reglab/statecodes huggingface dataset:
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 South Dakota Codified Laws › Title 1 - State Affairs and Government › Chapter 16B - Economic Development Finance Authority › Section 1-16B-68 - Tax exemption--Filing fee exemption.

1-16B-68  .  Tax exemption--Filing fee exemption.
The exercise of the powers granted by this chapter shall be in all respects for the benefit of the people of the state. The authority is not required to pay any tax or assessment on any property owned by the authority under the provisions of this chapter or upon the income therefrom; nor is the authority required to pay any transfer tax of any kind on account of instruments recorded by the authority or on the authority's behalf.
Source:  SL 2020, ch 4, § 16.
2023 South Dakota Codified Laws › Title 1 - State Affairs and Government › Chapter 16B - Economic Development Finance Authority › Section 1-16B-69 - Bonds as authorized investments and securities for deposits.

1-16B-69  .  Bonds as authorized investments and securities for deposits.
The bonds and notes of the authority are hereby made securities in which all public officers and bodies of this state and all municipal subdivisions, all insurance companies and associations and other persons carrying on insurance business, all banks, bankers, trust companies, including savings and loan associations, building and loan associations, investment banking companies, and other persons carrying on an investment banking business, all personal representatives, conservators, trustees, and other fiduciaries, and all other persons who are authorized to invest in bonds or obligations of the state, may properly and legally invest in the bonds and notes of the authority funds including capital in their own control or belonging to them. The bonds and notes are also hereby made securities which may be deposited with and may be received by all public officers and bodies of this state and all municipalities and municipal subdivisions for any purpose for which the deposit of bonds or notes or other obligations of this state is authorized.
Source:  SL 2020, ch 4, § 17.
2023 South Dakota Codified Laws › Title 1 - State Affairs and Government › Chapter 16B - Economic Development Finance Authority › Section 1-16B-70 - Promulgation of rules.

1-16B-70  .  Promulgation of rules.
The authority may, pursuant to chapter   1-26  , adopt any rules or regulations to implement the purposes of this chapter, including:
(1) Setting forth the procedures for applicants to apply for loans under this chapter;
(2) Establishing criteria for determining which applicants will receive the loans;
(3) Governing the use of proceeds of the loans;
(4) Establishing criteria for the terms and conditions upon which the loans shall be made, including the terms of security given, if any, to secure the loans; and
(5) Governing the use of proceeds by lenders of funds advanced to the lenders by the authority including the terms and conditions upon which the proceeds shall be loaned to borrowers for the purposes described in this chapter.
Source:  SL 2020, ch 4, § 18.
2023 South Dakota Codified Laws › Title 1 - State Affairs and Government › Chapter 16B - Economic Development Finance Authority › Section 1-16B-71 - Liberal construction of chapter.

1-16B-71  .  Liberal construction of chapter.
This chapter, being necessary for the welfare of the state and its inhabitants, shall be liberally construed so as to effectuate its purposes.
Source:  SL 2020, ch 4, § 19.
2023 South Dakota Codified Laws › Title 1 - State Affairs and Government › Chapter 16B - Economic Development Finance Authority › Section 1-16B-72 - Disposition of authority assets on dissolution.

1-16B-72  .  Disposition of authority assets on dissolution.
If, after all indebtedness and other obligations of the authority are discharged, the authority is dissolved, its remaining assets shall inure to the benefit of the state.
Source:  SL 2020, ch 4, § 20.
2023 South Dakota Codified Laws › Title 1 - State Affairs and Government › Chapter 16B - Economic Development Finance Authority › Section 1-16B-73 - Compliance with Internal Revenue Code.

1-16B-73  .  Compliance with Internal Revenue Code.
Notwithstanding any other provision of law, the authority in order to accomplish the purposes provided in this chapter may perform all acts necessary to comply with the requirements of §103 of the Internal Revenue Code of 1986, as amended, and any regulation promulgated pursuant to §103 to insure that all interest from bonds issued under this chapter are tax exempt.
All hearings or acts necessary to comply with §147(f) of the Internal Revenue Code of 1986, as amended, and any regulations promulgated pursuant to §147(f) are exempt from the requirements and procedures of chapter   1-26  .
The Governor is the approving representative for the state for the purpose of complying with the applicable provisions of §147(f) of the Internal Revenue Code of 1986, as amended, and any regulations promulgated pursuant to §147(f) necessary to insure that all interest from bonds issued are tax exempt.
Source:  SL 2020, ch 4, § 21.
2023 South Dakota Codified Laws › Title 1 - State Affairs and Government › Chapter 16G - Economic Development › Section 1-16G-1 - Board of Economic Development created--Appointment--Terms.

