CHAPTER 11-11
SOUTH DAKOTA HOUSING DEVELOPMENT AUTHORITY
11-11-1 Legislative findings.
11-11-2 Declaration of necessity for development authority.
11-11-3 Powers necessary for development authority.
11-11-4 Declaration of public purposes and public interest.
11-11-5 Definition of terms.
11-11-5.1 Repealed by SL 2012, ch 78, § 2.
11-11-6 Developments and projects subject to chapter.
11-11-7 Sponsors eligible under chapter.
11-11-8 11-11-8. Repealed by SL 1983, ch 106, § 4G
11-11-9 Costs covered by chapter.
11-11-10 Development authority established--Administrator of federal housing program.
11-11-11 Reporting to Governor's Office of Economic Development.
11-11-12 Appointment of commissioners--Political affiliations.
11-11-13 State officers and employees eligible as commissioners.
11-11-14 Corporate officers and employees eligible as commissioners--Abstention on conflict of interests.
11-11-15 Terms of office of commissioners--Vacancy--Restrictions on reappointment.
11-11-16 Surety bonds of commissioners and executive director--Blanket bond--Payment of cost.
11-11-17 Removal of commissioner from office.
11-11-18 Officers of commissioners.
11-11-19 Meetings of commissioners--Quorum--Majority required for action.
11-11-20 Compensation of commissioners.
11-11-21 Executive director--Appointment and duties--Other personnel.
11-11-22 Salaries.
11-11-23 Benefits of state employees provided.
11-11-24 Records maintained by secretary--Certified copies--Publication of resolutions.
11-11-25 Powers of local commissions conferred upon authority--Approval by local governing body required--Cooperation with local commissions.
11-11-26 Power to carry out chapter.
11-11-27 Power to sue and be sued--Seal--Perpetual succession--Office.
11-11-28 Consolidation of processing for developments and projects.
11-11-29 Policy favoring private business firms.
11-11-30 Bylaws, rules, and regulations.
11-11-31 Research and development.
11-11-32 Repealed by SL 2012, ch 78, § 15.
11-11-33 Advice and technical assistance to developments, projects and residents.
11-11-34 Cooperation with federal and other governmental agencies.
11-11-35 Repealed by SL 2012, ch 78, § 18.
11-11-36 Execution of necessary instruments.
11-11-37 Acceptance of legislative appropriations--Purposes to which applied.
11-11-38 Annual informational budget required--Inclusion in Governor's budget report.
11-11-39 Acceptance of grants and contributions--Purposes to which applied.
11-11-40 Residual powers of authority.
11-11-41 Power to borrow and issue evidence of indebtedness.
11-11-42 Financing, reserves, and incidental costs included in amounts borrowed.
11-11-43 Issuance of notes and bonds--Purposes for which used.
11-11-44 Repealed by SL 2012, ch 78, § 24.
11-11-45 Qualified private activity bonds--Maximum aggregate principal amount.
11-11-46 11-11-46. Repealed by SL 1991, ch 116, § 1
11-11-47 Authority as state issuing agency and housing credit agency.
11-11-48 Compliance with federal conditions for qualified mortgage bonds.
11-11-49 Public debt not created by authority obligations--Statement on face of obligations.
11-11-50 Refunding of notes and bonds.
11-11-51 Consent of other public agencies not required for bonds or notes--Procedural requirements of other laws not applicable.
11-11-52 Terms of notes and bonds--Maturity--Form of instruments--Interest--Redemption--Sale.
11-11-53 Notes and bonds as general obligations of authority--Exception.
11-11-54 Bond resolution provisions--Contracts with bondholders.
11-11-55 Repealed by SL 2012, ch 78, §§ 30 to 39.
11-11-65 Trust indenture to secure bonds--Contents--Expenses of trust indenture--Separate trustee not authorized.
11-11-66 Pledge binding when made--Attachment of lien.
11-11-67 Continuing validity of signatures by commissioners or officers.
11-11-68 Repealed by SL 2012, ch 78, § 41.
11-11-69 Purpose of capital reserve fund requirements.
11-11-70 Establishment of capital reserve funds--Moneys paid into funds.
11-11-71 Amount required in capital reserve fund for each year.
11-11-72 Valuation of securities held by capital reserve funds.
11-11-73 Transfer to other funds of capital reserve fund income.
11-11-74 Purposes to which moneys in reserve funds applied--Maintenance of required amount.
11-11-75 Deposit in reserve fund of bond proceeds necessary to maintain required amount.
11-11-76 Annual budget estimate for restoration of capital reserve fund--Governor's budget--Deposit of appropriated funds.
11-11-77 Other funds created by authority.
11-11-78 Purchase of authority's own bonds--Cancellation--Resale.
11-11-79 Price of bonds repurchased for cancellation.
11-11-80 Refunding obligations authorized--Application of provisions applicable to original obligations.
11-11-81 Sale or exchange of refunding obligations--Investment of proceeds pending redemption of original obligations.
11-11-82 Compliance with certain other state laws not required.
11-11-83 Appointment of trustee by bondholders after authority default.
11-11-84 Enforcement of bondholders' rights.
11-11-85 Repealed by SL 2012, ch 78, §§ 48 to 53.
11-11-91 Circuit court jurisdiction of proceedings by trustee.
11-11-92 Repealed by SL 2012, ch 78, § 55.
11-11-93 State pledge to bondholders.
11-11-94 Commissioners and executive director not personally liable.
11-11-95 Negotiability of bonds.
11-11-96 Securities regulation--Bonds treated as securities of state instrumentality.
11-11-97 Bonds as legal investments for financial institutions and fiduciaries.
11-11-97.1 Authority may contract to manage payment or interest rate risk for bonds.
11-11-98 Investment of authority funds.
11-11-99 Repealed by SL 2012, ch 78, § 61.
11-11-100 Acquisition and disposition of property.
11-11-101 Exemption of authority from taxes, recording fees and transfer taxes.
11-11-102 Contracts--Mortgage loans--Foreclosure.
11-11-103 Repealed by SL 2012, ch 78, §§ 64 to 69.
11-11-109 11-11-109. Repealed by SL 1983, ch 106, § 4L
11-11-110 Repealed by SL 2012, ch 78, §§ 70 to 72.
11-11-113 11-11-113. Repealed by SL 1983, ch 106, § 4P
11-11-114 Confidentiality of applications and financial information.
11-11-115 Applications--Signatures and certification required--Perjury.
11-11-116 Repealed by SL 2012, ch 78, § 73.
11-11-117 Construction to be substantially completed, or final insurance or guarantee certificate issued before loan disbursed.
11-11-118 Additional lending powers of authority.
11-11-119 Purchase of mortgages from mortgage lenders.
11-11-120 Purchase of securities from mortgage lenders.
11-11-121 Repealed by SL 2012, ch 78, § 75.
11-11-122 Loans to mortgage lenders for new residential mortgages.
11-11-123 Requirements for transactions with mortgage lenders.
11-11-124 Eligibility of obligations purchased from mortgage lenders for purchase or purchase commitment--Criteria.
11-11-125 11-11-125. Repealed by SL 1983, ch 106, § 4V
11-11-126 Repealed by SL 2012, ch 78, §§ 77 to 84.
11-11-134 Purchase of federally insured housing mortgages.
11-11-135 Sale or transfer of mortgage loan or obligation.
11-11-136 Repealed by SL 2012, ch 78, § 87.
11-11-137 Court actions to enforce loans or protect the public interest--Foreclosure.
11-11-138 Receiver appointed to safeguard authority's loan.
11-11-139 Reorganization of housing sponsor subject to control by authority.
11-11-140 Notice to authority before sale of real property on judgment against housing sponsor--Protective steps taken by authority.
11-11-141 Promulgation of rules regarding borrowers, admission of occupants, and ancillary commercial facilities.
11-11-142 Repealed by SL 2012, ch 78, §§ 90, 91.
11-11-144 Provisions governing loans and other financing to sponsors of multifamily units and day-care facilities.
11-11-145 Repealed by SL 2012, ch 78, §§ 92 to 95.
11-11-148 Loans restricted to sponsors meeting statutory definition.
11-11-149 Amount and amortization period of FHA loans.
11-11-150 Amount and amortization of non-FHA loans.
11-11-151 Terms and form of loans or other financing--Investment in multifamily residential housing projects and day-care facilities.
11-11-152 Interest rates on which loans made--Additional charges.
11-11-153 11-11-153. Repealed by SL 1983, ch 106, § 4CC
11-11-154 Repealed by SL 2012, ch 78, § 97.
11-11-155 Surety bonds and other assurances of payment and performance.
11-11-156 Repealed by SL 2012, ch 78, §§ 99 to 103.
11-11-161 Conditions of mortgage loan or other financing.
11-11-162 Repealed by SL 2012, ch 78, § 105.
11-11-163 Supervision of multifamily residential housing units and day-care facilities.
11-11-164 Repealed by SL 2012, ch 78, §§ 107 to 109.
11-11-167 11-11-167. Repealed by SL 1983, ch 106, § 4EE
11-11-168 Repealed by SL 2012, ch 78, §§ 110, 111.
11-11-170 11-11-170 to 11-11-174. Repealed by SL 1983, ch 106, §§ 4GG to 4KK
11-11-175 Repealed by SL 2012, ch 78, §§ 112 to 115.
11-11-179 Retirement and redemption of investments in sponsor of multifamily units and day-care facilities.
11-11-180 General power to make rules and regulations.
11-11-181 Annual report by authority to Governor and Legislature.
11-11-182 Annual audit of authority.
11-11-183 Chapter cumulative and supplemental to other laws.
11-11-184 Chapter controlling over other laws.
11-11-185 Citation of chapter.
11-11-186 Repealed by SL 2012, ch 78, §§ 117 to 119.
11-11-1. Legislative findings.
