South Dakota's housing authority may lend money for improvements or upkeep to qualifying airports, after considering each request at a public meeting.
The housing authority may lend money from the state housing infrastructure fund to certain airports for repairs or upkeep. Each loan request must be considered at a public meeting.
Loans may be used to improve or maintain airport facilities and cannot exceed $15 million per recipient. They are unsecured and carry 2% yearly interest, with equal annual payments over 20 years.
A municipality's airport loan is exempt from certain state borrowing laws but remains subject to constitutional debt limits. Regional airport authority loans are exempt from specified airport authority laws.
The housing authority may lend money from the South Dakota housing infrastructure fund to eligible airports. The airport must have scheduled air service, be in South Dakota, and be in a metropolitan area with at least 125,000 residents as of July 1, 2024. The authority decides whether to approve each requested loan at a public meeting. The population test uses the estimate as of July 1, 2024.
The authority may lend up to $15 million per airport recipient for infrastructure improvements or upkeep. These limits and terms apply to loans made under the airport loan provision. The loans are unsecured, charge 2% yearly interest, and require equal annual payments calculated over 20 years. The first payment is due one year after the loan is funded. The loan must close and be funded by June 30, 2030.
Certain airport loans are exempt from specified state and local borrowing rules. The exemptions apply to loans under the airport loan provision made to a municipality or a regional airport authority. Municipal loans remain subject to constitutional limits on municipal debt.
No hearings or votes scheduled.