1-16G-1. Board of Economic Development created--Appointment--Terms.
There is created a Board of Economic Development and the Governor may appoint up to thirteen members to consult with and advise the Governor and the commissioner of the Governor's Office of Economic Development in carrying out the functions of the office. The members shall be confirmed by the senate. The members of the board shall be appointed by the Governor for four-year terms of office so arranged that no more than four members' terms expire in any given year. Not all members may be from the same political party. The Governor shall designate the terms at the time of appointment. Any member appointed to fill a vacancy arising from other than the natural expiration of a term shall serve only the unexpired portion of the term.
Source:
SL 1987, ch 390 (Ex. Ord. 87-1), §37; SL 1988, ch 439 (Ex. Ord. 88-1), §20; SDCL §1-42-15.1; SL 2005, ch 10, §2; SL 2011, ch 1 (Ex. Ord. 11-1), §85, eff. Apr. 12, 2011; SL 2013, ch 7, §22, eff. Mar. 20, 2013.
2023 South Dakota Codified Laws › Title 1 - State Affairs and Government › Chapter 16G - Economic Development › Section 1-16G-1.1 - Authority of Board of Economic Development.

1-16G-1.1. Authority of Board of Economic Development.
The Board of Economic Development, in order to implement this chapter, may:
(1)Make contracts and execute all instruments;
(2)Establish interest rates within the bounds as otherwise statutorily provided;
(3)Collect fees and charges, as are determined to be necessary, reasonable, and proper in connection with its loans, advances, leases, grants, servicing, and other activities;
(4)Provide for the repayment and redeposit of loan and lease payments;
(5)Sue and be sued;
(6)Foreclose any mortgages, deed of trust, notes, debentures, bonds, and other security interest held by it, either by action or by exercise of a power of sale, and sell the equity redemption in the security interests in accordance with the terms of instruments and applicable state law, and take any other actions necessary to enforce any obligations held by it;
(7)Perform any act and execute any instrument which is necessary or convenient to the exercise of the powers granted by this chapter or reasonably implied from it;
(8)Enter into agreement with any agency of the United States government to make and service loans and loan guarantees; and
(9)Sell loans or loan guarantees at public or private sale.
Source:
SL 1997, ch 7, §1; SL 1999, ch 4, §1.
2023 South Dakota Codified Laws › Title 1 - State Affairs and Government › Chapter 16G - Economic Development › Section 1-16G-1.2 - Foreclosure as means of protecting loan--Sale, transfer, or conveyance of property.

1-16G-1.2. Foreclosure as means of protecting loan--Sale, transfer, or conveyance of property.
The Board of Economic Development may take title by foreclosure to any property given as security if the acquisition is necessary to protect any loan made under this chapter, and may sell, transfer, or convey any such property to any responsible buyer. Any sale of property hereunder shall be performed in a commercially reasonable manner. If the sale, transfer, or conveyance cannot be effected with reasonable promptness, the board may, in order to prevent financial loss and sustain employment, lease the property to a responsible tenant or tenants.
All sale proceeds or lease payments received by the board pursuant to this section shall be deposited in the fund from which the original loan was made.
Source:
SL 1997, ch 7, §2.
2023 South Dakota Codified Laws › Title 1 - State Affairs and Government › Chapter 16G - Economic Development › Section 1-16G-1.3 - Nonvoting members of Board of Economic Development.

1-16G-1.3. Nonvoting members of Board of Economic Development.
In addition to the members of the Board of Economic Development appointed pursuant to §1-16G-1, four nonvoting members shall be appointed to the board by the Legislature as follows:
(1)The majority leader of the Senate shall appoint one member of the Senate;
(2)The minority leader of the Senate shall appoint one member of the Senate;
(3)The majority leader of the House of Representatives shall appoint one member of the House of Representatives; and
(4)The minority leader of the House of Representatives shall appoint one member of the House of Representatives.
The members shall be appointed to the board for a term of two years before the close of each regular session of the Legislature. If there is a vacancy, the vacancy shall be filled in the same manner as the original appointment.
Source:
SL 2013, ch 7, §23, eff. Mar. 20, 2013.
2023 South Dakota Codified Laws › Title 1 - State Affairs and Government › Chapter 16G - Economic Development › Section 1-16G-3 - Revolving economic development and initiative fund--Purpose.

