8 (3), (4), (6) to (10); SL 2009, ch 1, §7; SL 2020, ch 4, § 5.