1-16B-40. Application by local agency for loan--Contents.
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 the development project and a general description of the enterprise for which the development project has been or is to be established;
(2)A legal description of all real estate necessary for the development project;
(3)Plans and other documents to show the type, structure and general character of the development project;
(4)A general description of the number, types and skills of employees to be employed;
(5)The cost or estimates of cost of establishing the development project;
(6)A statement of the value of any property which the enterprise applied or intends to apply to the establishment of the development project;
(7)A statement of cash funds previously applied, or at present held by the enterprise which are to be applied to the establishment of the development project;
(8)Evidence of the arrangement made by the enterprise for the financing of all costs of the development project;
(9)Evidence that the development project probably will not cause the removal of a plant or facility from one area of the state to another area of the state;
(10)Any additional evidence pertinent to a determination of the probable success of the development project at the selected location, and evidence that a substantial increase in employment and payrolls will probably result from the granting of the loans;
(11)Evidence that the enterprise does currently or will possess the ability to obtain the revenues which will be used to repay a loan to finance the development project.
Source: SL 1978, ch 9, §31; SL 1986, ch 14, §12.
Structure South Dakota Codified Laws
Title 1 - State Affairs and Government
Chapter 16B - Economic Development Finance Authority
Section 1-16B-1 - Definitions.
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 - Commissioner as chief administrative officer.
Section 1-16B-11 - Staff services to authority--Funds from which expenses paid.
Section 1-16B-14 - Powers of authority.
Section 1-16B-15 - Power to issue notes and bonds--Maximum outstanding.
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-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-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-40 - Application by local agency for loan--Contents.
Section 1-16B-41 - Loans made only when other loans not available.
Section 1-16B-42 - Preference to projects for processing raw materials produced in state.
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-53 - Preferred development project defined.
Section 1-16B-54 - Direct mortgage loans for preferred development projects.
Section 1-16B-55 - Authority may contract to manage payment or interest rate risk for bonds.
Section 1-16B-57 - Duties and goals--Agricultural production.
Section 1-16B-58 - Lending power of authority.
Section 1-16B-59 - Bond authorization, terms, and sale--Interest rate--Noninterest-bearing bonds.
Section 1-16B-60 - Pledges by authority.
Section 1-16B-61 - Redemption of bonds.
Section 1-16B-62 - Trust indenture securing authority bonds.
Section 1-16B-63 - Proceeds of bonds--Investments.
Section 1-16B-64 - Bonds as negotiable instruments.
Section 1-16B-65 - Execution of bonds--Seal.
Section 1-16B-66 - Immunity from personal liability on bonds.
Section 1-16B-67 - Conflict of interest --Disclosure--Participation in transaction.
Section 1-16B-68 - Tax exemption--Filing fee exemption.
Section 1-16B-69 - Bonds as authorized investments and securities for deposits.
Section 1-16B-70 - Promulgation of rules.
Section 1-16B-71 - Liberal construction of chapter.
Section 1-16B-72 - Disposition of authority assets on dissolution.