1-16G-3. Revolving economic development and initiative fund--Purpose.
There is established in the state treasury a special revenue fund to be known as the revolving economic development and initiative fund for the purpose of making grants and loans for economic development.
Source:
SL 1987, ch 98, §1; SL 1988, ch 17, §6; SDCL §1-42-24; SL 2007, ch 5, §1.
2023 South Dakota Codified Laws › Title 1 - State Affairs and Government › Chapter 16G - Economic Development › Section 1-16G-5 - Receipt of repayment of loans and interest--Rules--Loans for credit enhancement--Reversion of excess.

1-16G-5. Receipt of repayment of loans and interest--Rules--Loans for credit enhancement--Reversion of excess.
Any repayment of loans made and any interest thereon shall be receipted into the revolving economic development and initiative fund and all money in the fund is hereby appropriated for the purposes of making grants and loans as provided in §§1-16G-3 to 1-16G-11, inclusive. The Board of Economic Development may promulgate rules pursuant to chapter 1-26, to make grants and loans from the revolving economic development and initiative fund, and may establish criteria for the qualification, application, payment, and repayment of funds for such projects.
The board may also make loans from the revolving economic development and initiative fund to the South Dakota Economic Development Finance Authority for the purposes of assisting in the credit enhancement requirements of bond issues, notes, loan guarantees and bond insurance. Any excess in the capital reserve fund of the economic development finance authority on June thirtieth of each year shall revert to the revolving economic development and initiative fund for the purposes of principal and interest reduction.
Source:
SL 1987, ch 98, §15; SL 1988, ch 16; SDCL §1-42-26; SL 2004, ch 11, §1; SL 2007, ch 5, §2.
2023 South Dakota Codified Laws › Title 1 - State Affairs and Government › Chapter 16G - Economic Development › Section 1-16G-6 - No appeal by applicant from board's action.

1-16G-6. No appeal by applicant from board's action.
In no event may an applicant appeal from the board's action pursuant to chapter 1-26.
Source:
SL 1988, ch 17, §2; SDCL 1-42-28.1.
2023 South Dakota Codified Laws › Title 1 - State Affairs and Government › Chapter 16G - Economic Development › Section 1-16G-7 - Acceptance and expenditure of other funds by Board of Economic Development.

1-16G-7. Acceptance and expenditure of other funds by Board of Economic Development.
The Board of Economic Development may accept and expend for the purpose of §§1-16G-3 to 1-16G-11, inclusive, in addition to the amounts deposited in the revolving economic development and initiative fund, any funds obtained from federal sources, gifts, contributions, or any other source if such acceptance and expenditure is approved in accordance with §4-8B-10.
Source:
SL 1987, ch 98, §16; SDCL 1-42-30.
2023 South Dakota Codified Laws › Title 1 - State Affairs and Government › Chapter 16G - Economic Development › Section 1-16G-8 - Promulgation of rules.

1-16G-8. Promulgation of rules.
The Board of Economic Development shall promulgate rules pursuant to chapter 1-26 concerning the following:
(1)The existing barriers to economic growth and development in the state;
(2)Developing investment in research and development in high technology industries;
(3)The submission of business plans prior to the approval of economic development grants or loans. Business plans shall include the products or services to be offered by the applicant, job descriptions with attendant salary or wage information by job category, educational requirements by job category, methods of accounting, financing other than that provided by the economic development loan, and marketing, sales, merchandising, and other disciplines proposed to be used for business growth and expansion;
(4)The cooperation between agencies of state government and applicant businesses for nonfinancial services including loan packaging, marketing assistance, research assistance, and assistance with finding solutions for complying with environmental, energy, health, safety, and other federal, state, and local laws and regulations;
(5)Regular performance monitoring and reporting systems for participating businesses to assure compliance with their business plans and terms of repayment;
(6)Establish eligibility criteria for grants and loans;
(7)Establish application procedures for grants and loans;
(8)Establish criteria to determine which applicants will receive grants or loans;
(9)Govern the use of proceeds of grants and loans;
(10)Establish criteria for the terms and conditions upon which loans shall be made, including matching requirements, interest rates, repayment terms, and the terms of security given to secure such loans; and
(11)Establish criteria for the terms and conditions upon which grants shall be made, including permitted uses, performance criteria, and matching requirements.
Source:
SL 1987, ch 98, §15; SL 1988, ch 16; SDCL §1-42-26; SL 2007, ch 5, §3; SL 2009, ch 1, §17.
2023 South Dakota Codified Laws › Title 1 - State Affairs and Government › Chapter 16G - Economic Development › Section 1-16G-10 - Annual report by Board of Economic Development.

