State of South Dakota
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EIGHTY-SEVENTH SESSION
LEGISLATIVE ASSEMBLY, 2012
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400T0168
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SENATE BILL NO. 11
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Introduced by: The Committee on Commerce and Energy at the request of the Governor's
Office of Economic Development
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FOR AN ACT ENTITLED, An Act to authorize the Governor's Office of Economic
Development to create and administer a working capital loan and grant program.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. That chapter 1-53 be amended by adding thereto a NEW SECTION to read as
follows:
There is established within the state treasury a fund to be known as the small business credit
initiative fund for the purpose of making grants and loans for economic development as
permitted by the Small Business Jobs Act of 2010, 12 U.S.C. 54.
Section 2. That chapter 1-53 be amended by adding thereto a NEW SECTION to read as
follows:
The Governor's Office of Economic Development may accept and expend for the purposes
of this Act any funds previously received or to be obtained from federal sources and any funds
to be obtained from gifts, contributions, or any other source if such acceptance and expenditure
is reported as required by § 4-7-7.2.
Section 3. That chapter 1-53 be amended by adding thereto a NEW SECTION to read as
follows:
Any repayment of loans and interest thereon shall be receipted into the small business credit
initiative fund and expended by the Governor's Office of Economic Development for the
following purposes:
(1) The payment of administrative costs as permitted pursuant to U.S. Office of
Management and Budget Circular A-87, Revised, as applicable, as in effect on
January 1, 2012;
(2) The payment of taxes and liens and for the procuring of legal services and any other
services necessary to protect, recover, maintain, or liquidate the assets of the small
business credit initiative fund as permitted pursuant to U.S. Office of Management
and Budget Circular A-87, Revised, as applicable, as in effect on January 1, 2012;
and
(3) The purpose of making grants and loans for economic development as permitted by
the Small Business Jobs Act of 2010, 12 U.S.C. 54.
Section 4. That chapter 1-53 be amended by adding thereto a NEW SECTION to read as
follows:
The Governor's Office of Economic Development may take title by foreclosure or transfer
in lieu of foreclosure to any property given as security if the acquisition is necessary to protect
or collect any small business credit initiative loan or recoup a grant and may sell, transfer, or
convey any such property to any responsible buyer.
Section 5. That chapter 1-53 be amended by adding thereto a NEW SECTION to read as
follows:
The meetings and deliberations of the Governor's Office of Economic Development
concerning small business credit initiative loans and grants are confidential and are exempt from
public disclosure. Any documentary material or data made or received by the Governor's Office
of Economic Development for the purpose of acting upon an application for a small business
credit initiative loan or grant or administering the loan or grant, to the extent that such material
or data consists of trade secrets or commercial or financial information regarding the operation
of such business, are not considered public records, and are exempt from disclosure. Nothing
in this section prohibits the disclosure of confidential information to the extent necessary to
collect or recoup the loan or grant or as may be required under applicable federal law.