It is hereby declared:
(1) That there exists within this state a serious shortage of sanitary, decent, and safe residential housing at prices or rentals which people of the state can afford; that this shortage has contributed to and will contribute to the creation and persistence of slums, blight, and substandard housing; that this shortage has been a major contributing factor to the deterioration of the quality of the environment and living conditions of large numbers of persons and families in this state and that this shortage is inimical to the health, welfare, and prosperity of the residents of this state;
(2) That it is imperative that the supply of residential housing for persons and families displaced by public actions or natural disaster be increased;
(3) That individual communities are often unable to meet local housing needs;
(4) That private enterprise and investment have been unable, without assistance, to produce the needed new construction or rehabilitation of sanitary, decent, and safe residential housing and to provide sufficient long-term mortgage financing for this purpose and for the purchase of existing residential housing by persons and families entering the housing market, when it becomes available;
(5) That private enterprise and investment be encouraged both to sponsor land development and build and rehabilitate residential housing and that private financing be supplemented by financing as provided in this chapter for the construction, rehabilitation, and purchase of such housing, in order to help prevent the creation and recurrence of slum conditions and substandard housing and to assist in their permanent elimination throughout South Dakota;
(6) That it is to the economic benefit of the state to encourage the availability of adequate housing for all levels of society;
(7) That there exists within this state a serious shortage of facilities providing for the group care and supervision of children, physically or mentally impaired adults and aged adults for short periods of time as a supplement to regular parental or other care at prices which people of the state can afford; that the shortage of such facilities has hindered job creation and the economic development of the state; that private enterprise and investment have been unable, without assistance, to produce the construction and rehabilitation of such facilities at affordable prices for the people of the state and provide the necessary financing at affordable rates; and that it is to the economic benefit of the state to facilitate such construction, rehabilitation, and financing.
Source: SL 1973, ch 180, § 1; SDCL Supp, § 28-19-1; SL 1983, ch 106, § 4A; SL 1995, ch 80, § 7.
11-11-2. Declaration of necessity for development authority.
It is further declared that in order to provide a fully adequate supply of sanitary, decent and safe accommodations at rental or carrying charges which such persons or families can afford, and a fully adequate supply of day-care facilities providing services at affordable prices, the Legislature finds that it is necessary to create and establish a State Housing Development Authority for the purpose of encouraging the investment of private capital and stimulating the construction, rehabilitation, and purchase of residential housing to meet the needs of all persons and families through the use of public financing, including, without limitation, public construction, public loans, public purchase of mortgages, and otherwise.
Source: SL 1973, ch 180, § 1; SDCL Supp, § 28-19-2; SL 1983, ch 106, § 4B; SL 1995, ch 80, § 8.
11-11-3. Powers necessary for development authority.
It is hereby further declared to be necessary and in the public interest:
(1) That such State Housing Development Authority provide for predevelopment costs, temporary financing, land development expenses, and residential housing construction or rehabilitation by public and private sponsors for sale or rental or other authorized use;
(2) To provide mortgage and other financing for construction, rehabilitation, and purchase of residential housing;
(3) To provide technical, consultative, and project assistance services to communities and to public and private sponsors;
(4) To increase the construction and rehabilitation and facilitate the purchase of housing through the purchase from financial institutions of first mortgage loans for residential housing or the making of loans to financial institutions to permit them to fund such mortgage loans for persons and families in this state;
(5) To assist in coordinating federal, state, regional, and local public and private efforts and resources, together with statewide housing planning, to otherwise increase the supply of such residential housing;
(6) To guarantee to the extent provided herein the repayment of certain loans secured by residential mortgages; and
(7) To promote wise usage of land and other resources in order to preserve the quality of life in South Dakota.
Source: SL 1973, ch 180, § 1; SDCL Supp, § 28-19-3; SL 1983, ch 106, § 4C; SL 1995, ch 80, § 9.
11-11-4. Declaration of public purposes and public interest.
It is hereby further declared that all of the purposes mentioned in §§ 11-11-2 and 11-11-3 are public purposes and uses for which public moneys may be borrowed, expended, advanced, loaned, or granted, and that such activities serve a public purpose in improving or otherwise benefitting the people of this state; that enacting the provisions set forth in this chapter is in the public interest and is authorized by S.D. Const., Art. XIII, § 17, and this is hereby so declared as a matter of express legislative determination.
Source: SL 1973, ch 180, § 1; SDCL Supp, § 28-19-4; SL 1983, ch 106, § 4D.
11-11-5. Definition of terms.
Terms used in this chapter mean:
(1) "Authority," the South Dakota Housing Development Authority;
(2) "Bonds," any bonds, notes, debentures, interim certificates, or other evidences of financial indebtedness issued by the authority pursuant to this chapter;
(2A) "Day-care facilities," a specific work or improvement within this state undertaken primarily to provide facilities for the short-term care and supervision, including day care, adult day care, and respite care, of children, physically or mentally impaired adults, and aged adults, including the acquisition, construction, or rehabilitation of land, buildings, and improvements thereto, and such other facilities as may be incidental or appurtenant thereto;
(3) "Federal mortgage," a mortgage loan for land development or residential housing made by the United States or an agency or instrumentality thereof or a commitment by the United States or an agency or instrumentality thereof to make such a mortgage loan;
(4) "Federally insured mortgage," a mortgage loan for land development or residential housing insured or guaranteed by the United States or an agency or instrumentality thereof, or a commitment by the United States or an agency or instrumentality thereof to insure such a mortgage;
(5) "Governmental agency" or " instrumentality," any department, division, public corporation, public agency, political subdivision, or other public instrumentality of the state, the federal government, any other state or public agency, or any two or more thereof;
(6) "Land development," the process of acquiring land primarily for residential housing construction and making, installing or constructing nonresidential housing improvements, including water, sewer, and other utilities, roads, streets, curbs, gutters, sidewalks, storm drainage facilities, and other installations or works, whether on or off the site, which the authority deems necessary or desirable to prepare such land primarily for residential housing construction within this state;
(7) "Mortgage," a mortgage deed, deed of trust, or other instrument which shall constitute a lien on real property in fee simple or on a leasehold under a lease having a remaining term, at the time such mortgage is acquired, which does not expire for at least that number of years beyond the maturity date of the obligation secured by such mortgage as is equal to the number of years remaining until the maturity date of such obligation;
(8) "Mortgage lender," any bank or trust company, federal national mortgage association approved mortgage banker, savings bank, industrial bank, credit union, national or state banking association, federal or state savings and loan association, insurance company or other financial institutions or governmental entities which customarily provide service or otherwise aid in the financing of mortgages on residential housing located in the state;
(9) "Mortgage loan," an obligation, with or without interest, secured by either a mortgage or note or bond constituting a lien on land and improvements in the state constituting a housing development or housing project;
(10) "Multifamily residential housing," residential rental housing consisting of two or more dwelling units, and also specifically including congregate housing and assisted living facilities;
(11) "Municipality," any city, town, county, or other political subdivision of this state;
(12) "Real property," all lands, including improvements and fixtures thereon, and property of any nature appurtenant thereto, or used in connection therewith, and every estate, interest and right, legal or equitable, therein, including terms of years and liens by way of judgment, mortgage, or otherwise and the indebtedness secured by such liens;
(13) "Residential housing," a specific work or improvement within this state whether in single family or multifamily units undertaken primarily to provide dwelling accommodations including the acquisition, construction, or rehabilitation of land, buildings, and improvements thereto, and such other nonhousing facilities as may be incidental or appurtenant thereto, and also including day-care facilities;
(14) "Single family residential housing," residential housing consisting of not more than four dwelling units, all of which are contained in one structure and one of which is to be occupied by the owner; and
(15) "State," the State of South Dakota.
Source: SL 1973, ch 180, § 2; SDCL Supp, § 28-19-5; SL 1974, ch 195, § 7; SL 1983, ch 106, § 4E; SL 1995, ch 80, § 10; SL 2012, ch 78, § 1.
11-11-5.1. Repealed by SL 2012, ch 78, § 2.
11-11-6. Developments and projects subject to chapter.
As used in this chapter, housing development, or, housing project, means any work or undertaking, whether new construction or rehabilitation, including single family and multifamily residential housing, which is designed and financed pursuant to the provisions of this chapter for the primary purpose of providing sanitary, decent, and safe dwelling accommodations for persons and families in need of housing and further including day-care facilities. Such undertaking may include any buildings, land, equipment, facilities, or other real or personal properties which are necessary, convenient, or desirable in connection therewith, such as sewers, utilities, streets, parks, site preparation, landscaping and such stores, offices, and other nonhousing facilities such as administrative, community, health, recreational, educational, and welfare facilities as the authority determines to be necessary, convenient, or desirable.
Source: SL 1973, ch 180, § 2 (6); SDCL Supp, § 28-19-6; SL 1983, ch 106, § 4F; SL 1995, ch 80, § 11; SL 2012, ch 78, § 3.
11-11-7. Sponsors eligible under chapter.
As used in this chapter, housing sponsor, or, sponsor, means individuals, joint ventures, partnerships, limited partnerships, trusts, firms, associations, governmental agencies, or other legal entities or any combination thereof, corporations, cooperatives, and condominiums, approved by the authority as qualified either to own, construct, acquire, rehabilitate, operate, manage, or maintain a housing development or housing project, whether for profit, nonprofit, or organized for limited profit subject to the regulatory powers of the authority and other terms and conditions set forth in this chapter.
Source: SL 1973, ch 180, § 2 (8); SDCL Supp, § 28-19-7; SL 1995, ch 80, § 12; SL 2012, ch 78, § 4.
11-11-9. Costs covered by chapter.
As used in this chapter, unless the context otherwise requires, "housing development costs" means the sum total of all costs incurred in the development of a housing development or housing project which are approved by the authority as reasonable and necessary and which costs shall include, but are not necessarily limited to:
(1) Cost of land acquisition and any buildings thereon, including payments for options, deposits, or contracts to purchase properties on the proposed housing project or housing development site or payments for the purchase of such properties;
(2) Cost of site preparation, demolition, and development;
(3) Architectural, engineering, legal, accounting, authority, and other fees paid or payable in connection with the planning, execution, and financing of the housing development and the finding of an eligible mortgagee or mortgagees for such housing development;
(4) Costs of necessary studies, surveys, plans, and permits;
(5) Insurance, interest, financing, tax, and assessment costs and other operating and carrying costs during construction;
(6) Cost of construction, rehabilitation, reconstruction, fixtures, furnishings, equipment, machinery, apparatus, and similar facilities related to the real property;
(7) Cost of land improvements, including without limitation, landscaping and offsite improvements, whether or not such costs have been paid in cash or in a form other than cash;
(8) Necessary expenses in connection with initial occupancy of the housing development or housing project;
(9) A reasonable profit and risk fee in addition to job overhead to the general contractor and if applicable, to a limited profit or limited dividend housing sponsor;
(10) An allowance established by the authority for working capital and contingency reserves, and reserves for any anticipated operating deficits during the first two years of occupancy; and
(11) The cost of such other items, including tenant relocation, as the authority shall determine to be reasonable and necessary for the development of the housing development or housing project, less any and all net rents and other net revenues received from the operation of the real and personal property on the development site during construction.