1-16G-10. Annual report by Board of Economic Development.
The Board of Economic Development shall prepare an annual report by the first day of November of each year detailing the activities of the board and the terms and conditions of any grants and loans made, including the current status of outstanding loans.
Source:
SL 1987, ch 98, §15A; SDCL §1-42-27; SL 1993, ch 11, §2; SL 2007, ch 5, §8.
2023 South Dakota Codified Laws › Title 1 - State Affairs and Government › Chapter 16G - Economic Development › Section 1-16G-11 - Documentary material consisting of trade secrets exempt from disclosure--Discussion of or action on trade secrets at meeting closed to public.

1-16G-11. Documentary material consisting of trade secrets exempt from disclosure--Discussion of or action on trade secrets at meeting closed to public.
Any documentary material or data made or received by the Board of Economic Development or Governor's Office of Economic Development 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 is exempt from disclosure pursuant to the provisions of §§1-16G-3 to 1-16G-11, inclusive. Any discussion, consideration of, or action upon such trade secrets or commercial or financial information by the Board of Economic Development may be done in executive session closed to the public, notwithstanding the provisions of the open meeting laws of this state.
Source:
SL 1987, ch 98, §15B; SL 1988, ch 17, §1; SDCL 1-42-28.
2023 South Dakota Codified Laws › Title 1 - State Affairs and Government › Chapter 16G - Economic Development › Section 1-16G-16.1 - Procurement of certain services for revolving economic development and initiative fund.

1-16G-16.1. Procurement of certain services for revolving economic development and initiative fund.
The Board of Economic Development may use the revolving economic development and initiative fund for the purpose of paying taxes and liens and for the procuring of legal services and other services necessary to protect, recover, maintain, and liquidate the assets of the revolving economic development and initiative fund. Such costs may be incurred and paid up to ten percent of the loan balance with a majority vote of the board of economic development. Costs in excess of ten percent shall be approved by a two-thirds vote of the board. Such services are not subject to state bid laws so long as such services are procured in a commercially acceptable manner.
Source:
SL 1993, ch 14, §1; SL 2009, ch 1, §18.
2023 South Dakota Codified Laws › Title 1 - State Affairs and Government › Chapter 16G - Economic Development › Section 1-16G-24 - Use of earnings for administrative costs of Division of Finance of Governor's Office of Economic Development.

1-16G-24. Use of earnings for administrative costs of Division of Finance of Governor's Office of Economic Development.
Earnings on the revolving economic development and initiative fund may be used for the administrative costs of the Division of Finance of the Governor's Office of Economic Development. Such earnings shall be expended in accordance with the provisions of Title 4 on warrants drawn by the state auditor on vouchers approved by the commissioner of the Governor's Office of Economic Development. Eligible expenses may not exceed total interest earnings during the previous fiscal year prior to the deduction of loan losses for the same fiscal year.
Source:
SL 1994, ch 14; SL 1999, ch 5, §6; SL 2003, ch 15, §6; SL 2004, ch 13, §7; SL 2005, ch 10, §3; SL 2007, ch 5, §9; SL 2011, ch 1 (Ex. Ord. 11-1), §86, eff. Apr. 12, 2011; SL 2013, ch 192, §1.
2023 South Dakota Codified Laws › Title 1 - State Affairs and Government › Chapter 16G - Economic Development › Section 1-16G-47.1 - Disbursements from local infrastructure improvement grant fund and economic development partnership fund.

