An Act to make an appropriation to transfer certain moneys and create a fund to support capital and infrastructure projects necessitated by the expansion of Ellsworth Air Force Base and to declare an emergency.

Be it enacted by the Legislature of the State of South Dakota:

Section 1. The state treasurer shall transfer $15,000,000 from the South Dakota housing infrastructure fund to the Ellsworth support and development fund created in section 2 of this Act.

Section 2. That a NEW SECTION be added to chapter 1-16J:

There is created in the state treasury the Ellsworth support and development fund, to be administered by the authority, for the purpose of making loans and grants, in accordance with subdivision 1-16J-7(17), for capital and infrastructure projects promoting the development, expansion, and support of the mission of the South Dakota Ellsworth Air Force Base. Moneys in the fund must be appropriated in the general appropriations act. Any repayment of the principal amount of a loan, and any interest thereon, must be deposited into the fund and used for making new loans. Unexpended money and any interest that may be credited to the fund shall remain in the fund.

Any loan issued pursuant to this section is exempt from the provisions of chapter 6-8B and §§ 13-19-2 to 13-19-6, inclusive.