Title 11 — PLANNING, ZONING AND HOUSING PROGRAMS

If any of the commissioners, executive director, or officers of the authority whose signatures appear on any bonds ceases to be such commissioners, executive director, or officers before the delivery of such bonds, such signatures are, nevertheless, valid and sufficient for all p…

Repealed by SL 2012, ch 78 , § 41.

To assure the continued operation and solvency of the authority for the carrying out of its corporate purposes, provision is made in §§ 11-11-70 to 11-11-75 , inclusive, for the accumulation in each capital reserve fund created thereunder of an amount equal to the maximum capital…

As used in this chapter, housing sponsor, or, sponsor, means individuals, joint ventures, partnerships, limited partnerships, trusts, firms, associations, governmental agencies, or other legal entities or any combination thereof, corporations, cooperatives, and condominiums, appr…

The authority shall create and establish one or more special funds to be referred to in this chapter as capital reserve funds, and shall pay into each such capital reserve fund: (1) Any moneys appropriated and made available by the state for the purpose of such fund; (2) Any proc…

For the purposes of §§ 11-11-72 to 11-11-75 , inclusive, the term "maximum capital reserve fund requirement" shall mean, as of any particular date of computation, an amount of money, if provided in the resolution or resolutions of the authority authorizing the bonds secured in wh…

In computing the amount of the capital reserve funds for the purpose of §§ 11-11-71 to 11-11-75 , inclusive, securities in which all or a portion of such funds shall be invested shall be valued at par or if purchased at less than par, at their cost to the authority. Source: SL 19…

Any income or interest earned by, or increment to, any capital reserve fund due to the investment thereof may be transferred by the authority to other funds or accounts of the authority to the extent it does not reduce the amount of such capital reserve fund below the maximum cap…

All moneys held in any capital reserve fund, except as provided in § 11-11-73 , shall be used, as required, solely for the payment of the principal of bonds secured in whole or in part by such fund or of the debt service fund payments hereinafter mentioned with respect to such bo…

The authority shall not at any time issue bonds secured in whole or in part by a capital reserve fund if upon the issuance of such bonds, the amount in such capital reserve fund will be less than the maximum capital reserve fund requirement for such fund, unless the authority at …

The chairman of the authority shall annually submit through the Bureau of Finance and Management to the Governor, in accordance with § 4-7-7 , a budget estimate stating the sum, if any, needed to restore the capital reserve fund to the maximum capital reserve fund requirement for…

The authority shall create and establish such other fund or funds as may be necessary or desirable for its corporate purposes. Source: SL 1973, ch 180 , § 41; SDCL Supp, § 28-19-68.

The authority may, subject to any agreement with bondholders, purchase bonds of the authority out of any funds or money of the authority available therefor, and hold, cancel, or resell such bonds. Source: SL 1973, ch 180 , § 12 (19); SDCL Supp, § 28-19-69; SL 2012, ch 78 , § 43.

The authority, subject to such agreements with bondholders as may then exist, may, out of any funds available therefor, purchase bonds of the authority for cancellation. Upon such purchase the bonds shall be canceled, at a price not exceeding: (1) If the bonds are then redeemable…

11-11-10 Development authority established--Administrator of federal housing program. 11-11-11 Reporting to Governor's Office of Economic Development. 11-11-12 Appointment of commissioners--Political affiliations. 11-11-13 State officers and employees eligible as commissioners. 1…

The authority may provide for the issuance of refunding obligations for the purpose of refunding any obligations then outstanding which have been issued under the provisions of this chapter, including the payment of any redemption premium thereon and any interest accrued or to ac…

Refunding obligations issued as provided in § 11-11-80 may be sold or exchanged for outstanding obligations issued under this chapter and, if sold, the proceeds thereof may be applied, in addition to any other authorized purposes, to the purchase, redemption, or payment of such o…

The issuance of bonds and the refunding of bonds under the provisions of this chapter need not comply with the requirements of any other state law applicable to the issuance of bonds or other obligations. Contracts for the construction and acquisition of any housing developments …

If the authority defaults in the payment of principal or of interest on any bonds issued under this chapter after the bonds become due, whether at maturity or upon call for redemption, and such default continues for a period of thirty days, or if the authority fails or refuses to…

A trustee appointed pursuant to § 11-11-83 may, and upon written request of the holders of fifty percent in principal amount of such bonds then outstanding shall, in the holder's own name, enforce all rights of the bondholders, including the right to: (1) Require the authority to…

As used in this chapter, unless the context otherwise requires, "housing development costs" means the sum total of all costs incurred in the development of a housing development or housing project which are approved by the authority as reasonable and necessary and which costs sha…

The circuit court has jurisdiction of any suit, action, or proceeding by the trustee on behalf of bondholders. Source: SL 1973, ch 180 , § 44; SDCL Supp, § 28-19-82; SL 2012, ch 78 , § 54.

Repealed by SL 2012, ch 78 , § 55.

The state hereby pledges to and agrees with the holders of any bonds issued under this chapter that the state will not limit or alter the rights hereby vested in the authority to fulfill the terms of any agreements made with the holders thereof or in any way impair the rights and…

Neither the commissioners or executive director of the authority nor any other person executing such bonds is subject to any personal liability or accountability by reason of the issuance of such bonds. Source: SL 1973, ch 180 , § 32; SDCL Supp, § 28-19-85; SL 2012, ch 78 , § 57.

Whether or not the bonds are of the form and character as to be negotiable instruments under the terms of the South Dakota Uniform Commercial Code, the bonds are hereby made negotiable instruments within the meaning of and for all the purposes of the South Dakota Uniform Commerci…

For the purposes of chapter 47-31B , bonds issued by the authority are deemed to be securities issued by a public instrumentality of the State of South Dakota. Source: SL 1973, ch 180 , § 50; SDCL Supp, § 28-19-87; SL 1989, ch 30 , § 33; SL 2004, ch 278 , § 59.

The state and all counties, municipalities, villages, and other municipal corporations, political subdivisions and public bodies, and public officers of any thereof, all banks, bankers, trust companies, savings banks and institutions, building and loan associations, savings and l…

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 rat…

The authority may, subject to any agreement with bondholders, invest moneys of the authority, including proceeds from the sale of any bonds, in: (1) Direct obligations of or obligations guaranteed as to principal and interest by the United States of America or the State of South …

Repealed by SL 2012, ch 78 , § 61.

Source: SL 1978, ch 213 , § 1; SDCL Supp, § 28-19-34.1.