Title 1 — STATE AFFAIRS AND GOVERNMENT
88 chapters · 1,826 sections in this title.
SDCL § 1-16B-1 Definitions
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Terms used in this chapter mean: (1) "Agricultural enterprise," the acquisition, construction, reconstruction, rehabilitation, or improvement of land, buildings, improvements thereto, or personal property located in the state that are necessary or suitable for use in farming, ran…
SDCL § 1-16B-10 Commissioner as chief administrative officer
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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,…
SDCL § 1-16B-11 Staff services to authority--Funds from which expenses paid
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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 authori…
SDCL § 1-16B-12 Transfer of income from capital reserve fund to a general account--Continuous appropriation for purposes of chapter
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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 t…
SDCL § 1-16B-13 Obsolete
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1-16B-14 Powers of authority. 1-16B-14.1 Exemption of documentary material and data involving trade secrets, etc., from disclosure--Consideration by authority in executive session. 1-16B-15 Power to issue notes and bonds--Maximum outstanding. 1-16B-16 Issuance, renewal, payment, …
SDCL § 1-16B-14 Powers of authority
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The authority may exercise all powers necessary or appropriate to carry out the purposes of this chapter, including the following: (1) To conduct examinations and to hear testimony and take proof, under oath or affirmation at public or private hearings, on any matter material for…
SDCL § 1-16B-14.1 Exemption of documentary material and data involving trade secrets, etc., from disclosure--Consideration by authority in executive session
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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 operatio…
SDCL § 1-16B-15 Power to issue notes and bonds--Maximum outstanding
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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 do…
SDCL § 1-16B-16 Issuance, renewal, payment, and refunding of notes and bonds--Application of proceeds of refunding bonds
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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 out…
SDCL § 1-16B-17 Notes and bonds as general obligations of authority--Funds from which payable
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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 not…
SDCL § 1-16B-18 Terms of notes and bonds--Maturity--Interest--Registration--Redemption--Sale
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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 ann…
SDCL § 1-16B-19 State pledge not to impair powers of authority--Inclusion in terms of notes or bonds
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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…
SDCL § 1-16B-2 Repealed by SL 1986, ch 14 , § 2
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1-16B-3 Repealed 1-16B-4 Repealed 1-16B-5
SDCL § 1-16B-20 Obligations payable only from assets of authority--Statement on face of obligations
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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 …
SDCL § 1-16B-21 Repurchase and cancellation of notes and bonds--Maximum price paid
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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 intere…
SDCL § 1-16B-22 Issuance of refunding obligations--Terms governed by chapter
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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 au…
SDCL § 1-16B-23 Disposition of refunding obligations--Application or investment of proceeds
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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 obligati…
SDCL § 1-16B-24 Bonds and notes as legal investments for public and fiduciary funds
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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, an…
SDCL § 1-16B-25 Appointment of trustee on default in payment of bonds or notes
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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 no…
SDCL § 1-16B-26 Trustee's powers in protection of bondholders or noteholders
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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 c…
SDCL § 1-16B-27 Notice required of trustee before declaring principal due
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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.
SDCL § 1-16B-28 Incidental powers of trustee
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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.
SDCL § 1-16B-29 Capital reserve fund required--Moneys paid in
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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 m…
SDCL § 1-16B-3 Repealed
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Source: SL 1978, ch 9 , § 1(5); SL 1986, ch 14 , § 3; SL 2009, ch 1 , § 4; SL 2020, ch 4 , § 25.
SDCL § 1-16B-30 Amounts required in capital reserve fund
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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 th…
SDCL § 1-16B-31 Application of capital reserve fund--Transfer of income
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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 paymen…
SDCL § 1-16B-32 Bonds and notes not issued when capital reserve below required amount
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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, …
SDCL § 1-16B-33 Annual budget estimate for restoration of capital reserve fund--Governor's budget--Application of appropriated funds
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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 certifi…
SDCL § 1-16B-34 Establishment of loan funds--Investment
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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.
SDCL § 1-16B-35 Cooperation with local agencies
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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,…
SDCL § 1-16B-36 Determination of desirability of development projects
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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 suc…
SDCL § 1-16B-37 Power to make loans to local agencies--Repayment provisions
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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 loan…
SDCL § 1-16B-38 Maximum loan to local agency--Vote required for approval
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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…
SDCL § 1-16B-39 Repealed by SL 1986, ch 14 , § 11
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1-16B-40 Application by local agency for loan--Contents. 1-16B-41 Loans made only when other loans not available. 1-16B-42 Preference to projects for processing raw materials produced in state. 1-16B-43 Maximum percentage of cost loaned to local agency--Assurances as to other fin…
SDCL § 1-16B-4 Repealed
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Source: SL 1978, ch 9 , § 1 (8); SL 1987, ch 16 , § 1; SL 2009, ch 1 , § 5; SL 2020, ch 4 , § 25. 1-16B-5. Repealed by SL 1986, ch 14 , § 4.
SDCL § 1-16B-40 Application by local agency for loan--Contents
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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 …
SDCL § 1-16B-41 Loans made only when other loans not available
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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…
SDCL § 1-16B-42 Preference to projects for processing raw materials produced in state
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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 pr…
SDCL § 1-16B-43 Maximum percentage of cost loaned to local agency--Assurances as to other financing
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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 c…
SDCL § 1-16B-44 Adjustment of local funding requirements when federal agency participates--Subordination to mortgage held by federal agency
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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 c…
SDCL § 1-16B-45 Pledge to United States not to impair powers of authority
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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 t…
SDCL § 1-16B-46 Terms of loan to local agency--Subordination to other loans
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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 inde…
SDCL § 1-16B-47 Foreclosure to take title to development project--Sale or lease
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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 deve…
SDCL § 1-16B-48 Annual reports of authority--Contents
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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 mort…
SDCL § 1-16B-49 Cumulative rights and powers of authority
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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…
SDCL § 1-16B-5 Repealed by SL 1986, ch 14 , § 4
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1-16B-6 Repealed 1-16B-7 Finance authority created. 1-16B-8 Board of directors--Appointment of members. 1-16B-9 Quorum of board--Action by majority present. 1-16B-10 Commissioner as chief administrative officer. 1-16B-11 Staff services to authority--Funds from which expenses paid…
SDCL § 1-16B-50 Annual action plan--Annual informational report
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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 Boar…
SDCL § 1-16B-51 Repealed by SL 1995, ch 4 , § 1
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1-16B-52 Issuance of bonds and obligations--Additional proceedings not required--Transferred rights, powers, privileges, and functions supplementary--Liberal construction. 1-16B-53 Preferred development project defined. 1-16B-54 Direct mortgage loans for preferred development pro…
SDCL § 1-16B-52 Issuance of bonds and obligations--Additional proceedings not required--Transferred rights, powers, privileges, and functions supplementary--Liberal construction
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No additional proceedings, referendum, notice or approval is required as a result of §§ 1-16B-50 to 1-16B-52 , inclusive, for the issuance of bonds or other obligations or any instrument as security therefor. The rights, powers, authority, privileges, functions, and other propert…
SDCL § 1-16B-53 Preferred development project defined
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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 en…