1-16G-47.1. Disbursements from local infrastructure improvement grant fund and economic development partnership fund.
The commissioner of the Governor's Office of Economic Development shall authorize money from the programs provided under §§1-16G-50 and 1-16G-51 for the following purposes:
(1)An amount to pay for any contracts entered into by the Governor's Office of Economic Development with an implementing partner to provide technical assistance to an applicant or monitoring service for the local infrastructure improvement grant program; and
(2)An amount to pay the administrative expenses incurred by the Governor's Office of Economic Development for the local infrastructure improvement grant program. The administrative expenses are limited to the salary and benefits of any personnel directly responsible for the administration of the programs.
Source:
SL 2016, ch 4, §4; SL 2018, ch 10, §7.
2023 South Dakota Codified Laws › Title 1 - State Affairs and Government › Chapter 16G - Economic Development › Section 1-16G-49 - Annual report to Government Operations and Audit Committee.

1-16G-49. Annual report to Government Operations and Audit Committee.
Each department administering the funds created by §§1-16G-50, 1-16G-51, 11-13-2, and 13-13-88 shall report annually to the Government Operations and Audit Committee about the operations and results of the building South Dakota programs. The Governor's Office of Economic Development shall report annually to the Government Operations and Audit Committee about the operations and results of the South Dakota Jobs grant program.
Source:
SL 2013, ch 7, §3, eff. Mar. 20, 2013; SL 2018, ch 10, §3; SL 2021, ch 6, § 1.
2023 South Dakota Codified Laws › Title 1 - State Affairs and Government › Chapter 16G - Economic Development › Section 1-16G-50 - Local infrastructure improvement grant fund.

1-16G-50. Local infrastructure improvement grant fund.
There is hereby created in the state treasury the local infrastructure improvement grant fund. The Board of Economic Development may award grants to any political subdivision of this state, tribal government, or local development corporation from the fund to construct or reconstruct infrastructure for the purpose of serving an economic development project. The board shall consult state agencies to evaluate the feasibility and merits of the proposed infrastructure improvements. The board shall consider the funding mechanisms available to and utilized by the applicant when making a decision to award a grant. Any general funds appropriated to the local infrastructure improvement program shall be transferred into the local infrastructure improvement grant fund. Interest earned on money in the fund shall be deposited into the fund.
Source:
SL 2013, ch 7, §4, eff. Mar. 20, 2013; SL 2014, ch 7, §1; SL 2018, ch 10, §10.
2023 South Dakota Codified Laws › Title 1 - State Affairs and Government › Chapter 16G - Economic Development › Section 1-16G-51 - Economic development partnership fund created.

1-16G-51. Economic development partnership fund created.
There is hereby created in the state treasury the economic development partnership fund. The Board of Economic Development may award grants to any nonprofit development corporation, tribal government, municipality, county, or other political subdivision of this state from the fund on a matching basis as provided in §§1-16G-52 and 1-16G-53. Interest earned on money in the fund shall be deposited into the fund.
Source:
SL 2013, ch 7, §5, eff. Mar. 20, 2013; SL 2014, ch 7, §2; SL 2018, ch 10, §11.
2023 South Dakota Codified Laws › Title 1 - State Affairs and Government › Chapter 16G - Economic Development › Section 1-16G-52 - Awards from economic development partnership fund.

1-16G-52. Awards from economic development partnership fund.
The Board of Economic Development may award funds from the economic development partnership fund for the following purposes:
(1)To support new staff, or elevate existing part-time staff and equipment and training needs for the purpose of developing or expanding local, community, and economic development programs;
(2)To support any recipient's plans to work with other entities for the purpose of developing or expanding local, community, and economic development programs; or
(3)To award funds from the economic development partnership fund to commence or replenish a local revolving loan fund for the purpose of developing or expanding housing, community, and economic development programs. Areas of emphasis for funding include creating high quality employment opportunities, repopulation, stronger economies, housing development, business growth, support of entrepreneurship, and job creation, expansion, and retention. When awarding funds for a revolving loan fund, the board may give priority to an application that serves multiple communities. The board may give additional priority to an application that leverages state funds at greater than a one-to-one matching basis.
Source:
SL 2013, ch 7, §6, eff. Mar. 20, 2013; SL 2016, ch 4, §5.
2023 South Dakota Codified Laws › Title 1 - State Affairs and Government › Chapter 16G - Economic Development › Section 1-16G-53 - Matching basis of awards from economic development partnership fund.

