1-16B-1. Definitions. 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, ranching, or the production of agricultural commodities or necessary or suitable for treating, processing, storing, or transporting […]
1-16B-10. Commissioner as chief administrative officer. 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, ch 10, §1; […]
1-16B-11. Staff services to authority–Funds from which expenses paid. 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 authority board, payment […]
1-16B-12. Transfer of income from capital reserve fund to a general account–Continuous appropriation for purposes of chapter. 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 […]
1-16B-14. Powers of authority. 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 the authority’s information and necessary to the […]
1-16B-14.1. Exemption of documentary material and data involving trade secrets, etc., from disclosure–Consideration by authority in executive session. 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 […]
1-16B-15. Power to issue notes and bonds–Maximum outstanding. 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 dollars at […]
1-16B-16. Issuance, renewal, payment, and refunding of notes and bonds–Application of proceeds of refunding bonds. 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, […]
1-16B-17. Notes and bonds as general obligations of authority–Funds from which payable. 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 […]
1-16B-18. Terms of notes and bonds–Maturity–Interest–Registration–Redemption–Sale. 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 […]
1-16B-19. State pledge not to impair powers of authority–Inclusion in terms of notes or bonds. 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 […]
1-16B-20. Obligations payable only from assets of authority–Statement on face of obligations. 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 […]
1-16B-21. Repurchase and cancellation of notes and bonds–Maximum price paid. 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 interest to the […]
1-16B-22. Issuance of refunding obligations–Terms governed by chapter. 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 authority. The issuance of […]
1-16B-23. Disposition of refunding obligations–Application or investment of proceeds. 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 obligation may be invested by […]
1-16B-24. Bonds and notes as legal investments for public and fiduciary funds. 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, and other fiduciaries may legally invest any debt service funds, money, […]
1-16B-25. Appointment of trustee on default in payment of bonds or notes. 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 […]
1-16B-26. Trustee’s powers in protection of bondholders or noteholders. 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 collect […]
1-16B-27. Notice required of trustee before declaring principal due. 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.
1-16B-28. Incidental powers of trustee. 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.