Source: SL 1973, ch 180, § 2 (7); SDCL Supp, § 28-19-9.
11-11-10. Development authority established--Administrator of federal housing program.
There is hereby created and established a body politic and corporate with duties and powers as established in this chapter, to be known as the South Dakota Housing Development Authority to carry out the provisions of this chapter. The authority is hereby constituted an independent public instrumentality exercising essential public functions. Without limiting any other power or function of the authority established under this chapter, the authority shall be the sole, statewide designated state public housing agency authorized to administer the United States Department of Housing and Urban Renewal's Performance-Based Contract Administrator Program for the Administration of Project-Based Section 8 Housing Assistance Payments Contracts on a statewide basis throughout the state.
Source: SL 1973, ch 180, § 3; SDCL Supp, § 28-19-10; SL 2017, ch 67, § 1.
11-11-11. Reporting to Governor's Office of Economic Development.
The authority is attached to the Governor's Office of Economic Development for reporting purposes.
Source: SL 1979, ch 351, § 33; SDCL Supp, § 28-19-10.1; SL 2003, ch 272 (Ex. Ord. 03-1), § 50; SL 2011, ch 1 (Ex. Ord. 11-1), § 95, eff. Apr. 12, 2011.
11-11-12. Appointment of commissioners--Political affiliations.
The powers of the authority shall be vested in seven commissioners, who shall be residents of the state, to be appointed by the Governor. Not more than four of the commissioners may be of the same political party.
Source: SL 1973, ch 180, § 4; SDCL Supp, § 28-19-11; SL 1975, ch 186, § 1; SL 1980, ch 204, § 2; SL 2011, ch 74, § 1.
11-11-13. State officers and employees eligible as commissioners.
Notwithstanding the provisions of any other law, no officer or employee of this state shall be deemed to have forfeited or shall forfeit his office or employment by reason of his acceptance of membership on the authority or his service thereto.
Source: SL 1973, ch 180, § 7; SDCL Supp, § 28-19-12.
11-11-14. Corporate officers and employees eligible as commissioners--Abstention on conflict of interests.
Notwithstanding any other law to the contrary it shall not be or constitute a conflict of interest for a director, officer, or employee of any financial institution, investment banking firm, brokerage firm, commercial bank or trust company, architecture firm, insurance company, or any other firm, person, or corporation to serve as a member of the authority, provided such trustee, director, officer, or employee shall abstain from deliberation, action, and vote by the authority in each instance where the business affiliation of any such trustee, director, officer, or employee is involved.
Source: SL 1973, ch 180, § 11; SDCL Supp, § 28-19-13.
11-11-15. Terms of office of commissioners--Vacancy--Restrictions on reappointment.
The commissioners shall serve five-year terms, with no more than two commissioners appointed to any one term, with each term beginning July first and ending on June thirtieth. Each commissioner shall be appointed for a term ending five years from the date of expiration of the term for which his predecessor was appointed, except that a person appointed to fill a vacancy prior to the expiration of such a term shall be appointed for the remainder of the term. No commissioner appointed pursuant to this chapter by the Governor shall serve more than two consecutive full terms. Each commissioner shall hold office for the term of his appointment and until his successor shall have been appointed and qualified.
Source: SL 1973, ch 180, § 4; SDCL Supp, § 28-19-14; SL 1975, ch 186, § 2.
11-11-16. Surety bonds of commissioners and executive director--Blanket bond--Payment of cost.
Before entering into a commissioner's duties, each commissioner of the authority shall execute a surety bond in the penal sum of fifty thousand dollars and the executive director shall execute a surety bond in the penal sum of one hundred thousand dollars or, in lieu thereof, the chair of the authority shall execute a blanket bond or obtain an insurance policy covering each member, the executive director, and the employees or other officers of the authority, each surety bond and insurance policy to be conditioned upon the faithful performance of the duties of the office or offices covered, to be executed by a surety company or insurance company authorized to transact business in this state and to be approved by the attorney general and filed in the office of the secretary of state. The cost of each such bond or insurance policy shall be paid by the authority.
Source: SL 1973, ch 180, § 10; SDCL Supp, § 28-19-15; SL 2012, ch 78, § 5.
11-11-17. Removal of commissioner from office.
A commissioner shall be removed from office by the Governor for misfeasance, malfeasance, or willful neglect of duty or other cause after notice and public hearing unless such notice or hearing shall be expressly waived in writing.
Source: SL 1973, ch 180, § 4; SDCL Supp, § 28-19-16.
11-11-18. Officers of commissioners.
The commissioners shall elect from among their number a chairman and a vice-chairman annually and such other officers as they may determine.
Source: SL 1973, ch 180, § 5; SDCL Supp, § 28-19-17.
11-11-19. Meetings of commissioners--Quorum--Majority required for action.
Meetings shall be held at the call of the chairman or whenever two commissioners so request. Four commissioners of the authority shall constitute a quorum and any action taken by the authority under the provisions of this chapter may be authorized by resolution approved by a majority but not less than four of the commissioners present at any regular or special meeting. No vacancy in the membership of the authority shall impair the right of a quorum to exercise all the rights and perform all the duties of the authority.
Source: SL 1973, ch 180, § 5; SDCL Supp, § 28-19-18; SL 1975, ch 186, § 3.
11-11-20. Compensation of commissioners.
Commissioners shall receive compensation for the performance of their duties hereunder as established by the Legislature in accordance with § 4-7-10.4 from the funds of the authority.
Source: SL 1973, ch 180, § 6; SDCL Supp, § 28-19-19; SL 1977, ch 227.
11-11-21. Executive director--Appointment and duties--Other personnel.
The Governor shall appoint an executive director of the authority. The executive director shall serve at the pleasure of the Governor. The executive director is the secretary of the authority and shall administer, manage, and direct the affairs and business of the authority, subject to the policies, control, and direction of the commissioners. The commissioners may employ technical experts and such other officers, agents, and employees and fix their qualifications and duties. The commissioners may delegate to the executive director or to one or more of the authority's agents or employees such powers and duties as may be proper.
Source: SL 1973, ch 180, § 8; SDCL Supp, § 28-19-20; SL 1979, ch 351, § 34; SL 2012, ch 78, § 6.
11-11-22. Salaries.
The Governor shall set the salary of the executive director, who shall be paid from funds provided by the authority. The salaries of the other employees shall be approved by the executive director.
Source: SL 1979, ch 351, § 34; SDCL Supp, § 28-19-20.1; SL 2012, ch 78, § 7.
11-11-23. Benefits of state employees provided.
The executive director and employees of the authority shall be provided comparable employee benefits offered to state employees by chapters 3-6C, 3-6E, 3-10, 3-11, and 3-12C and for purposes of administration of this section, the executive director and employees of the authority shall be offered no other employee benefits. The compensation paid for terminated employees is limited to accrued vacation pay and sick leave as provided in chapter 3-6C.
For purposes of implementation of this section, the authority may grant a maximum of the vacation pay and sick pay consistent with what the employee would have earned had he been covered by chapter 3-6C since the start of employment with the authority.
Source: SL 1979, ch 185, § 2; SDCL Supp, § 28-19-20.2; SL 2012, ch 78, § 8.
11-11-24. Records maintained by secretary--Certified copies--Publication of resolutions.
The secretary shall keep a record of the proceedings of the authority and shall be custodian of all books, documents, and papers filed with the authority and of its minute book and seal. He shall have authority to cause to be made copies of all minutes and other records and documents of the authority and to give certificates under the seal of the authority to the effect that such copies are true copies and all persons dealing with the authority may rely upon such certificates. Resolutions of the authority need not be published or posted unless the authority shall so direct.
Source: SL 1973, ch 180, §§ 5, 9; SDCL Supp, § 28-19-21.
11-11-25. Powers of local commissions conferred upon authority--Approval by local governing body required--Cooperation with local commissions.
The authority shall, notwithstanding any section of chapter 11-7, act as a housing and redevelopment commission for the state and be granted the same functions, rights, powers, duties, privileges, immunities, and limitations as conferred upon housing and redevelopment commissions and their commissioners by chapter 11-7. However, the authority may operate as a housing and redevelopment commission in any municipality or county of the state, only on the condition that prior written approval of the governing body of the affected jurisdiction has been acquired. The authority may also cooperate with any existing municipal or county housing and redevelopment commission in securing additional housing through such means as each shall agree to be proper.
Source: SL 1973, ch 180, § 13; SDCL Supp, § 28-19-22; SL 1983, ch 106, § 4H; SL 2012, ch 78, § 9.
11-11-26. Power to carry out chapter.
The authority may carry out and effectuate the purposes and provisions of this chapter.
Source: SL 1973, ch 180, § 12; SDCL Supp, § 28-19-23; SL 2012, ch 78, § 10.
11-11-27. Power to sue and be sued--Seal--Perpetual succession--Office.
The authority may:
(1) Sue and be sued in its own name;
(2) Have an official seal and alter the same at pleasure;
(3) Have perpetual succession; and
(4) Maintain an office at such place or places within this state as it may designate.
Source: SL 1973, ch 180, § 12 (1) to (4); SDCL Supp, § 28-19-24; SL 2012, ch 78, § 11.
11-11-28. Consolidation of processing for developments and projects.
The authority may provide, contract, or arrange for consolidated processing of any aspect of a housing development or housing project in order to avoid duplication thereof by either undertaking such processing in whole or in part on behalf of any department, agency, or instrumentality of the United States or of this state, or, in the alternative, may delegate such processing in whole or in part to any such department, agency, or instrumentality of the United States or of this state.
Source: SL 1973, ch 180, § 12 (11); SDCL Supp, § 28-19-25; SL 2012, ch 78, § 12.
11-11-29. Policy favoring private business firms.
It is the intent of the Legislature that the authority shall, to the greatest extent possible, hire and utilize private business firms in the performance of its duties as authorized by this chapter.
Source: SL 1973, ch 180, § 12 (30); SDCL Supp, § 28-19-26.
11-11-30. Bylaws, rules, and regulations.
The authority may adopt and from time to time amend and repeal bylaws, rules, and regulations, not inconsistent with this chapter, to carry into effect the powers and purposes of the authority and the conduct of its business.
Source: SL 1973, ch 180, § 12 (5); SDCL Supp, § 28-19-27; SL 2012, ch 78, § 13.
11-11-31. Research and development.
The authority may conduct research and promote development in housing, building technology, and related fields.
