<html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><title></title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s17fa94f7-0df9-41ac-8f02-388888c828b2P0 { margin-top: 0; margin-bottom: 0; margin-left: 0; margin-right: 0; text-indent: 0.00in; text-align: justify; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; } span.s17fa94f7-0df9-41ac-8f02-388888c828b2C0 { color: black; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s17fa94f7-0df9-41ac-8f02-388888c828b2C0-000000 { color: #0000FF; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s17fa94f7-0df9-41ac-8f02-388888c828b2C0-000001 { color: black; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s17fa94f7-0df9-41ac-8f02-388888c828b2000002 { color: black; background: white; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s17fa94f7-0df9-41ac-8f02-388888c828b2C0-000003 { color: #0000FF; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s17fa94f7-0df9-41ac-8f02-388888c828b2P0"><span xml:space="preserve" class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0">    </span><a href="https://sdlegislature.gov/Rules?Rule=12:21:01:13"><span class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0-000000">12:21:01:13</span></a><span class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0-000001">.  Issuance of bond.</span><span xml:space="preserve" class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0"> The authority may not issue a bond for the purpose of financing a project for a specific </span><span class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0">applicant</span><span xml:space="preserve" class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0"> unless, before its issuance, the authority has conducted a public hearing conforming to the applicable requirements of </span><span xml:space="preserve" class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0">26 U.S.C. </span><span xml:space="preserve" class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0">§ 147(f)(2)(B) </span><span class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0">(December 31, 2024)</span><span class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0">. Upon receipt of a completed application</span><span xml:space="preserve" class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0"> and declaration of official intent to proceed with the issuance of the bond by the authority</span><span xml:space="preserve" class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0">, the </span><span class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0">commisisoner</span><span xml:space="preserve" class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0"> shall set a date, time, and place for the hearing. The </span><span class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0">commissioner</span><span xml:space="preserve" class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0"> shall publish notice of hearing at least </span><span class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0">seven</span><span xml:space="preserve" class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0"> days before the date of the hearing in a newspaper of general circulation available to residents in the county where the project is located. The notice </span><span class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0">must</span><span xml:space="preserve" class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0"> include the date, time, and place of the hearing, </span><span xml:space="preserve" class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0">the means by which interested parties may participate electronically, </span><span xml:space="preserve" class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0">the name of the </span><span class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0">applicant</span><span xml:space="preserve" class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0">, </span><span xml:space="preserve" class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0">and </span><span class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0">a general description of the project.</span></p><p dir="ltr" class="s17fa94f7-0df9-41ac-8f02-388888c828b2P0"><span xml:space="preserve" class="s17fa94f7-0df9-41ac-8f02-388888c828b2000002"> </span></p><p dir="ltr" class="s17fa94f7-0df9-41ac-8f02-388888c828b2P0"><span xml:space="preserve" class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0">    If a local hearing is requested, the authority may cancel the previously scheduled hearing. The </span><span class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0">commissioner</span><span xml:space="preserve" class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0"> shall set a date, time, and place for a local hearing and publish notice of the hearing in the local area as provided in this section. The date, time, and place for the local hearing must be reasonably convenient to persons affected by the project. Public hearings may be conducted by a board member</span><span class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0">,</span><span xml:space="preserve" class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0"> appointee</span><span class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0">,</span><span xml:space="preserve" class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0"> or employee of the authority, or another qualified hearing officer.</span><span xml:space="preserve" class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0"> The commissioner shall provide a means by which an interested party may participate electronically.</span></p><p dir="ltr" class="s17fa94f7-0df9-41ac-8f02-388888c828b2P0"><span xml:space="preserve" class="s17fa94f7-0df9-41ac-8f02-388888c828b2000002"> </span></p><p dir="ltr" class="s17fa94f7-0df9-41ac-8f02-388888c828b2P0"><span xml:space="preserve" class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0">    The authority may not issue a bond for the purpose of financing a project by a specific </span><span class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0">applicant</span><span xml:space="preserve" class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0"> unless, before the issuance, the Governor or another elected official of the state who is designated by the Governor, approves the issuance of the bond. Following the public hearing, the authority shall send to the Governor's office, or </span><span xml:space="preserve" class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0">to </span><span xml:space="preserve" class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0">the office of the designated official, a statement describing each bond or series of bonds </span><span class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0">that</span><span xml:space="preserve" class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0"> it proposes to issue, along with a summary of the public comments received.</span></p><p dir="ltr" class="s17fa94f7-0df9-41ac-8f02-388888c828b2P0"><span xml:space="preserve" class="s17fa94f7-0df9-41ac-8f02-388888c828b2000002"> </span></p><p dir="ltr" class="s17fa94f7-0df9-41ac-8f02-388888c828b2P0"><span xml:space="preserve" class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0">    Following approval of the loan by the authority and upon completion of a public hearing and approval of the bond issuance by the Governor or another designated state official, the authority shall issue a bond, to be purchased by the lender, in the amount and fitting the terms of the loan to the </span><span class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0">applicant</span><span class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0">. The principal and interest on the bond is a limited obligation payable solely out of the revenue derived from the loan to the beginning farmer and the underlying collateral or other security furnished by or on behalf of the beginning farmer. The principal and interest on the bond does not constitute an indebtedness of the authority or a charge against its general credit or general fund.</span></p><p dir="ltr" class="s17fa94f7-0df9-41ac-8f02-388888c828b2P0"><span xml:space="preserve" class="s17fa94f7-0df9-41ac-8f02-388888c828b2000002"> </span></p><p dir="ltr" class="s17fa94f7-0df9-41ac-8f02-388888c828b2P0"><span xml:space="preserve" class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0">    </span><span class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0-000001">Source:</span><span xml:space="preserve" class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0"> 22 SDR 97, effective January 22, 1996; 23 SDR 91, effective December 9, 1996; 35 SDR 67, effective September 30, 2008</span><span class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0">; 52 SDR 49, effective November 17, 2025</span><span class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0">.</span></p><p dir="ltr" class="s17fa94f7-0df9-41ac-8f02-388888c828b2P0"><span xml:space="preserve" class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0">    </span><span class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0-000001">General Authority:</span><span xml:space="preserve" class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0"> SDCL </span><a href="https://sdlegislature.gov/Statutes?Statute=1-16B-70"><span class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0-000003">1-16B-70</span></a><span class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0">.</span></p><p dir="ltr" class="s17fa94f7-0df9-41ac-8f02-388888c828b2P0"><span xml:space="preserve" class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0">    </span><span class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0-000001">Law Implemented:</span><span xml:space="preserve" class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0"> SDCL </span><a href="https://sdlegislature.gov/Statutes?Statute=1-16B-1"><span class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0-000003">1-16B-1</span></a><span xml:space="preserve" class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0">(3), </span><a href="https://sdlegislature.gov/Statutes?Statute=1-16B-57"><span class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0-000003">1-16B-57</span></a><span class="s17fa94f7-0df9-41ac-8f02-388888c828b2C0">.</span></p><p dir="ltr" class="s17fa94f7-0df9-41ac-8f02-388888c828b2P0"><span xml:space="preserve" class="s17fa94f7-0df9-41ac-8f02-388888c828b2000002"> </span></p></div></body></html>