Section 11-11-47 - Authority as a state housing credit agency under federal law--Allocationof state ceiling of qualified private activity bonds.
11-11-47. Authority as a state housing credit agency under federal law--Allocation of state ceiling of qualified private activity bonds. The South Dakota Housing Development Authority is an agency of the state which is an issuing authority within the meaning of § 146 of the Internal Revenue Code of 1986 and the State Housing Credit Agency within the meaning of § 42(h)(7)(A) of the Internal Revenue Code of 1986. The authority is authorized to administer the provisions of § 42 of the Internal Revenue Code of 1986, and may issue qualified private activity bonds to carry out the provisions of this chapter, to the extent the authority is allocated a portion of the state ceiling of qualified private activity bonds applicable to the State of South Dakota for calendar year 1986 and for subsequent calendar years pursuant to § 1-7-8 and the applicable executive order of the Governor for each such calendar year authorized by § 1-7-8. Any such allocation does not affect the provisions of § 11-11-43 relating to the issuance of bonds or notes in any fiscal year as determined by the authority and as approved by the Governor. No provision of this section affects the validity of bonds or notes issued as provided in this chapter, regardless of whether the obligations are issued in the manner required by federal law for the exemption of the interest thereon from federal income taxation.
Source: SL 1981, ch 221, § 2; SDCL Supp, § 28-19-39.4; SL 1984, ch 106, § 2; SL 1987, ch 118, § 3.