Source: SL 1973, ch 180, § 12 (13); SDCL Supp, § 28-19-28; SL 2012, ch 78, § 14.
11-11-32. Repealed by SL 2012, ch 78, § 15.
11-11-33. Advice and technical assistance to developments, projects and residents.
The authority may provide advice, technical information, training and educational services, including assistance in obtaining federal and state aid, to assist the planning, construction, rehabilitation, and operation of housing developments and housing projects, including assistance in community development and organization, home management and advisory services for the residents of housing developments and housing projects and to encourage community organizations to assist in developing same.
Source: SL 1973, ch 180, § 12 (12); SDCL Supp, § 28-19-30; SL 1983, ch 106, § 4J; SL 2012, ch 78, § 16.
11-11-34. Cooperation with federal and other governmental agencies.
The authority may enter into agreements or other transactions with, administer programs of, and accept grants and the cooperation of, the United States or any agency or instrumentality thereof or of the state or any agency or instrumentality thereof or of any other state or any agency or instrumentality thereof in furtherance of the purposes of this chapter and to do any and all things necessary in order to avail itself of such aid and cooperation.
Source: SL 1973, ch 180, § 12 (8); SDCL Supp, § 28-19-31; SL 2012, ch 78, § 17; SL 2014, ch 44, § 3.
11-11-35. Repealed by SL 2012, ch 78, § 18.
11-11-36. Execution of necessary instruments.
The authority may make and execute contracts and all other instruments necessary or convenient for the exercise of its powers and functions under this chapter.
Source: SL 1973, ch 180, § 12 (6); SDCL Supp, § 28-19-33; SL 2012, ch 78, § 19.
11-11-37. Acceptance of legislative appropriations--Purposes to which applied.
The authority may accept such moneys as may be appropriated from time to time by the Legislature for effectuating its corporate purposes including, without limitation, the payment of the expenses of administration and operation and the establishment of reserves or contingency funds to be available for the payment of the principal of and the interest on any bonds, notes, or other obligations of the authority.
Source: SL 1973, ch 180, § 49; SDCL Supp, § 28-19-34; SL 2012, ch 78, § 20.
11-11-38. Annual informational budget required--Inclusion in Governor's budget report.
In addition to the reporting requirements imposed by § 11-11-181, the authority shall annually submit an informational budget to the Governor through the Bureau of Finance and Management in accordance with § 4-7-7.2. The informational budget submitted by the authority shall be submitted to the Legislature by the Governor in the budget report required by § 4-7-9.
Source: SL 1978, ch 213, § 1; SDCL Supp, § 28-19-34.1.
11-11-39. Acceptance of grants and contributions--Purposes to which applied.
The authority may receive and accept aid or contributions, from any source, of money, property, labor, or other things of value, to be held, used, and applied to carry out the purposes of this chapter subject to such conditions upon which such grants and contributions may be made, including gifts or grants from any agency or instrumentality of the United States or of this state for payment of rent supplements to eligible persons or families or for the payment in whole or in part of the interest expense for a housing development or housing project or for any other purpose consistent with this chapter.
Source: SL 1973, ch 180, § 12 (10); SDCL Supp, § 28-19-35; SL 2012, ch 78, § 21.
11-11-40. Residual powers of authority.
The authority shall have the power to do any and all things necessary or convenient to carry out its purposes and exercise the powers given and granted in this chapter.
Source: SL 1973, ch 180, § 12 (29); SDCL Supp, § 28-19-36.
11-11-41. Power to borrow and issue evidence of indebtedness.
The authority may borrow money and issue bonds and notes or other evidences of indebtedness as provided in this chapter.
Source: SL 1973, ch 180, § 12 (23); SDCL Supp, § 28-19-37; SL 2012, ch 78, § 22.
11-11-42. Financing, reserves, and incidental costs included in amounts borrowed.
The authority may include in any borrowing such amounts as may be deemed necessary by the authority to establish reserves and to pay financing charges, interest on the obligations for a period not exceeding three years from their date, consultant advisory and legal fees, and such other expenses as are necessary or incident to such borrowing.
Source: SL 1973, ch 180, § 12 (18); SDCL Supp, § 28-19-38; SL 1974, ch 195, § 2; SL 2012, ch 78, § 23.
11-11-43. Issuance of notes and bonds--Purposes for which used.
The authority may issue from time to time its negotiable notes and bonds in such principal amount as the authority shall determine to be necessary to provide sufficient funds for achieving its corporate purposes, including the payment of interest on notes and bonds of the authority, establishment of reserves to secure such notes and bonds including the reserve funds created pursuant to § 11-11-70, and all other expenditures of the authority incident to and necessary or convenient to carry out its corporate purposes and powers.
Source: SL 1973, ch 180, § 26; SDCL Supp, § 28-19-39; SL 1978, ch 20, § 8; SL 1979, ch 185, § 1; SL 1980, ch 204, § 3; SL 1987, ch 118, § 1.
11-11-44. Repealed by SL 2012, ch 78, § 24.
11-11-45. Qualified private activity bonds--Maximum aggregate principal amount.
The authority may issue qualified private activity bonds at any time during a fiscal year in the aggregate principal amount as determined by the authority, and (except for bonds issued for the purpose of renewing, paying, or refunding outstanding bonds and interest pursuant to § 11-11-50) as approved by the Governor. However, the aggregate principal amount of qualified private activity bonds issued in or with respect to any calendar year under § 11-11-47 may not exceed the principal amount of the state ceiling for qualified private activity bonds applicable to the State of South Dakota for any calendar year and allocated to the authority for any such calendar year pursuant to § 1-7-8 and the applicable executive order of the Governor.
Source: SL 1980, ch 204, § 4; SDCL Supp, § 28-19-39.2; SL 1981, ch 221, § 1; SL 1982, ch 214; SL 1983, ch 106, § 1; SL 1984, ch 106, § 1; SL 1985, ch 103, § 1; SL 1986, ch 113; SL 1987, ch 118, § 2; SL 2012, ch 78, § 25.
11-11-47. Authority as state issuing agency and housing credit agency.
The authority is an agency of the state which is an issuing authority within the meaning of § 146 of the Internal Revenue Code of 1986 and the State Housing Credit Agency within the meaning of § 42(h)(7)(A) of the Internal Revenue Code of 1986. The authority may administer the provisions of § 42 of the Internal Revenue Code of 1986.
Source: SL 1981, ch 221, § 2; SDCL Supp, § 28-19-39.4; SL 1984, ch 106, § 2; SL 1987, ch 118, § 3; SL 2012, ch 78, § 26.
11-11-48. Compliance with federal conditions for qualified mortgage bonds.
The authority may enter into all agreements and take any actions necessary to comply with all conditions set forth in § 143 of the Internal Revenue Code of 1986, for the issuance of qualified mortgage bonds as therein defined.
Source: SL 1981, ch 221, § 3; SDCL Supp, § 28-19-39.5; SL 1995, ch 80, § 13; SL 2012, ch 78, § 27.
11-11-49. Public debt not created by authority obligations--Statement on face of obligations.
Obligations issued under the provisions of this chapter shall not be deemed to constitute a debt or liability or obligation of the state or of any political subdivision thereof or a pledge of the faith and credit of the state or of any political subdivision thereof but shall be payable solely from the revenues or assets of the authority. Each obligation issued under this chapter shall contain on the face thereof a statement to the effect that the authority shall not be obligated to pay the same nor the interest thereon except from the revenues or assets pledged therefor and that neither the faith and credit nor the taxing power of the state or of any political subdivision thereof is pledged to the payment of the principal of or the interest on such obligation.
Source: SL 1973, ch 180, § 46; SDCL Supp, § 28-19-40.
11-11-50. Refunding of notes and bonds.
The authority shall have the power, from time to time, to issue:
(1) Notes to renew notes; and
(2) Bonds to pay notes
including the interest thereon and, whenever it deems refunding expedient, to refund any bonds by the issuance of new bonds, whether the bonds to be refunded have or have not matured, and to issue bonds partly to refund bonds then outstanding and partly for any of its corporate purposes.
Source: SL 1973, ch 180, § 27; SDCL Supp, § 28-19-41.
11-11-51. Consent of other public agencies not required for bonds or notes--Procedural requirements of other laws not applicable.
Bonds or notes may be issued under the provisions of this chapter without obtaining the consent of any department, division, commission, board, body, bureau, or agency of the state, and without any other proceedings or the happening of any conditions or things other than those proceedings, conditions, or things which are specifically required by this chapter and by the provisions of the resolution authorizing the issuance of such bonds or notes or the trust agreement securing the same.
Source: SL 1973, ch 180, § 33; SDCL Supp, § 28-19-42.
11-11-52. Terms of notes and bonds--Maturity--Form of instruments--Interest--Redemption--Sale.
The notes and bonds shall be authorized by resolutions of the authority, and shall bear such dates and shall mature at such times as such resolutions may provide. However, no bond may mature more than fifty years from the date of its issue. The bonds may be issued as serial bonds payable in annual installments or as term bonds or as a combination thereof. The notes and bonds shall bear interest at such rates, be in such denominations, be in such form, carry such registration privileges, be executed in such manner, be payable in such medium of payment, at such places within or without the state, and be subject to such terms of redemption as such resolutions may provide. The notes and bonds of the authority may be sold by the authority, at public or private sale, at such prices as the authority shall determine.
Source: SL 1973, ch 180, § 29; SDCL Supp, § 28-19-43; SL 2012, ch 78, § 28.
11-11-53. Notes and bonds as general obligations of authority--Exception.
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 holders of particular notes or bonds pledging any particular revenues.
Source: SL 1973, ch 180, § 28; SDCL Supp, § 28-19-44.
11-11-54. Bond resolution provisions--Contracts with bondholders.
