1-16B-67 . Conflict of interest --Disclosure--Participation in transaction.
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 employee has knowledge of the actual or prospective interest. The disclosure shall be entered upon the minutes of the authority. Upon any disclosure, the member or employee may not participate in any action by the authority authorizing the transaction. Actions taken when the member or employee reasonably believed that the member or employee had and would not have any conflict are not invalidated because of the conflict. The fact that a member is also an officer or owner of an organization is not considered to be a direct or indirect interest unless:
(1) The member has an ownership interest of greater than five percent in the organization; or
(2) The transaction in question does not involve all similar organizations, but rather involves only the authority and the organization.
Source: SL 2020, ch 4, ยง 15.
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.