Title 1 — STATE AFFAIRS AND GOVERNMENT

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 delive…

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 applic…

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 enforci…

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…

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.

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 …

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.

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 emplo…

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 theref…

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, in…

There is hereby created a body corporate and politic to be known as the South Dakota Economic Development Finance Authority. Source: SL 1978, ch 9 , § 2.

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 wil…

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.

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.

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…

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…

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 th…

Source: SL 1986, ch 16 , § 2; SL 1986, ch 17 , § 1; SL 2020, ch 4 , § 1.

Source: SL 1986, ch 16 , § 11; SL 1990, ch 11 , § 2; SL 1995, ch 4 , § 12; SL 2020, ch 4 , § 1.

Source: SL 1986, ch 16 , § 12; SL 1990, ch 11 , § 3; SL 2020, ch 4 , § 1.

Source: SL 1986, ch 16 , § 13; SL 1986, ch 17 , § 5; SL 1990, ch 11 , § 1; SL 2020, ch 4 , § 1.

Source: SL 1986, ch 16 , § 14; SL 2020, ch 4 , § 1.

Source: SL 1986, ch 16 , § 15; SL 2020, ch 4 , § 1.

Source: SL 1986, ch 16 , § 16; SL 2020, ch 4 , § 1.

Source: SL 1986, ch 16 , § 17; SL 1990, ch 11 , § 6; SL 2020, ch 4 , § 1.

Source: SL 1986, ch 16 , § 18; SL 2020, ch 4 , § 1.

Source: SL 1986, ch 16 , § 19; SL 2020, ch 4 , § 1.

Source: SL 1986, ch 16 , § 20; SL 2020, ch 4 , § 1.

Source: SL 1986, ch 16 , § 3; SL 1986, ch 17 , § 2; SL 2020, ch 4 , § 1.

Source: SL 1986, ch 16 , § 21; SL 2020, ch 4 , § 1.

Source: SL 1986, ch 16 , § 22; SL 2020, ch 4 , § 1.

Source: SL 1986, ch 16 , § 23; SL 2002, ch 13 , § 1; SL 2020, ch 4 , § 1.

Source: SL 1986, ch 16 , § 24; SL 1993, ch 213 , § 77; SL 2020, ch 4 , § 1.

Source: SL 1986, ch 16 , § 25; SL 2020, ch 4 , § 1.

Source: SL 1986, ch 16 , § 26; SL 2020, ch 4 , § 1.

Source: SL 1986, ch 16 , § 27; SL 2020, ch 4 , § 1.

Source: SL 1986, ch 16 , § 28; SL 2020, ch 4 , § 1.

Source: SL 1986, ch 16 , § 29; SL 2020, ch 4 , § 1.

Source: SL 1990, ch 11 , § 4; SL 2020, ch 4 , § 1.

Source: SL 1986, ch 16 , § 4; SL 1995, ch 4 , § 3; SL 1997, ch 5 , § 1; SL 2020, ch 4 , § 1.

Source: SL 1995, ch 4 , § 11; SL 2020, ch 4 , § 1.

Source: SL 1995, ch 4 , § 13; SL 2020, ch 4 , § 1.

Source: SL 2003, ch 10 , § 3; SL 2020, ch 4 , § 1.

Source: SL 1986, ch 16 , § 5; SL 1995, ch 4 , § 2; SL 2020, ch 4 , § 1.

Source: SL 1994, ch 318 , § 2; SL 1995, ch 4 , § 4; SL 2012, ch 16 , § 21; SL 2013, ch 176 , § 14; SL 2020, ch 4 , § 1.

Source: SL 1994, ch 318 , § 1, as amended by SL 1995, ch 4 , § 5; SL 2020, ch 4 , § 1.

Source: SL 1994, ch 318 , § 3, as amended by SL 1995, ch 4 , § 6; SL 2020, ch 4 , § 1.

Source: SL 1994, ch 318 , § 4, as amended by SL 1995, ch 4 , § 7; SL 2020, ch 4 , § 1. 1-16E-5, 1-16E-6. Obsolete.

Source: SL 1986, ch 16 , § 8; SL 1986, ch 17 , § 3; SL 1994, ch 13 ; SL 1995, ch 4 , § 10; SL 2019, ch 235 (Ex. Ord. 19-1 ), § 39, eff. Apr. 14, 2019; SL 2020, ch 4 , § 1.

Source: SL 1986, ch 16 , § 9; SL 1986, ch 17 , § 4; SL 1990, ch 11 , § 7; SL 1995, ch 4 , § 9; SL 2020, ch 4 , § 1.