Any resolutions authorizing any bonds or any issue thereof may contain any of the following provisions, each of which shall be a part of the contracts with the holders thereof:
(1) Pledging all or any part of the revenues of the authority to secure the payment of the bonds or of any issue thereof, subject to such agreements with bondholders as may then exist;
(2) Pledging all or any part of the assets of the authority, including mortgages and obligations securing the same, to secure the payment of the bonds or of any issue of bonds, subject to such agreements with bondholders as may then exist;
(3) Limiting the purpose to which the proceeds of sale of bonds may be applied and pledging such proceeds to secure the payment of the bonds or of any issue thereof;
(4) Limiting the issuance of additional bonds; the terms upon which additional bonds may be issued and secured; and the refunding of outstanding or other bonds;
(5) Regarding the use and disposition of the gross income from mortgages owned by the authority and payment of principal of mortgages owned by the authority;
(6) Limiting the amount of moneys to be expended by the authority for operating expenses of the authority;
(7) Regarding the setting aside of reserves or sinking funds and the regulation and disposition thereof;
(8) Regarding the procedure, if any, by which the terms of any contract with bondholders may be amended or abrogated, the amount of bonds the holders of which must consent thereto; and the manner in which such consent may be given;
(9) Vesting in a trustee such property, rights, powers, and duties in trust as the authority may determine, which may include any or all of the rights, powers, and duties of the trustee appointed by the bondholders pursuant to this chapter and limiting or abrogating the right of the bondholders to appoint a trustee under this chapter or limiting the rights, powers, and duties of such trustee;
(10) Defining the acts or omissions to act which constitute a default in the obligations and duties of the authority to the holders of the bonds and providing for the rights and remedies of the holders of the bonds in the event of such default, including as a matter of right the appointment of a receiver. However, the rights and remedies may not be inconsistent with the general laws of the state and the other provisions of this chapter; and
(11) Any other matters, of like or different character, which in any way affect the security or protection of the holders of the bonds.
Source: SL 1973, ch 180, § 30 (1); SDCL Supp, § 28-19-45; SL 2012, ch 78, § 29.
11-11-55 to 11-11-64. Repealed by SL 2012, ch 78, §§ 30 to 39.
11-11-65. Trust indenture to secure bonds--Contents--Expenses of trust indenture--Separate trustee not authorized.
In the discretion of the authority, the bonds may be secured by a trust indenture by and between the authority and a corporate trustee, which may be any trust company or bank having the power of a trust company within or without the state. Such trust indenture may contain such provisions for protecting and enforcing the rights and remedies of the bondholders as may be reasonable and proper and not in violation of law, including covenants setting forth the duties of the authority in relation to the exercise of its corporate powers and the custody, safeguarding, and application of all moneys. The authority may provide by such trust indenture for the payment of the proceeds of the bonds and the revenues to the trustee under such trust indenture or other depository, and for the method of disbursement thereof, with such safeguards and restrictions as it may determine. All expenses incurred in carrying out such trust indenture may be treated as a part of the operating expenses of the authority. If the bonds shall be secured by a trust indenture, the bondholders shall have no authority to appoint a separate trustee to represent them.
Source: SL 1973, ch 180, § 35; SDCL Supp, § 28-19-56.
11-11-66. Pledge binding when made--Attachment of lien.
Any pledge made by the authority shall be valid and binding from the time when the pledge is made. The revenues, moneys, or property so pledged and thereafter received by the authority shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act, and the lien of any such pledge shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise against the authority, irrespective of whether such parties have notice thereof.
Source: SL 1973, ch 180, § 31; SDCL Supp, § 28-19-57.
11-11-67. Continuing validity of signatures by commissioners or officers.
If any of the commissioners, executive director, or officers of the authority whose signatures appear on any bonds ceases to be such commissioners, executive director, or officers before the delivery of such bonds, such signatures are, nevertheless, valid and sufficient for all purposes, the same as if such directors or officers had remained in office until such delivery.
Source: SL 1973, ch 180, § 37; SDCL Supp, § 28-19-58; SL 2012, ch 78, § 40.
11-11-68. Repealed by SL 2012, ch 78, § 41.
11-11-69. Purpose of capital reserve fund requirements.
To assure the continued operation and solvency of the authority for the carrying out of its corporate purposes, provision is made in §§ 11-11-70 to 11-11-75, inclusive, for the accumulation in each capital reserve fund created thereunder of an amount equal to the maximum capital reserve fund requirement for such fund.
Source: SL 1973, ch 180, § 39; SDCL Supp, § 28-19-60.
11-11-70. Establishment of capital reserve funds--Moneys paid into funds.
The authority shall create and establish one or more special funds to be referred to in this chapter as capital reserve funds, and shall pay into each such capital reserve fund:
(1) Any moneys appropriated and made available by the state for the purpose of such fund;
(2) Any proceeds of sale of bonds, to the extent provided in the resolutions of the authority authorizing the issuance thereof; and
(3) Any other moneys which may be made available to the authority for the purpose of such fund from any other source or sources.
Source: SL 1973, ch 180, § 38; SDCL Supp, § 28-19-61; SL 2012, ch 78, § 42.
11-11-71. Amount required in capital reserve fund for each year.
For the purposes of §§ 11-11-72 to 11-11-75, inclusive, the term "maximum capital reserve fund requirement" shall mean, as of any particular date of computation, an amount of money, if provided in the resolution or resolutions of the authority authorizing the bonds secured in whole or in part by such fund, such amount as may be provided therein, but not more than, the greatest of the respective amounts, for the current or any future fiscal year of the authority, of annual debt service on the bonds of the authority secured in whole or in part by such fund, such annual debt service for any fiscal year being the amount of money equal to the aggregate of:
(1) All interest payable during such fiscal year on all bonds secured in whole or in part by such fund outstanding on the date of computation, plus
(2) The principal amount of all such bonds outstanding on such date of computation which mature during such fiscal year, plus
(3) All amounts specified in any resolution of the authority authorizing any such bonds as payable during such fiscal year as an annual debt service fund payment with respect to any of such bonds which mature after such fiscal year.
Source: SL 1973, ch 180, § 38; SDCL Supp, § 28-19-62; SL 1974, ch 195, § 6.
11-11-72. Valuation of securities held by capital reserve funds.
In computing the amount of the capital reserve funds for the purpose of §§ 11-11-71 to 11-11-75, inclusive, securities in which all or a portion of such funds shall be invested shall be valued at par or if purchased at less than par, at their cost to the authority.
Source: SL 1973, ch 180, § 38; SDCL Supp, § 28-19-63.
11-11-73. Transfer to other funds of capital reserve fund income.
Any income or interest earned by, or increment to, any capital reserve fund due to the investment thereof may be transferred by the authority to other funds or accounts of the authority to the extent it does not reduce the amount of such capital reserve fund below the maximum capital reserve fund requirement for such fund.
Source: SL 1973, ch 180, § 38; SDCL Supp, § 28-19-64.
11-11-74. Purposes to which moneys in reserve funds applied--Maintenance of required amount.
All moneys held in any capital reserve fund, except as provided in § 11-11-73, shall be used, as required, solely for the payment of the principal of bonds secured in whole or in part by such fund or of the debt service fund payments hereinafter mentioned with respect to such bonds, the purchase or redemption of such bonds, the payment of interest on such bonds, or the payment of any redemption premium required to be paid when such bonds are redeemed prior to maturity; provided, however, that moneys in any such fund shall not be withdrawn therefrom at any time in such amount as would reduce the amount of such fund to less than the maximum capital reserve requirement established for such fund as provided by § 11-11-71 except for the purpose of making with respect to bonds secured in whole or in part by such fund payments, when due, of principal, interest, redemption premiums, and the debt service fund payments mentioned in § 11-11-71 for the payment of which other moneys of the authority are not available.
Source: SL 1973, ch 180, § 38; SDCL Supp, § 28-19-65.
11-11-75. Deposit in reserve fund of bond proceeds necessary to maintain required amount.
The authority shall not at any time issue bonds secured in whole or in part by a capital reserve fund if upon the issuance of such bonds, the amount in such capital reserve fund will be less than the maximum capital reserve fund requirement for such fund, unless the authority at the time of issuance of such bonds shall deposit in such fund from the proceeds of the bonds so to be issued, or from other sources, an amount which together with the amount then in such fund, will not be less than the maximum capital reserve requirement for such fund.
Source: SL 1973, ch 180, § 38; SDCL Supp, § 28-19-66.
11-11-76. Annual budget estimate for restoration of capital reserve fund--Governor's budget--Deposit of appropriated funds.
The chairman of the authority shall annually submit through the Bureau of Finance and Management to the Governor, in accordance with § 4-7-7, a budget estimate stating the sum, if any, needed to restore the capital reserve fund to the maximum capital reserve fund requirement for such fund. If the chairman certifies a need to restore the capital reserve fund to its maximum requirement, the Governor shall submit a budget in accordance with § 4-7-9 including the sum required to restore the capital reserve fund to its maximum requirement. All sums appropriated and paid shall be deposited by the authority in the applicable capital reserve fund.
Source: SL 1973, ch 180, § 40; SDCL Supp, § 28-19-67; SL 1978, ch 214, § 1.
11-11-77. Other funds created by authority.
The authority shall create and establish such other fund or funds as may be necessary or desirable for its corporate purposes.
Source: SL 1973, ch 180, § 41; SDCL Supp, § 28-19-68.
11-11-78. Purchase of authority's own bonds--Cancellation--Resale.
The authority may, subject to any agreement with bondholders, purchase bonds of the authority out of any funds or money of the authority available therefor, and hold, cancel, or resell such bonds.
Source: SL 1973, ch 180, § 12 (19); SDCL Supp, § 28-19-69; SL 2012, ch 78, § 43.
11-11-79. Price of bonds repurchased for cancellation.
The authority, subject to such agreements with bondholders as may then exist, may, out of any funds available therefor, purchase bonds of the authority for cancellation. Upon such purchase the bonds shall be canceled, at a price not exceeding:
(1) If the bonds are then redeemable, the redemption price then applicable plus accrued interest to the next interest payment thereon; or
(2) If the bonds are not then redeemable, the redemption price applicable on the first date after such purchase upon which the bonds become subject to redemption plus accrued interest to such date.
Source: SL 1973, ch 180, § 34; SDCL Supp, § 28-19-70; SL 2012, ch 78, § 44.
11-11-80. Refunding obligations authorized--Application of provisions applicable to original obligations.
The authority may provide for the issuance of refunding obligations for the purpose of refunding any obligations then outstanding which have been issued under the provisions of this chapter, including the payment of any redemption premium thereon and any interest accrued or to accrue to the date of redemption of such obligations and for any corporate purpose of the authority. The issuance of such obligations, the maturities and other details thereof, the rights of the holders thereof, and the rights, duties, and obligations of the authority in respect of the same shall be governed by the provisions of this chapter which relate to the issuance of obligations, insofar as such provisions may be appropriate therefor.
Source: SL 1973, ch 180, § 42; SDCL Supp, § 28-19-71.
11-11-81. Sale or exchange of refunding obligations--Investment of proceeds pending redemption of original obligations.
