reglab/statecodes huggingface dataset:
2023 South Dakota Codified Laws › Title 1 - State Affairs and Government › Chapter 16A - Health And Educational Facilities Authority › Section 1-16A-96 - Appropriation for payments pursuant to lease purchase agreements--Agreement dated August 1, 1988 ratified.

1-16A-96. Appropriation for payments pursuant to lease purchase agreements--Agreement dated August 1, 1988 ratified.
Any lease payments made to the authority pursuant to lease purchase agreements with the Western Dakota Technical College, the Southeast Technical College, the Lake Area Technical College, the Mitchell Technical College, or the South Dakota Board of Technical Education under the authority of chapter 13-39A shall be paid in part from an appropriation to be made by the Legislature in an amount that is equal to twenty-seven percent of the current year lease purchase agreement payments.
No provision of chapter 81 of the 2017 Session Laws adversely affects any of the covenants or other agreements of the South Dakota Board of Education or the secretary of education in the lease purchase agreement with the authority dated August 1, 1988, as amended and supplemented, for the benefit of the holders of any bonds issued by the authority, and such covenants and agreements in the lease purchase agreement dated August 1, 1988, as amended and supplemented, are hereby ratified and confirmed.
Source:
SL 2013, ch 6, §6; SL 2015, ch 6, §3; SL 2016, ch 109, §17; SL 2017, ch 81, §51; SL 2020, ch 61, § 31.
2023 South Dakota Codified Laws › Title 1 - State Affairs and Government › Chapter 16A - Health And Educational Facilities Authority › Section 1-16A-97 - Procedures to facilitate school district issuance of capital outlay certificates and terms for lease purchase agreements secured by pledge of state aid to education funds.

1-16A-97. Procedures to facilitate school district issuance of capital outlay certificates and terms for lease purchase agreements secured by pledge of state aid to education funds.
The authority is authorized to establish policies and procedures, in coordination with the Bureau of Finance and Management, which shall facilitate the issuance by school districts of capital outlay certificates, and the establishment of terms for lease purchase agreements that are secured by a pledge of state aid to education funds as provided in §§13-19-27 and 13-19-29. The authority may enter into agreements with school districts, paying agents, trustees, and the state to implement the provisions of the program. The authority may provide other arrangements and procedures for determining the minimum requirements and related terms and conditions applicable to the pledge of state aid to education funds and the applicable contractual provisions for providing notice and implementing the pledge and payments consistent with §§13-19-27, 13-19-29, and 13-13-39.
Source:
SL 2015, ch 90, §5.
2023 South Dakota Codified Laws › Title 1 - State Affairs and Government › Chapter 16A - Health And Educational Facilities Authority › Section 1-16A-98 - State not liable for capital outlay certificates and lease purchase agreements sponsored by authority or secured by pledge of state aid to education.

1-16A-98. State not liable for capital outlay certificates and lease purchase agreements sponsored by authority or secured by pledge of state aid to education.
No capital outlay certificate issued or lease purchase agreement entered into as part of a program sponsored by the authority or secured by a pledge of state aid to education funds may be or become a lien, charge, or liability against the state or the authority, nor against the property or funds of the state or the authority within the meaning of the Constitution or laws of South Dakota.
Source:
SL 2015, ch 90, §7.
2023 South Dakota Codified Laws › Title 1 - State Affairs and Government › Chapter 16A - Health And Educational Facilities Authority › Section 1-16A-99 - Contracts made by school district, state, or authority not to be impaired.

1-16A-99. Contracts made by school district, state, or authority not to be impaired.
The state pledges to and agrees with the holders of capital outlay certificates issued or any lease purchase agreement as part of a program sponsored by the Health and Educational Facilities Authority or secured by a pledge of state aid to education funds that the state will not limit or alter the pledge of state aid to education funds or the provision of this section governing the pledge or the terms provided in §§13-19-27, 13-19-29, and 13-13-39, inclusive, so as to impair the terms of any contract made by the school district, the state, or the authority. The school district, state, or authority may not impair the rights and remedies of the holders until the capital outlay certificates or lease purchase obligation, together with interest on the certificates and obligations and all costs and expenses in connection with any action or proceedings by or on behalf of the holders are fully met or discharged. In addition, the state pledges to and agrees with the holders that the state may not limit or alter the basis on which state aid to education funds pledged under the authority of any provision of §§1-16A-76, 1-16A-97 to 1-16A-99, inclusive, 13-19-27, 13-19-29, 13-13-39, and 13-13-74 are to be paid to the authority or any financial institution designated by the authority so as to impair the terms of the contract. The school district and authority may include the pledges and agreements of the state in any contract with the holders of capital outlay certificates issued or any lease purchase obligation secured pursuant to §§13-19-27, 13-19-29, and 13-13-39, inclusive, or otherwise secured by a pledge of state aid to education funds.
Source:
SL 2015, ch 90, §8.
2023 South Dakota Codified Laws › Title 1 - State Affairs and Government › Chapter 16B - Economic Development Finance Authority › Section 1-16B-8 - Board of directors--Appointment of members.

