<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.s5bee5738-353d-478e-9a2f-6847c60b78deP0 { 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.s5bee5738-353d-478e-9a2f-6847c60b78deC0 { color: black; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s5bee5738-353d-478e-9a2f-6847c60b78deC0-000000 { color: #0000FF; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s5bee5738-353d-478e-9a2f-6847c60b78deC0-000001 { color: black; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s5bee5738-353d-478e-9a2f-6847c60b78deC0-000002 { color: #0000FF; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s5bee5738-353d-478e-9a2f-6847c60b78de000003 { color: black; background: white; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s5bee5738-353d-478e-9a2f-6847c60b78deP0"><span xml:space="preserve" class="s5bee5738-353d-478e-9a2f-6847c60b78deC0">    </span><a href="https://sdlegislature.gov/Rules?Rule=12:22:01:08"><span class="s5bee5738-353d-478e-9a2f-6847c60b78deC0-000000">12:22:01:08</span></a><span class="s5bee5738-353d-478e-9a2f-6847c60b78deC0-000001">.  Application procedures.</span><span xml:space="preserve" class="s5bee5738-353d-478e-9a2f-6847c60b78deC0"> The eligible applicant </span><span class="s5bee5738-353d-478e-9a2f-6847c60b78deC0">shall</span><span xml:space="preserve" class="s5bee5738-353d-478e-9a2f-6847c60b78deC0"> obtain an application from the authority and submit the completed application along with the application fee </span><span xml:space="preserve" class="s5bee5738-353d-478e-9a2f-6847c60b78deC0">described in subsection </span><a href="https://sdlegislature.gov/Rules?Rule=12:22:01:06"><span class="s5bee5738-353d-478e-9a2f-6847c60b78deC0-000002">12:22:01:06</span></a><span xml:space="preserve" class="s5bee5738-353d-478e-9a2f-6847c60b78deC0">(3)(a), </span><span xml:space="preserve" class="s5bee5738-353d-478e-9a2f-6847c60b78deC0">to the authority. The authority's legal counsel shall review the application to determine if the project qualifies. The authority staff shall review the application to determine if program requirements are met. If the project qualifies and program requirements are met, the staff </span><span class="s5bee5738-353d-478e-9a2f-6847c60b78deC0">must</span><span xml:space="preserve" class="s5bee5738-353d-478e-9a2f-6847c60b78deC0"> forward the application to the authority board of directors. The board shall consider the application at its monthly meeting. If the project meets the authority's requirements, the board </span><span class="s5bee5738-353d-478e-9a2f-6847c60b78deC0">must</span><span xml:space="preserve" class="s5bee5738-353d-478e-9a2f-6847c60b78deC0"> consider the adoption of </span><span class="s5bee5738-353d-478e-9a2f-6847c60b78deC0">a nonbinding resolution of intent by the authority to issue bonds to finance the project</span><span xml:space="preserve" class="s5bee5738-353d-478e-9a2f-6847c60b78deC0">. </span><span class="s5bee5738-353d-478e-9a2f-6847c60b78deC0">The</span><span xml:space="preserve" class="s5bee5738-353d-478e-9a2f-6847c60b78deC0"> resolution is not final approval and does not bind the authority to issue bonds.</span></p><p dir="ltr" class="s5bee5738-353d-478e-9a2f-6847c60b78deP0"><span xml:space="preserve" class="s5bee5738-353d-478e-9a2f-6847c60b78de000003"> </span></p><p dir="ltr" class="s5bee5738-353d-478e-9a2f-6847c60b78deP0"><span xml:space="preserve" class="s5bee5738-353d-478e-9a2f-6847c60b78deC0">    </span><span xml:space="preserve" class="s5bee5738-353d-478e-9a2f-6847c60b78deC0">The applicant shall contact a financial institution or an underwriter and make arrangements for the structuring and purchase of the tax-exempt bonds. When the terms of the financing are known, the authority's bond counsel shall draft the necessary