1-16G-53. Matching basis of awards from economic development partnership fund.
Any funds awarded under the economic development partnership fund shall be provided on a matching basis. The funds awarded to a recipient for staffing may be distributed over a four year period with forty percent being distributed in the first year, thirty percent in the second year, twenty percent in the third year, and ten percent in the fourth year. Over the four year period, the recipient shall match the total funds received from the economic development partnership fund.
Source:
SL 2013, ch 7, §7, eff. Mar. 20, 2013.
2023 South Dakota Codified Laws › Title 1 - State Affairs and Government › Chapter 16G - Economic Development › Section 1-16G-54 - Promulgation of rules regarding local infrastructure improvement grant fund.

1-16G-54. Promulgation of rules regarding local infrastructure improvement grant fund.
The Board of Economic Development shall promulgate rules pursuant to chapter 1-26 regarding the application process and timelines, the guidelines and criteria for approval of applications, and the distribution of funds from the local infrastructure improvement grant fund.
Source:
SL 2013, ch 7, §8, eff. Mar. 20, 2013.
2023 South Dakota Codified Laws › Title 1 - State Affairs and Government › Chapter 16G - Economic Development › Section 1-16G-55 - Promulgation of rules regarding economic development partnership fund.

1-16G-55. Promulgation of rules regarding economic development partnership fund.
The Board of Economic Development shall promulgate rules pursuant to chapter 1-26 regarding the application process and timelines, the guidelines and criteria for approval of applications, and the distribution of funds from the economic development partnership fund.
Source:
SL 2013, ch 7, §9, eff. Mar. 20, 2013.
2023 South Dakota Codified Laws › Title 1 - State Affairs and Government › Chapter 16G - Economic Development › Section 1-16G-57 - Reinvestment payment procedure.

1-16G-57. Reinvestment payment procedure.
If the projects costs for a new or expanded facility exceeds twenty million dollars or the projects costs for equipment upgrades exceeds two million dollars, a person may apply for a reinvestment payment pursuant to §§1-16G-56 to 1-16G-68, inclusive. The person shall:
(1)Timely file an application as required by §1-16G-58;
(2)Receive a permit from GOED pursuant to §1-16G-60;
(3)Timely file the affidavit of reinvestment payment as required by §1-16G-61; and
(4)Comply with the provisions of §§1-16G-56 to 1-16G-68, inclusive, to qualify for the reinvestment payment.
A project with a construction date on or after April 1, 2013, may receive a reinvestment payment as provided by §§1-16G-56 to 1-16G-68, inclusive.
Source:
SL 2013, ch 7, §25, eff. Mar. 20, 2013.
2023 South Dakota Codified Laws › Title 1 - State Affairs and Government › Chapter 16G - Economic Development › Section 1-16G-58 - Application for reinvestment payment.

1-16G-58. Application for reinvestment payment.
Before any person receives any reinvestment payment as provided in §§1-16G-56 to 1-16G-68, inclusive, the person shall file an application with GOED. The application may be filed no later than ninety days after the construction date. No person may receive any reinvestment payment as provided by §§1-16G-56 to 1-16G-68, inclusive, if the application is not timely filed with GOED.
The application shall include the following information:
(1)The project owner's name and contact information;
(2)The general description of the project;
(3)The construction date of the project;
(4)The projected date for completion of the project;
(5)The estimated project costs;
(6)The location of the project;
(7)The legal description of the project location;
(8)A list of the anticipated contractors and subcontractors that will perform work on the project; and
(9)Any other information that GOED may require.
The application shall be on a form prescribed by the commissioner. The application shall be signed by the project owner under penalty of perjury, and signed under oath before a notary public. No application may include more than one project.
Source:
SL 2013, ch 7, §26, eff. Mar. 20, 2013.
2023 South Dakota Codified Laws › Title 1 - State Affairs and Government › Chapter 16G - Economic Development › Section 1-16G-59 - Factors for board review of application.

