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House authorizes low-interest loans from housing fund for Sioux Falls and Rapid City airport projects
Summary
The House approved Senate Bill 76 to permit loans from the South Dakota Housing Infrastructure Fund—two $15 million, 2% loans over 20 years—to help Sioux Falls and Rapid City leverage federal funds for airport projects; debate focused on fund mission and vote-threshold rules.
Representative Colbec presented Senate Bill 76, describing the measure as authorizing loans from the Housing Infrastructure Fund to support airport infrastructure projects in Sioux Falls and Rapid City. He said the proposal would offer two $15 million loans at 2% interest over 20 years, repaid into the Housing Infrastructure Fund to preserve capital for housing projects. Colbec said the loans would help leverage federal matching funds and accelerate phases of airport projects.
Floor debate covered the project scope and the fund's statutory purpose. Representative Colbec and supporters emphasized the loans are intended to be repaid and that proceeds would remain in the housing fund, while critics argued the measure stretches the fund's original mission. A procedural dispute arose over whether the vote required a two-thirds threshold because it changed the fund's purpose; the Speaker ruled it required two-thirds, the House voted to override that ruling, and the bill was then called for final passage by simple majority. The House passed SB76 on final passage.
Representative Colbec summarized project cost estimates provided on the floor: Rapid City project approximately $110 million and Sioux Falls project approximately $185 million; the $15 million loan per airport would be used to leverage additional federal funds. The House recorded the final passage and the Speaker signed the enrolled measures later in open session.
