21.403.11 96th Legislative Session 400

2021 South Dakota Legislature

Senate Bill 61

ENROLLED

An Act

ENTITLED An Act to revise a cross reference regarding the South Dakota Housing Development Authority's investment agreement.

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

Section 1. That § 11-11-179 be AMENDED.

11-11-179. Retirement and redemption of investments in sponsor of multifamily units and day‑care facilities.

The authority shall have the power, in the supervision of housing sponsors of multifamily residential housing units and day‑care facilities and their real and personal property, to regulate the retirement of any capital investment or the redemption of stock where any such retirement or redemption when added to any dividend or other distribution shall exceed in any one fiscal year such percentage as may be determined by rules and regulations of the authority or as specified in the agreement between the authority and the housing sponsor of the original face amount of any investment or equity in any housing sponsor. Projects whose rents or income limits applicable to project residents are established, subsidized or regulated by federal law, or whose loans are insured or guaranteed by the federal government shall be subject to an agreement between the authority and the housing sponsor which will subject said sponsor and its principals or stockholders, if any, to those limitations established by federal law, or such lower limitation as shall be prescribed by the authority, in regulating the retirement of any capital investment or the redemption of stock of the original face amount of any investment or equity in any housing sponsor.

An Act to revise a cross reference regarding the South Dakota Housing Development Authority's investment agreement.

I certify that the attached Act originated in the:

Senate as Bill No. 61

Secretary of the Senate

President of the Senate

Attest:

Secretary of the Senate

Speaker of the House

Attest:

Chief Clerk

Senate Bill No. 61

File No. ____

Chapter No. ______

Received at this Executive Office

this _____ day of _____________,

2021 at ____________M.

By

for the Governor

The attached Act is hereby

approved this ________ day of

______________, A.D., 2021

Governor

STATE OF SOUTH DAKOTA,

ss.

Office of the Secretary of State

Filed ____________, 2021

at _________ o'clock __M.

Secretary of State

By

Asst. Secretary of State