1-16G-59. Factors for board review of application.
The Board of Economic Development shall review an application and make a determination of whether the project is approved or disapproved. The board shall consider the likelihood that the project would have occurred without the reinvestment payment. The board may approve a reinvestment payment that is equal to or less than South Dakota sales and use tax paid on the project costs.
The board shall consider the following factors when making that determination:
(1)Has the county or municipality adopted a formula to reduce property taxation for the project for five years under the discretionary formula pursuant to §10-6-137;
(2)Has the county or municipality approved a tax increment financing district pursuant to chapter 11-9 for the area where the project will be located;
(3)Has the municipality approved a municipal sales tax refund pursuant §10-52-10;
(4)Economic activity that may occur in the community, area, and state; and
(5)Criteria established by rules promulgated pursuant to §1-16G-67.
Source:
SL 2013, ch 7, §27, eff. Mar. 20, 2013; SL 2018, ch 70, §46; SL 2021, ch 44, § 44.
2023 South Dakota Codified Laws › Title 1 - State Affairs and Government › Chapter 16G - Economic Development › Section 1-16G-60 - Permit to submit an affidavit for reinvestment payment.

1-16G-60. Permit to submit an affidavit for reinvestment payment.
Upon approval of the application by the Board of Economic Development, GOED shall issue a permit entitling the person to submit an affidavit for reinvestment payment as provided by §1-16G-61. The permit and reinvestment payment is assignable and transferable and may be used as collateral or security pursuant to chapter 57A-9. If the initial permit holder entity reorganizes into a new entity, the new entity shall file with GOED an amended application within sixty days of the reorganization. If either the permit or reinvestment payment, or both, is assigned or transferred to another entity, such entity shall file with GOED an amended application within sixty days.
Source:
SL 2013, ch 7, §28, eff. Mar. 20, 2013.
2023 South Dakota Codified Laws › Title 1 - State Affairs and Government › Chapter 16G - Economic Development › Section 1-16G-61 - Affidavit for reinvestment payment--Form and contents.

1-16G-61. Affidavit for reinvestment payment--Form and contents.
Any person that has timely filed the application and is holding a permit issued by GOED, and has completed the project, shall file an affidavit for reinvestment payment with GOED.
The affidavit for reinvestment payment shall contain the following information:
(1)The project owner's name and contact information;
(2)The general description of the project;
(3)The date of completion of the project;
(4)The final project costs;
(5)The amount of South Dakota sales tax, use tax, and contractors excise tax paid for the construction of the project;
(6)The location of the project;
(7)The legal description of the project location;
(8)A list of the contractors and subcontractors that performed work on the project;
(9)If the reinvestment payment was assigned or transferred, the name and address of the person to whom the reinvestment payment has been assigned or transferred; and
(10)Any other information that GOED may require.
The affidavit for reinvestment payment shall be on a form prescribed by the commissioner. The affidavit for reinvestment payment shall be signed by the project owner and signed under oath before a notary public. No affidavit for reinvestment payment may include more than one project.
Source:
SL 2013, ch 7, §29, eff. Mar. 20, 2013.
2023 South Dakota Codified Laws › Title 1 - State Affairs and Government › Chapter 16G - Economic Development › Section 1-16G-62 - Time for filing affidavit for reinvestment payment--Eligible project costs--Extension.

1-16G-62. Time for filing affidavit for reinvestment payment--Eligible project costs--Extension.
The affidavit for reinvestment payment as required by §1-16G-61 shall be filed no later than six months after the completion of the project. If the affidavit for reinvestment payment is not timely filed, the person is ineligible for any reinvestment payment provided by §§1-16G-56 to 1-16G-68, inclusive. If the person filing the affidavit for reinvestment payment knowingly makes any material false statement or report in the affidavit for reinvestment payment, the person is ineligible for any reinvestment payment provided by §§1-16G-56 to 1-16G-68, inclusive.
No project costs that occur after three years from the construction date are eligible to be included in the final project cost determination for any reinvestment payment provided by §§1-16G-56 to 1-16G-68, inclusive, unless an extension is granted at the sole discretion of the board, which extension may not extend beyond four years from the construction date.
Source:
SL 2013, ch 7, §30, eff. Mar. 20, 2013.
2023 South Dakota Codified Laws › Title 1 - State Affairs and Government › Chapter 16G - Economic Development › Section 1-16G-63 - Time and manner of reinvestment payment.

1-16G-63. Time and manner of reinvestment payment.
After the timely receipt of a completed affidavit for reinvestment payment, within ninety days GOED shall make payment from the reinvestment fund to the project owner based upon the amount and terms approved by the board as a reinvestment payment. If GOED requests additional documents or information from the project owner, the ninety day period begins to run from the date of receipt of the additional documents or information. GOED shall tender the reinvestment payment by electronic funds transfer.
Source:
SL 2013, ch 7, §31, eff. Mar. 20, 2013.
2023 South Dakota Codified Laws › Title 1 - State Affairs and Government › Chapter 16G - Economic Development › Section 1-16G-64 - Reinvestment payment fund created.

