**South Dakota Agribusiness Bonding Program: Administrative Updates and Program Elimination** The Governor's Office of Economic Development is restructuring its agribusiness financing programs by eliminating the Value Added Agribusiness Relending Program and repealing related dispute resolution procedures, while modernizing the remaining Agribusiness Bonding Program. Under the updated bonding program, public hearings for bond issuance can now be conducted remotely via telephone or video conference (rather than requiring in-person attendance), and the program now allows interested parties to participate electronically. The changes also transfer program oversight from a separate Value Added Finance Authority to the Governor's Office of Economic Development Commissioner, update statutory references to reflect this organizational change, and make minor technical corrections to application and fee language—but do not alter application fees ($200), issuance fees (one-eighth of one percent of bond amount with $500 minimum), or other substantive lending requirements.
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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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