Refunding obligations issued as provided in § 11-11-80 may be sold or exchanged for outstanding obligations issued under this chapter and, if sold, the proceeds thereof may be applied, in addition to any other authorized purposes, to the purchase, redemption, or payment of such outstanding obligations. Pending the application of the proceeds of any such refunding obligations, with any other available funds, to the payment of the principal, accrued interest, and any redemption premium on the obligations being refunded, and, if so provided or permitted in the resolution authorizing the issuance of such refunding obligations or in the trust agreement securing the same, to the payment of any interest on such refunding obligations and any expenses in connection with such refunding, such proceeds may be invested in direct obligations of, or obligations the principal of and the interest on which are unconditionally guaranteed by the United States of America which shall mature or which shall be subject to redemption by the holders thereof, at the option of such holders, not later than the respective dates when the proceeds, together with the interest accruing thereon, will be required for the purposes intended.
Source: SL 1973, ch 180, § 43; SDCL Supp, § 28-19-72.
11-11-82. Compliance with certain other state laws not required.
The issuance of bonds and the refunding of bonds under the provisions of this chapter need not comply with the requirements of any other state law applicable to the issuance of bonds or other obligations. Contracts for the construction and acquisition of any housing developments undertaken pursuant to this chapter need not comply with the provisions of any other state law applicable to contracts for the construction and acquisition of state owned property. No proceedings, notice, or approval are required for the issuance of any bonds or any instrument as security therefor, except as provided in this chapter.
Source: SL 1973, ch 180, § 51; SDCL Supp, § 28-19-73; SL 2012, ch 78, § 45.
11-11-83. Appointment of trustee by bondholders after authority default.
If the authority defaults in the payment of principal or of interest on any bonds issued under this chapter after the bonds become due, whether at maturity or upon call for redemption, and such default continues for a period of thirty days, or if the authority fails or refuses to comply with the provisions of this chapter, or defaults in any agreement made with the holders of an issue of bonds of the authority, the holders of twenty-five percent in aggregate principal amount of the bonds of such issue then outstanding, by instruments filed in the Office of the Secretary of State and proved or acknowledged in the same manner as a deed to be recorded, may appoint a trustee to represent the holders of such bonds for the purposes provided in § 11-11-84.
Source: SL 1973, ch 180, § 44; SDCL Supp, § 28-19-74; SL 2012, ch 78, § 46.
11-11-84. Enforcement of bondholders' rights.
A trustee appointed pursuant to § 11-11-83 may, and upon written request of the holders of fifty percent in principal amount of such bonds then outstanding shall, in the holder's own name, enforce all rights of the bondholders, including the right to:
(1) Require the authority to collect interest and amortization payments on the mortgages held by it adequate to carry out any agreement as to, or pledge of, such interest and amortization payments;
(2) Require the authority to carry out any other agreements with the holders of such bonds and to perform its duties under this chapter;
(3) Collect and enforce the payment of principal of and interest due or becoming due on loans to mortgage lenders and collect and enforce any collateral securing such loans or sell such collateral;
(4) Declare all such bonds due and payable, and if all defaults shall be made good, then with the consent of the holders of fifty percent of the principal amount of such bonds then outstanding, annul such declaration and its consequences, provided that before declaring the principal of bonds due and payable, the trustee shall first give thirty days' notice in writing to the Governor, to the authority, and to the attorney general of the state;
(5) Bring suit upon all or any part of such bonds;
(6) By action or suit, enjoin any acts or things which may be unlawful or in violation of the rights of the holders of such bonds, and require the authority to account as if it were the trustee of an express trust for the holders of such bonds; and
(7) In addition to the foregoing subdivisions, have and possess all the powers necessary or appropriate for the exercise of any functions specifically set forth in this section or incident to the general representation of bondholders in the enforcement and protection of their rights.
Source: SL 1973, ch 180, § 44 (1); SDCL Supp, § 28-19-75; SL 2012, ch 78, § 47.
11-11-85 to 11-11-90. Repealed by SL 2012, ch 78, §§ 48 to 53.
11-11-91. Circuit court jurisdiction of proceedings by trustee.
The circuit court has jurisdiction of any suit, action, or proceeding by the trustee on behalf of bondholders.
Source: SL 1973, ch 180, § 44; SDCL Supp, § 28-19-82; SL 2012, ch 78, § 54.
11-11-92. Repealed by SL 2012, ch 78, § 55.
11-11-93. State pledge to bondholders.
The state hereby pledges to and agrees with the holders of any bonds issued under this chapter that the state will not limit or alter the rights hereby vested in the authority to fulfill the terms of any agreements made with the holders thereof or in any way impair the rights and remedies of the holders until the bonds, together with the interest thereon, with interest on any unpaid installments of interest, and all costs and expenses in connection with any action or proceeding by or on behalf of such holders, are fully met and discharged. The authority may include this pledge and agreement of the state in any agreement with the holders of the bonds.
Source: SL 1973, ch 180, § 45; SDCL Supp, § 28-19-84; SL 2012, ch 78, § 56.
11-11-94. Commissioners and executive director not personally liable.
Neither the commissioners or executive director of the authority nor any other person executing such bonds is subject to any personal liability or accountability by reason of the issuance of such bonds.
Source: SL 1973, ch 180, § 32; SDCL Supp, § 28-19-85; SL 2012, ch 78, § 57.
11-11-95. Negotiability of bonds.
Whether or not the bonds are of the form and character as to be negotiable instruments under the terms of the South Dakota Uniform Commercial Code, the bonds are hereby made negotiable instruments within the meaning of and for all the purposes of the South Dakota Uniform Commercial Code, subject only to the provisions of the bonds for registration.
Source: SL 1973, ch 180, § 36; SDCL Supp, § 28-19-86; SL 2012, ch 78, § 58.
11-11-96. Securities regulation--Bonds treated as securities of state instrumentality.
For the purposes of chapter 47-31B, bonds issued by the authority are deemed to be securities issued by a public instrumentality of the State of South Dakota.
Source: SL 1973, ch 180, § 50; SDCL Supp, § 28-19-87; SL 1989, ch 30, § 33; SL 2004, ch 278, § 59.
11-11-97. Bonds as legal investments for financial institutions and fiduciaries.
The state and all counties, municipalities, villages, and other municipal corporations, political subdivisions and public bodies, and public officers of any thereof, all banks, bankers, trust companies, savings banks and institutions, building and loan associations, savings and loan associations, and all personal representatives, guardians, trustees, and other fiduciaries may legally invest any debt service funds, moneys or other funds belonging to them or within their control in any bonds issued pursuant to this chapter. The bonds may be deposited or segregated in lieu of surety bonds to secure deposits of any public funds, as provided in § 4-6A-3 and any other law relating to the securing of public deposits.
Source: SL 1973, ch 180, § 47; SDCL Supp, § 28-19-88; SL 1974, ch 195, § 8; SL 1992, ch 60, § 2; SL 2012, ch 78, § 59.
11-11-97.1. Authority may contract to manage payment or interest rate risk for bonds.
The authority may enter into any contract that the authority determines necessary or appropriate to manage payment or interest rate risk for bonds issued pursuant to this chapter, the investment of proceeds, or other funds of the authority. The contracts may include: interest rate exchange agreements; contracts providing for payment or receipt of funds based on levels of or changes in interest rates; contracts to exchange cash flows or series of payments; or contracts incorporating interest rate caps, collars, floors, or locks.
Source: SL 2003, ch 10, § 5.
11-11-98. Investment of authority funds.
The authority may, subject to any agreement with bondholders, invest moneys of the authority, including proceeds from the sale of any bonds, in:
(1) Direct obligations of or obligations guaranteed as to principal and interest by the United States of America or the State of South Dakota;
(2) Bonds, notes, or other obligations issued by the government national mortgage association, any federal land bank, bank for cooperatives, federal intermediate credit banks, or any or all of the federal farm credit banks, the federal home loan bank system, the federal home loan mortgage corporation, or the federal national mortgage association, or any other federal entity to which similar powers have been granted;
(3) Negotiable or nonnegotiable certificates of deposit issued by any bank as defined in subdivision 51A-1-2(2) or any federally chartered bank located within the state which is insured by the Federal Deposit Insurance Corporation, if then in existence;
(4) Any other obligations of the state or of the United States of America or any agency or instrumentality of either thereof which may then be purchased with funds belonging to the state or held in the state treasury; or
(5) Such securities and deposit accounts as are permissible for the investment of state public funds by the state investment officer under the provisions of § 4-5-26.
Source: SL 1973, ch 180, § 12 (17); SDCL Supp, § 28-19-89; SL 1974, ch 195, § 1; SL 1979, ch 37, § 5; SL 2012, ch 78, § 60.
11-11-99. Repealed by SL 2012, ch 78, § 61.
11-11-100. Acquisition and disposition of property.
The authority may acquire real or personal property, or any interest therein, on either a temporary or long-term basis in the authority's own name by gift, purchase, transfer, foreclosure, lease, or otherwise, including rights or easements in real property; hold, sell, assign, lease, encumber, mortgage, or otherwise dispose of any real or personal property or any interest therein; hold, sell, assign, or otherwise dispose of any mortgage lien interest owned by the authority or under the authority's control, custody, or in the authority's possession; and release or relinquish any right, title, claim, lien, interest, easement, or demand however acquired, including any equity or right of redemption in property foreclosed by the authority and do any of the foregoing by public or private sale, with or without public bidding, notwithstanding the provisions of any other law.
Source: SL 1973, ch 180, § 12 (7); SDCL Supp, § 28-19-91; SL 2012, ch 78, § 62.
11-11-101. Exemption of authority from taxes, recording fees and transfer taxes.
The exercise of the powers granted by this chapter will be in all respects for the benefit of the people of the state, for their well being and prosperity and for the improvement of their social and economic conditions, and the authority shall not be required to pay any tax or assessment of any kind on any property owned by the authority under the provisions of this chapter or upon the income therefrom; nor shall the authority be required to pay any recording fee or transfer tax of any kind on account of instruments recorded by it or on its behalf.
Source: SL 1973, ch 180, § 50; SDCL Supp, § 28-19-92.
11-11-102. Contracts--Mortgage loans--Foreclosure.
