STATE STATUTES & CODES

SOUTH DAKOTA STATUTES AND CODES

Chapter 16B - Economic Development Finance Authority

• Section 1-16B-1 - Definition of terms.
• Section 1-16B-2 - Repealed.
• Section 1-16B-3 - Development project defined.
• Section 1-16B-4 - Cost of establishing a development project defined.
• Section 1-16B-5 - Repealed.
• Section 1-16B-6 - Enterprise defined.
• Section 1-16B-7 - Finance authority created.
• Section 1-16B-8 - Board of directors--Appointment of members.
• Section 1-16B-9 - Quorum of board--Action by majority present.
• Section 1-16B-10 - Secretary of tourism and state development as chief administrative officer--Administration and technical affairs of authority.
• Section 1-16B-11 - Staff services to authority--Funds from which expenses paid.
• Section 1-16B-12 - Transfer of income from capital reserve fund to a general account--Continuousappropriation for purposes of chapter.
• Section 1-16B-13 - Obsolete.
• Section 1-16B-14 - Powers of authority.
• Section 1-16B-14.1 - Exemption of documentary material and data involving trade secrets, etc., fromdisclosure--Consideration by authority in executive session.
• Section 1-16B-15 - Power to issue notes and bonds--Maximum outstanding.
• Section 1-16B-16 - Issuance, renewal, payment, and refunding of notes and bonds--Application ofproceeds of refunding bonds.
• Section 1-16B-17 - Notes and bonds as general obligations of authority--Funds from which payable.
• Section 1-16B-18 - Terms of notes and bonds--Maturity--Interest--Registration--Redemption--Sale.
• Section 1-16B-19 - State pledge not to impair powers of authority--Inclusion in terms of notes or bonds.
• Section 1-16B-20 - Obligations payable only from assets of authority--Statement on face of obligations.
• Section 1-16B-21 - Repurchase and cancellation of notes and bonds--Maximum price paid.
• Section 1-16B-22 - Issuance of refunding obligations--Terms governed by chapter.
• Section 1-16B-23 - Disposition of refunding obligations--Application or investment of proceeds.
• Section 1-16B-24 - Bonds and notes as legal investments for public and fiduciary funds.
• Section 1-16B-25 - Appointment of trustee on default in payment of bonds or notes.
• Section 1-16B-26 - Trustee's powers in protection of bondholders or noteholders.
• Section 1-16B-27 - Notice required of trustee before declaring principal due.
• Section 1-16B-28 - Incidental powers of trustee.
• Section 1-16B-29 - Capital reserve fund required--Moneys paid in.
• Section 1-16B-30 - Amounts required in capital reserve fund.
• Section 1-16B-31 - Application of capital reserve fund--Transfer of income.
• Section 1-16B-32 - Bonds and notes not issued when capital reserve below required amount.
• Section 1-16B-33 - Annual budget estimate for restoration of capital reserve fund--Governor's budget--Application of appropriated funds.
• Section 1-16B-34 - Establishment of loan funds--Investment.
• Section 1-16B-35 - Cooperation with local agencies.
• Section 1-16B-36 - Determination of desirability of development projects.
• Section 1-16B-37 - Power to make loans to local agencies--Repayment provisions.
• Section 1-16B-38 - Maximum loan to local agency--Vote required for approval.
• Section 1-16B-39 - Repealed.
• Section 1-16B-40 - Application by local agency for loan--Contents.
• Sections 1-16B-41, 1-16B-42 - Loans made only when other loans not available. Preference to projects for processing raw materials produced in state
• Section 1-16B-43 - Maximum percentage of cost loaned to local agency--Assurances as to otherfinancing.
• Section 1-16B-44 - Adjustment of local funding requirements when federal agency participates--Subordination to mortgage held by federal agency.
• Section 1-16B-45 - Pledge to United States not to impair powers of authority.
• Section 1-16B-46 - Terms of loan to local agency--Subordination to other loans.
• Section 1-16B-47 - Foreclosure to take title to development project--Sale or lease.
• Section 1-16B-48 - Annual reports of authority--Contents.
• Section 1-16B-49 - Cumulative rights and powers of authority.
• Section 1-16B-50 - Annual action plan--Annual informational report.
• Section 1-16B-51 - Repealed.
• Section 1-16B-52 - Issuance of bonds and obligations--Additional proceedings not required--Transferredrights, powers, privileges, and functions supplementary--Liberal construction.
• Section 1-16B-53 - "Preferred development project" defined.
• Section 1-16B-54 - Direct mortgage loans for preferred development projects.