The eligible applicant shall obtain an application from the authority and submit the completed application along with the application fee described in subsection 12:22:01:06(3)(a), 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 must 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 must consider the adoption of a nonbinding resolution of intent by the authority to issue bonds to finance the project. The resolution is not final approval and does not bind the authority to issue bonds.

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. No bond may be issued until the Governor makes any allocation from the state volume cap that may be required for issuing a private activity bond.

Source: 23 SDR 161, effective April 7, 1997 ; 52 SDR 49, effective November 17, 2025 .

General Authority: SDCL 1-16B-70 .

Law Implemented: SDCL 1-16B-56 , 1-16B-57 , 1-16B-58 (1) .

Prior versions effective: 1997-04-07.