South Dakota § 1-16B-40 Application by local agency for loan--Contents.

South Dakota Statutes

§ 1-16B-40 — Application by local agency for loan--Contents.

South Dakota § 1-16B-40

Title 1STATE AFFAIRS AND GOVERNMENT

Ch. 1-16ECONOMIC DEVELOPMENT FINANCE AUTHORITY

This text of South Dakota § 1-16B-40 (Application by local agency for loan--Contents.) is published on Counsel Stack Legal Research, covering South Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.D. Codified Laws § 1-16B-40 (2026).

Text

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 statemen

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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.