1-16B-8. Board of directors--Appointment of members.
The board of directors of the authority consists of seven members. The Governor shall appoint seven members to the board for four-year staggered terms. No more than five members of the board may be members of the same political party.
Source:
SL 1978, ch 9, §§3, 39; SL 1982, ch 17, §32; SL 1986, ch 14, §6; SL 1987, ch 16, §2; SL 2009, ch 6, §1.
2023 South Dakota Codified Laws › Title 1 - State Affairs and Government › Chapter 16B - Economic Development Finance Authority › Section 1-16B-9 - Quorum of board--Action by majority present.

1-16B-9. Quorum of board--Action by majority present.
A majority of the members constitutes a quorum of the board of directors for the purpose of organizing the authority and conducting business. Except when passing upon loan applications, any action may be taken by a vote of a majority of the members present, unless the rules of the board require a larger number.
Source:
SL 1978, ch 9, §6.
2023 South Dakota Codified Laws › Title 1 - State Affairs and Government › Chapter 16B - Economic Development Finance Authority › Section 1-16B-10 - Commissioner as chief administrative officer.

1-16B-10. Commissioner as chief administrative officer.
The commissioner of the Governor's Office of Economic Development shall serve as the chief administrative officer and direct and supervise the administration and technical affairs of the authority.
Source:
SL 1978, ch 9, §4; SL 1982, ch 17, §33; SL 1987, ch 16, §3; SL 2005, ch 10, §1; SL 2011, ch 1 (Ex. Ord. 11-1), §84, eff. Apr. 12, 2011.
2023 South Dakota Codified Laws › Title 1 - State Affairs and Government › Chapter 16B - Economic Development Finance Authority › Section 1-16B-11 - Staff services to authority--Funds from which expenses paid.

1-16B-11. Staff services to authority--Funds from which expenses paid.
All staff services required by the South Dakota Economic Development Finance Authority shall be provided by the Governor's Office of Economic Development, and all expenses incurred in carrying on the work of the authority, including the per diem and travel expenses of the authority board, payment of bond premiums which may be required of its officers and members, and any other items of expense, shall be paid out of funds appropriated or otherwise made available to the Governor's Office of Economic Development.
Source:
SL 1978, ch 9, §34; SL 1982, ch 17, §34; SL 1987, ch 16, §4.
2023 South Dakota Codified Laws › Title 1 - State Affairs and Government › Chapter 16B - Economic Development Finance Authority › Section 1-16B-12 - Transfer of income from capital reserve fund to a general account--Continuous appropriation for purposes of chapter.

1-16B-12. Transfer of income from capital reserve fund to a general account--Continuous appropriation for purposes of chapter.
The Economic Development Finance Authority may authorize a trustee to transfer any income from the capital reserve fund to a general account also in the custody of a trustee. The money in the authority's accounts is hereby continuously appropriated to the authority to carry out the purposes of this chapter.
Source:
SL 1978, ch 9, §37; SL 1994, ch 12.
2023 South Dakota Codified Laws › Title 1 - State Affairs and Government › Chapter 16B - Economic Development Finance Authority › Section 1-16B-14.1 - Exemption of documentary material and data involving trade secrets, etc., from disclosure--Consideration by authority in executive session.

1-16B-14.1. Exemption of documentary material and data involving trade secrets, etc., from disclosure--Consideration by authority in executive session.
Any documentary material or data made or received by the Economic Development Finance Authority for the purpose of furnishing assistance to a business, to the extent that such material or data consists of trade secrets or commercial or financial information regarding the operation of such business, may not be considered public records, and shall be exempt from disclosure. Any discussion or consideration of such trade secrets or commercial or financial information may be held by the Economic Development Finance Authority in executive session.
Source:
SL 1988, ch. 17, §5.
2023 South Dakota Codified Laws › Title 1 - State Affairs and Government › Chapter 16B - Economic Development Finance Authority › Section 1-16B-15 - Power to issue notes and bonds--Maximum outstanding.

1-16B-15. Power to issue notes and bonds--Maximum outstanding.
The authority may issue negotiable notes and bonds in such principal amounts as it shall determine to be necessary to provide sufficient funds for achieving any of its corporate purposes. The total outstanding amount of such notes and bonds may not exceed three hundred million dollars at any time.
Source:
SL 1978, ch 9, §9; SL 1986, ch 14, §7; SL 1990, ch 11, §5; SL 1991, ch 8.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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).
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.