This bill proposes the transfer of unobligated funds from the South Dakota housing infrastructure fund to the revolving economic development and initiative fund. The state treasurer is tasked with this transfer, which is intended to facilitate loans for airport infrastructure projects. The Board of Economic Development is authorized to provide loans to airport owners or operators located in metropolitan statistical areas with specific population criteria, as determined by the U.S. Census Bureau. The loans are capped at fifteen million dollars per recipient and must be considered in a public meeting.

Additionally, the bill outlines specific terms for the loans, including a zero percent interest rate, unsecured status, and a repayment schedule based on a twenty-year amortization. The first payment is due one year after the loan is funded, and all loans must be closed by June 30, 2030. Loans to municipalities and regional airport authorities are exempt from certain provisions but remain subject to constitutional limitations on municipal indebtedness. The Board of Economic Development is also empowered to establish rules for the loan application process.