The authority, to carry out and effectuate the purposes and provisions of this chapter, may:
(1) Contract for services with architects, engineers, attorneys, accountants, housing construction and financial experts, and other advisers, consultants, and agents and to fix their compensation;
(2) Renegotiate, refinance or foreclose, or contract for the foreclosure of, any mortgage in default; waive any default or consent to the modification of the terms of any mortgage; commence any action to protect or enforce any right conferred upon the authority by any law, mortgage, contract, or other agreement, and bid for and purchase such property at any foreclosure or at any other sale, or acquire or take possession of any such property; operate, manage, lease, dispose of, and otherwise deal with such property, in such manner as may be necessary to protect the interests of the authority and the holders of its bonds;
(3) Make and execute contracts with mortgage bankers, other financial institutions, or government agencies in this state, or outside this state if none which are qualified are located within this state, for the servicing of mortgages acquired by the authority pursuant to this chapter, and pay the reasonable value of services rendered to the authority pursuant to those contracts;
(4) Consent to any modification with respect to rate of interest, time and payment of any installment of principal or interest, security, or any other term of any contract, mortgage, mortgage loan, mortgage loan commitment, contract, or agreement of any kind to which the authority is a party, subject to any agreement with bondholders;
(5) Insure or guarantee mortgage loans made by federally or state chartered banks or savings and loan associations or other mortgage lenders approved by the authority to eligible housing sponsors upon such terms and conditions as the authority deems necessary, including without limitation the maximum amount which may be insured or guaranteed, maximum interest rates, down payment requirements, refinancing terms, insurance or guaranty premium requirements, and remedies on default or foreclosure;
(6) Procure insurance against any loss in connection with the authority's property and other assets, including mortgages and mortgage loans, in such amounts and from such insurers as the authority deems desirable;
(7) Make and undertake to make any and all contracts and agreements, including the payment of fees, with mortgage bankers and other financial institutions in this state for assistance rendered the authority in the location of eligible mortgagees and other sponsors of housing developments;
(8) Make, undertake commitments to make, and participate in the making of mortgage loans, including without limitation federally insured mortgage loans and to make temporary mortgage loans and advances in anticipation of permanent mortgage loans to be made by the authority or other mortgage lenders to housing sponsors; and
(9) Make, undertake commitments to make, and participate in the making of mortgage loans to persons who may purchase residential housing, including without limitation persons and families who are eligible or potentially eligible for federally insured mortgaged loans or federal mortgage loans. The loans shall be made only after a determination by the authority that mortgage loans are not otherwise available, wholly or in part, from private lenders upon reasonably equivalent terms and conditions. However, such determination does not require that persons or families receiving such loans have been refused a loan by a private mortgage lender.
Source: SL 1973, ch 180, § 12 (15); SDCL Supp, § 28-19-93; SL 2012, ch 78, § 63; SL 2014, ch 44, § 4.
11-11-103 to 11-11-108. Repealed by SL 2012, ch 78, §§ 64 to 69.
11-11-110 to 11-11-112. Repealed by SL 2012, ch 78, §§ 70 to 72.
11-11-114. Confidentiality of applications and financial information.
All applications for a mortgage under the single-family homeownership program, and all financial statements, income statements, income tax returns, and other information, if any, required to accompany such applications under regulations of the authority shall be confidential, except for official purposes in the same manner and subject to the same penalty for unlawful disclosure as are provided for tax returns in §§ 10-1-28.1 to 10-1-28.9, inclusive.
Source: SL 1980, ch 204, § 9; SDCL Supp, § 28-19-102.3; SL 1983, ch 106, § 4Q.
11-11-115. Applications--Signatures and certification required--Perjury.
Each application submitted to the authority shall be signed by the applicant and by an officer of the originating mortgage lender and shall certify under oath subject to penalties for perjury that all material facts have been disclosed to the best of the knowledge of the signatories. Allegations of perjury in such cases shall be referred by the authority to the attorney general for investigation and prosecution.
Source: SL 1980, ch 204, § 10; SDCL Supp, § 28-19-102.4.
11-11-116. Repealed by SL 2012, ch 78, § 73.
11-11-117. Construction to be substantially completed, or final insurance or guarantee certificate issued before loan disbursed.
The authority may not disburse a loan for the acquisition of a homeownership housing unit until construction is substantially complete or the final insurance or guarantee certificate has been issued.
Source: SL 1980, ch 204, § 17; SDCL Supp, § 28-19-102.6; SL 1981, ch 221, § 4; SL 1995, ch 80, § 17.
11-11-118. Additional lending powers of authority.
The authority shall have all the powers necessary or convenient to carry out and effectuate the purposes and provisions of this chapter, including the powers set forth in §§ 11-11-119 to 11-11-135, inclusive, in addition to others herein granted.
Source: SL 1973, ch 180, § 17; SDCL Supp, § 28-19-103.
11-11-119. Purchase of mortgages from mortgage lenders.
The authority may invest in, purchase or make commitments to purchase, and take assignments from mortgage lenders, of notes and mortgages evidencing loans for the construction, rehabilitation, purchase, leasing, or refinancing of housing in this state.
Source: SL 1973, ch 180, § 17 (1); SDCL Supp, § 28-19-104; SL 1983, ch 106, § 4S; SL 2012, ch 78, § 74.
11-11-120. Purchase of securities from mortgage lenders.
The authority may, pursuant to this section but not subject to other provisions of this chapter, purchase or commit to purchase securities from mortgage lenders if:
(1) Payment of the securities are guaranteed or insured by an agency or instrumentality of the United States government, subject to any limit on the amount of the beneficial interest of any single entity which is so guaranteed or insured under federal law or regulation, or insured by an insurance company qualified to write such insurance in the state, insuring not less than twenty percent of the security evidencing an interest in mortgage loans; and
(2)(a) The securities evidence an interest in, or are payable from, mortgage loans for residential housing; or
(b) The securities are a debt obligation of the mortgage lenders and the proceeds of the securities or their equivalent are required to be reinvested in mortgage loans for residential housing, or invested in short term obligations pending the reinvestment in such mortgage loans.
Source: SL 1974, ch 195, § 4; SDCL Supp, § 28-19-104.1; SL 1983, ch 106, § 2.
11-11-121. Repealed by SL 2012, ch 78, § 75.
11-11-122. Loans to mortgage lenders for new residential mortgages.
The authority may make loans to mortgage lenders under terms and conditions requiring the proceeds to be used by such mortgage lenders for the making of new residential mortgages.
Source: SL 1973, ch 180, § 17 (2); SDCL Supp, § 28-19-105; SL 2012, ch 78, § 76.
11-11-123. Requirements for transactions with mortgage lenders.
Terms and conditions of the purchase and sale to mortgage lenders of mortgage loans and loans to mortgage lenders, shall be as set forth in § 11-11-124.
Source: SL 1973, ch 180, § 20; SDCL Supp, § 28-19-106.
11-11-124. Eligibility of obligations purchased from mortgage lenders for purchase or purchase commitment--Criteria.
No obligation purchased from a mortgage lender, other than an obligation purchased from or guaranteed by an agency or instrumentality of the United States government, shall be eligible for purchase or commitment to purchase by the authority under § 11-11-119 unless at or before the time of transfer thereof to the authority such mortgage lender certifies:
(1) That in its judgment the loan would in all respects be a prudent investment for its own account; and
(2) That the mortgage loans transferred to the authority are for residential housing within South Dakota; or
(3) That the proceeds of sale or its equivalent shall be reinvested in residential mortgages within the State of South Dakota, or invested in short-term obligations pending the purchase of such residential mortgages.
Source: SL 1973, ch 180, § 20 (1); SDCL Supp, § 28-19-107; SL 1974, ch 195, § 5; SL 1983, ch 106, § 4U.
11-11-126 to 11-11-133. Repealed by SL 2012, ch 78, §§ 77 to 84.
11-11-134. Purchase of federally insured housing mortgages.
The authority may make commitments to purchase, and purchase, service, and sell federally insured mortgages and make loans directly upon the security of any such mortgage, if the underlying mortgage loans have been made and continue to be used solely to finance or refinance the construction, rehabilitation, purchase, or leasing of residential housing in this state.
Source: SL 1973, ch 180, § 17 (3); SDCL Supp, § 28-19-115; SL 1983, ch 106, § 4Z; SL 2012, ch 78, § 85.
11-11-135. Sale or transfer of mortgage loan or obligation.
The authority may sell or otherwise dispose of, at public or private sale, with or without public bidding, or assign or transfer, any mortgage loan or other obligation held by the authority, including, without limitation, the transfer of a mortgage loan or other obligation to any trust or other legal entity and the receipt of ownership interests therein.
Source: SL 1973, ch 180, § 17 (4); SDCL Supp, § 28-19-116; SL 2012, ch 78, § 86.
11-11-136. Repealed by SL 2012, ch 78, § 87.
11-11-137. Court actions to enforce loans or protect the public interest--Foreclosure.
The authority may institute any action or proceeding against any housing sponsor or persons and families receiving a loan pursuant to the provisions of this chapter, or owning any housing development or housing project pursuant to the provisions of this chapter in any court of competent jurisdiction in order to enforce the provisions of this chapter or the terms and provisions of any agreement or contract between the authority and such recipients of loans under the provisions of this chapter, or to foreclose its mortgage, or to protect the public interest, the occupants of the housing development, or the stockholders or creditors of such sponsor.
Source: SL 1973, ch 180, § 14 (5); SDCL Supp, § 28-19-118; SL 1983, ch 106, § 4AA; SL 2012, ch 78, § 88.
11-11-138. Receiver appointed to safeguard authority's loan.
In connection with any action or proceeding pursuant to § 11-11-137, the authority may apply for the appointment of a receiver to take over, manage, operate, and maintain the affairs of such housing sponsor, and the authority through such agent as it shall designate is hereby authorized to accept the appointment of such receiver of any such sponsor when so appointed by a court of competent jurisdiction.
Source: SL 1973, ch 180, § 14 (5); SDCL Supp, § 28-19-119.
11-11-139. Reorganization of housing sponsor subject to control by authority.
In the event of the reorganization of any housing sponsor, such reorganization shall be subject to the supervision and control of the authority, and no such reorganization shall be had without the prior written consent of the authority.
Source: SL 1973, ch 180, § 15; SDCL Supp, § 28-19-120.
11-11-140. Notice to authority before sale of real property on judgment against housing sponsor--Protective steps taken by authority.
In the event of a judgment against any housing sponsor in any action not pertaining to the foreclosure of a mortgage, there shall be no sale of any of the real property included in any housing development hereunder of such housing sponsor except upon sixty days' written notice to the authority. Upon receipt of such notice the authority shall take such steps as in its judgment may be necessary to protect the rights of all parties.
Source: SL 1973, ch 180, § 16; SDCL Supp, § 28-19-121.
11-11-141. Promulgation of rules regarding borrowers, admission of occupants, and ancillary commercial facilities.
