# Plain-English Summary: Agribusiness Bonding and Lending Programs The South Dakota Economic Development Finance Authority is streamlining its agribusiness bonding program by removing an outdated informal dispute resolution process and modernizing public hearing requirements. Under the revised rules, the authority will no longer require borrowers to request a separate local hearing—instead, the authority now must offer all interested parties the option to participate in public hearings by phone or video conference. The rules also repeal two entire programs that are no longer in use: the Value Added Agribusiness Relending Program and the Value-Added Agriculture Subfund. Various technical corrections update the rules to reference current state law rather than outdated statutes.
AI-generated from the proposed rule text — verify against the official documents.
The effect of the rules will be to remove an unnecessary provision relating to informal dispute resolution in the Economic Development Finance Authority’s agribusiness bonding program and to change the requirement for a local in-person hearing for bonds issued for projects under the program, provided an option to participate telephonically or by video conference is provided to interested parties. The proposed rules will also make technical corrections to rules for the agribusiness bonding program and repeal rules for the value added agribusiness relending program and the value-added agriculture subfund.
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