documentation for the financing. </span><span class="s5bee5738-353d-478e-9a2f-6847c60b78deC0">No bond may be issued until the Governor makes any</span><span xml:space="preserve" class="s5bee5738-353d-478e-9a2f-6847c60b78deC0"> allocation from the state volume cap </span><span xml:space="preserve" class="s5bee5738-353d-478e-9a2f-6847c60b78deC0">that </span><span xml:space="preserve" class="s5bee5738-353d-478e-9a2f-6847c60b78deC0">may be required for </span><span class="s5bee5738-353d-478e-9a2f-6847c60b78deC0">issuing</span><span xml:space="preserve" class="s5bee5738-353d-478e-9a2f-6847c60b78deC0"> a private activity bond.</span></p><p dir="ltr" class="s5bee5738-353d-478e-9a2f-6847c60b78deP0"><span xml:space="preserve" class="s5bee5738-353d-478e-9a2f-6847c60b78de000003"> </span></p><p dir="ltr" class="s5bee5738-353d-478e-9a2f-6847c60b78deP0"><span xml:space="preserve" class="s5bee5738-353d-478e-9a2f-6847c60b78deC0">    </span><span class="s5bee5738-353d-478e-9a2f-6847c60b78deC0-000001">Source:</span><span xml:space="preserve" class="s5bee5738-353d-478e-9a2f-6847c60b78deC0"> 23 SDR 161, effective April 7, 1997</span><span class="s5bee5738-353d-478e-9a2f-6847c60b78deC0">; 52 SDR 49, effective November 17, 2025</span><span class="s5bee5738-353d-478e-9a2f-6847c60b78deC0">.</span></p><p dir="ltr" class="s5bee5738-353d-478e-9a2f-6847c60b78deP0"><span xml:space="preserve" class="s5bee5738-353d-478e-9a2f-6847c60b78deC0">    </span><span class="s5bee5738-353d-478e-9a2f-6847c60b78deC0-000001">General Authority:</span><span xml:space="preserve" class="s5bee5738-353d-478e-9a2f-6847c60b78deC0"> SDCL </span><a href="https://sdlegislature.gov/Statutes?Statute=1-16B-70"><span class="s5bee5738-353d-478e-9a2f-6847c60b78deC0-000002">1-16B-70</span></a><span class="s5bee5738-353d-478e-9a2f-6847c60b78deC0">.</span></p><p dir="ltr" class="s5bee5738-353d-478e-9a2f-6847c60b78deP0"><span xml:space="preserve" class="s5bee5738-353d-478e-9a2f-6847c60b78deC0">    </span><span class="s5bee5738-353d-478e-9a2f-6847c60b78deC0-000001">Law Implemented:</span><span xml:space="preserve" class="s5bee5738-353d-478e-9a2f-6847c60b78deC0"> SDCL </span><a href="https://sdlegislature.gov/Statutes?Statute=1-16B-56"><span class="s5bee5738-353d-478e-9a2f-6847c60b78deC0-000002">1-16B-56</span></a><span xml:space="preserve" class="s5bee5738-353d-478e-9a2f-6847c60b78deC0">, </span><a href="https://sdlegislature.gov/Statutes?Statute=1-16B-57"><span class="s5bee5738-353d-478e-9a2f-6847c60b78deC0-000002">1-16B-57</span></a><span xml:space="preserve" class="s5bee5738-353d-478e-9a2f-6847c60b78deC0">, </span><a href="https://sdlegislature.gov/Statutes?Statute=1-16B-58"><span class="s5bee5738-353d-478e-9a2f-6847c60b78deC0-000002">1-16B-58</span></a><span class="s5bee5738-353d-478e-9a2f-6847c60b78deC0">(1)</span><span class="s5bee5738-353d-478e-9a2f-6847c60b78deC0">.</span></p><p dir="ltr" class="s5bee5738-353d-478e-9a2f-6847c60b78deP0"><span xml:space="preserve" class="s5bee5738-353d-478e-9a2f-6847c60b78de000003"> </span></p><p dir="ltr" class="s5bee5738-353d-478e-9a2f-6847c60b78deP0"><span xml:space="preserve" class="s5bee5738-353d-478e-9a2f-6847c60b78deC0">    </span><span class="s5bee5738-353d-478e-9a2f-6847c60b78deC0-000001">Cross-Reference:</span><span xml:space="preserve" class="s5bee5738-353d-478e-9a2f-6847c60b78deC0"> Public hearing -- Approval of bond issuance, § </span><a href="https://sdlegislature.gov/Rules?Rule=12:22:01:09"><span class="s5bee5738-353d-478e-9a2f-6847c60b78deC0-000002">12:22:01:09</span></a><span class="s5bee5738-353d-478e-9a2f-6847c60b78deC0">.</span></p><p dir="ltr" class="s5bee5738-353d-478e-9a2f-6847c60b78deP0"><span xml:space="preserve" class="s5bee5738-353d-478e-9a2f-6847c60b78de000003"> </span></p></div></body></html>