The authority may promulgate rules pursuant to this chapter, regarding the definition of persons and families of low and moderate income, the regulation of borrowers, the admission of occupants to housing developments pursuant to this chapter, and the construction of ancillary commercial facilities.
Source: SL 1973, ch 180, § 14 (3); SDCL Supp, § 28-19-122; SL 1985, ch 103, § 2; SL 2012, ch 78, § 89.
11-11-142, 11-11-143. Repealed by SL 2012, ch 78, §§ 90, 91.
11-11-144. Provisions governing loans and other financing to sponsors of multifamily units and day-care facilities.
Mortgage loans and other financing made by the authority to housing sponsors of multifamily residential housing units and sponsors of day-care facilities shall be subject to the terms and conditions set forth in §§ 11-11-148 to 11-11-161, inclusive, as applicable.
Source: SL 1973, ch 180, § 19; SDCL Supp, § 28-19-125; SL 1995, ch 80, § 18.
11-11-145 to 11-11-147. Repealed by SL 2012, ch 78, §§ 92 to 95.
11-11-148. Loans restricted to sponsors meeting statutory definition.
No application for a loan for a housing development shall be processed unless the applicant is a housing sponsor as defined in § 11-11-7.
Source: SL 1973, ch 180, § 19 (1); SDCL Supp, § 28-19-126.
11-11-149. Amount and amortization period of FHA loans.
The ratio of loan to total housing development cost and the amortization period of loans made under this chapter which are insured by the Federal Housing Administration (FHA) shall be governed by the FHA mortgage insurance commitment for each housing development; but in no event shall such amortization period exceed fifty years.
Source: SL 1973, ch 180, § 19 (2); SDCL Supp, § 28-19-127.
11-11-150. Amount and amortization of non-FHA loans.
In the case of a mortgage loan not insured by FHA the amount of the loan may not exceed one hundred percent of the total housing development cost as determined by the authority and the amortization period of such loan shall be determined in accordance with regulations formulated and published by the authority; but in no event may such amortization period exceed fifty years. If the mortgage loan provided by the authority is subordinated to mortgage loans made by other lenders to finance the multifamily residential housing project or day-care facility, the foregoing limitation shall be applied to the aggregate of mortgage financing provided from all sources.
Source: SL 1973, ch 180, § 19 (2); SDCL Supp, § 28-19-128; SL 1995, ch 80, § 20.
11-11-151. Terms and form of loans or other financing--Investment in multifamily residential housing projects and day-care facilities.
Each mortgage loan made or other financing provided by the authority shall contain such terms and provisions and be in such form as approved by the authority. With respect to multifamily residential housing projects and day-care facilities, the authority may also assist the development of such housing projects and day-care facilities by investing as a limited partner or shareholder in the housing sponsor upon such terms and conditions as the authority determines.
Source: SL 1973, ch 180, § 19 (6); SDCL Supp, § 28-19-129; SL 1995, ch 80, § 21; SL 2012, ch 78, § 96.
11-11-152. Interest rates on which loans made--Additional charges.
The authority shall have authority to set from time to time the interest rates at which it shall make loans and commitments therefor. Such interest rates shall be established by the authority at the lowest level consistent with the authority's cost of operation and its responsibilities to the holders of its bonds, bond anticipation notes, and other obligations. In addition to such interest charges, the authority may make and collect such fees and charges, including but not limited to reimbursement of the authority's financing costs, service charges, insurance premiums, and mortgage insurance premiums, as the authority determines to be reasonable.
Source: SL 1973, ch 180, § 19 (4); SDCL Supp, § 28-19-130.
11-11-154. Repealed by SL 2012, ch 78, § 97.
11-11-155. Surety bonds and other assurances of payment and performance.
If the authority is providing mortgage financing, the authority shall require the housing sponsor receiving a loan or its contractor to post surety bonds or other assurances of payment of labor and materials, and construction performance in such amounts as the authority may deem necessary and to execute such other assurances and guarantees as the authority may deem necessary.
Source: SL 1973, ch 180, § 19 (6); SDCL Supp, § 28-19-133; SL 1995, ch 80, § 23; SL 2012, ch 78, § 98.
11-11-156 to 11-11-160. Repealed by SL 2012, ch 78, §§ 99 to 103.
11-11-161. Conditions of mortgage loan or other financing.
As a condition of a mortgage loan or other financing, the authority may, at all times during the construction or rehabilitation of a housing development or housing project by a housing sponsor and the operation thereof:
(1) Order such alterations, changes, or repairs as may be necessary to protect the security of the authority's investment in a housing development or the health, safety, and welfare of the occupants thereof and ensure that the housing development is or has been constructed or rehabilitated in conformity with all applicable federal, state, and local building codes; and
(2) Order any managing agent, housing development manager, or owner of a housing development to do such acts as may be necessary to comply with the provisions of all applicable laws, ordinances or building codes or any rule or regulation of the authority or the terms of any agreement concerning the development or refrain from doing any acts in violation thereof and in this regard the authority is a proper party to file a complaint and to prosecute on the complaint for any violations of laws, ordinances, or building codes as set forth in this section.
Source: SL 1973, ch 180, § 19 (8) (b); SDCL Supp, § 28-19-139; SL 1995, ch 80, § 29; SL 2012, ch 78, § 104.
11-11-162. Repealed by SL 2012, ch 78, § 105.
11-11-163. Supervision of multifamily residential housing units and day-care facilities.
The authority, in the supervision of housing sponsors of multifamily residential housing units and day-care facilities and their real and personal property, may:
(1) Prescribe uniform systems of accounts and records for housing sponsors;
(2) Require housing sponsors to make reports and give answers to specific questions on such forms and at such times as may be prescribed by the authority;
(3) Examine all books and records with reference to capital structure, income, expenditures, and other payments of a housing sponsor;
(4) Pay to the authority such fees as the authority may prescribe in connection with the examination, inspection, supervision, auditing, or other regulation of the housing sponsor;
(5) Enter upon and inspect the lands, buildings, and equipment of a housing sponsor, including all parts thereof;
(6) Supervise the operation and maintenance of any such housing development or housing project and order such repairs as may be necessary to protect the public interest or the health, welfare, or safety of the occupants;
(7) Fix and alter from time to time a schedule of rents and charges for any such housing development; and
(8) Require any housing sponsor to pay to the authority such fees as it may prescribe in connection with the examination, inspection, supervision, auditing, or other regulation of the housing sponsor.
Source: SL 1973, ch 180, § 18 (1); SDCL Supp, § 28-19-141; SL 1995, ch 80, § 31; SL 2012, ch 78, § 106.
11-11-164 to 11-11-166. Repealed by SL 2012, ch 78, §§ 107 to 109.
11-11-168, 11-11-169. Repealed by SL 2012, ch 78, §§ 110, 111.
11-11-175 to 11-11-178. Repealed by SL 2012, ch 78, §§ 112 to 115.
11-11-179. Retirement and redemption of investments in sponsor of multifamily units and day-care facilities.
The authority shall have the power, in the supervision of housing sponsors of multifamily residential housing units and day-care facilities and their real and personal property, to regulate the retirement of any capital investment or the redemption of stock where any such retirement or redemption when added to any dividend or other distribution shall exceed in any one fiscal year such percentage as may be determined by rules and regulations of the authority or as specified in the agreement between the authority and the housing sponsor of the original face amount of any investment or equity in any housing sponsor. Projects whose rents or income limits applicable to project residents are established, subsidized or regulated by federal law, or whose loans are insured or guaranteed by the federal government shall be subject to an agreement between the authority and the housing sponsor which will subject said sponsor and its principals or stockholders, if any, to those limitations established by federal law, or such lower limitation as shall be prescribed by the authority, in regulating the retirement of any capital investment or the redemption of stock of the original face amount of any investment or equity in any housing sponsor.
Source: SL 1973, ch 180, § 18 (8); SDCL Supp, § 28-19-157; SL 1992, ch 105, § 4; SL 1995, ch 80, § 39; SL 2021, ch 60, § 1.
11-11-180. General power to make rules and regulations.
The authority shall have the power, as necessary or convenient to carry out and effectuate the purposes and provisions of this chapter, to make and publish rules and regulations respecting its lending programs and such other rules and regulations as are necessary to effectuate its corporate purposes.
Source: SL 1973, ch 180, § 12 (20); SDCL Supp, § 28-19-158.
11-11-181. Annual report by authority to Governor and Legislature.
The authority shall submit to the Governor and the Legislature within one hundred fifty days of the close of its fiscal year a complete and detailed report setting forth:
(1) Its operations and accomplishments;
(2) Its receipts and expenditures during the fiscal year in accordance with the categories or classifications established by the authority for its operating and capital outlay purposes;
(3) Its assets and liabilities at the end of its fiscal year, including a schedule of its mortgage loans and commitments and the status of reserve, special, or other funds; and
(4) A schedule of its notes and bonds outstanding at the end of its fiscal year, together with a statement of the amounts redeemed and incurred during the fiscal year.
Source: SL 1973, ch 180, § 48; SDCL Supp, § 28-19-159; SL 2003, ch 79, § 1.
11-11-182. Annual audit of authority.
Notwithstanding any other provision of law, the authority shall be audited annually by a certified public accountant approved by, and under the direction of, the auditor general and any such private audit shall be filed with the Department of Legislative Audit upon completion.
Source: SL 1978, ch 20, § 10; SDCL Supp, § 28-19-159.1; SL 2012, ch 78, § 116.
11-11-183. Chapter cumulative and supplemental to other laws.
Neither this chapter nor anything herein contained is or shall be construed as a restriction or limitation upon any powers which the authority might otherwise have under any laws of this state, and this chapter is cumulative to any such powers. This chapter does and shall be construed to provide a complete, additional, and alternative method for the doing of the things authorized thereby and shall be regarded as supplemental and additional to powers conferred by other laws.
Source: SL 1973, ch 180, § 51; SDCL Supp, § 28-19-160.
11-11-184. Chapter controlling over other laws.
Insofar as the provisions of this chapter are inconsistent with the provisions of any other law, general, special, or local, the provisions of this chapter shall be controlling.
Source: SL 1973, ch 180, § 52; SDCL Supp, § 28-19-161.
11-11-185. Citation of chapter.
This chapter may be cited as the South Dakota Housing Development Authority Act.
Source: SL 1973, ch 180, § 53; SDCL Supp, § 28-19-162.
11-11-186 to 11-11-188. Repealed by SL 2012, ch 78, §§ 117 to 119.