1-16G-64. Reinvestment payment fund created.
There is hereby created the reinvestment payment fund for the purpose of making reinvestment payments pursuant to the provisions of §§1-16G-56 to 1-16G-68, inclusive, and new frontiers payments pursuant to the provisions of §§1-16G-73 to 1-16G-84, inclusive.
If the board approves a reinvestment payment pursuant to the provisions of §§1-16G-56 to 1-16G-68, inclusive, the Department of Revenue shall deposit into the fund a portion or all of the sales and use taxes paid by the project owner up to a maximum amount of the reinvestment payment approved by the board.
If the board approves a new frontiers payment pursuant to the provisions of §§1-16G-73 to 1-16G-84, inclusive, the Department of Revenue shall deposit into the fund a portion or all of the sales and use taxes paid by the program owner up to a maximum amount of the new frontiers payment approved by the board.
The funds in the reinvestment project fund are continuously appropriated to GOED to make reinvestment payments pursuant to §§1-16G-56 to 1-16G-68, inclusive, and new frontiers payments pursuant to §§1-16G-73 to 1-16G-84, inclusive. If any money deposited in the fund and set aside for a specific reinvestment payment or new frontiers payment is in excess of the final reinvestment or new frontiers payment, as applicable, or the specific project or program becomes ineligible for the reinvestment or new frontiers payment, as applicable, such money shall be deposited into the general fund. Interest earned on money in the fund shall be deposited into the general fund.
Source:
SL 2013, ch 7, §32, eff. Mar. 20, 2013; SL 2016, ch 5, §13.
2023 South Dakota Codified Laws › Title 1 - State Affairs and Government › Chapter 16G - Economic Development › Section 1-16G-65 - Effect of tax collection agreement with Indian tribe.

1-16G-65. Effect of tax collection agreement with Indian tribe.
If the project is located on land that is included within the agreement area of a sales and use tax collection agreement entered into by the state and an Indian tribe pursuant to chapter 10-12A, the board may only approve a reinvestment payment that is equal to or less than the amount of funds attributable to the project that the Department of Revenue retains pursuant to the terms of the tax collection agreement.
Source:
SL 2013, ch 7, §33, eff. Mar. 20, 2013.
2023 South Dakota Codified Laws › Title 1 - State Affairs and Government › Chapter 16G - Economic Development › Section 1-16G-66 - Public records-Information on the GOED website.

1-16G-66. Public records-Information on the GOED website.
The name of any person that receives a reinvestment payment as provided by §§1-16G-56 to §1-16G-68, inclusive, and the amount of the reinvestment payment is public information and shall be available and open to public inspection as provided in §1-27-1. The following information shall be made public on the GOED website as public information:
(1)An estimated number of the full-time jobs to be created by the project;
(2)An estimated average wage of the full-time jobs;
(3)A list of all the local government tax mechanisms and state economic tools, loans, or grants provided to the project;
(4)An estimate of the property taxes to be paid by the project; and
(5)A statement of why the project would not have occurred in South Dakota without the reinvestment payment.
Source:
SL 2013, ch 7, §34, eff. Mar. 20, 2013.
2023 South Dakota Codified Laws › Title 1 - State Affairs and Government › Chapter 16G - Economic Development › Section 1-16G-67 - Promulgation of rules on reinvestment payments.

1-16G-67. Promulgation of rules on reinvestment payments.
The board may promulgate rules, pursuant to chapter 1-26, concerning the procedures and forms for applying for and receiving the reinvestment payment, the requirements necessary to qualify for the reinvestment payment, and the criteria to evaluate projects submitting applications.
Source:
SL 2013, ch 7, §35, eff. Mar. 20, 2013.
2023 South Dakota Codified Laws › Title 1 - State Affairs and Government › Chapter 16G - Economic Development › Section 1-16G-68 - Prohibited commissions.

1-16G-68. Prohibited commissions.
No person who works for a project may be employed for a commission dependent in any manner upon the approval of any government grants, loans, or reinvestment payments that the person obtains for the project.
Source:
SL 2013, ch 7, §36, eff. Mar. 20, 2013.