ENTITLED, An Act to authorize the Governor's Office of Economic Development to create and
administer a working capital loan 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 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, expend, or loan 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 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 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 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
administering the loan, 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 as may be required under
applicable federal law.
An Act to authorize the Governor's Office of Economic Development to create and administer a
working capital loan program.
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I certify that the attached Act
originated in the
SENATE as Bill No. 11
____________________________
Secretary of the Senate
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____________________________
President of the Senate
____________________________
Secretary of the Senate
____________________________
Speaker of the House
____________________________
Chief Clerk
Senate Bill No. 11
File No. ____
Chapter No. ______
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Received at this Executive Office
this _____ day of _____________ ,
20____ at ____________ M.
By _________________________
for the Governor
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The attached Act is hereby
approved this ________ day of
______________ , A.D., 20___
____________________________
Governor
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STATE OF SOUTH DAKOTA,
ss.
Office of the Secretary of State
Filed ____________ , 20___
at _________ o'clock __ M.
____________________________
Secretary of State
By _________________________
Asst. Secretary of State
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