S073148

STATE AUTHORITY OBLIGATIONS

The State has no general obligation indebtedness. In addition to the South Dakota Building Authority,
the following authorities or nonprofit corporations have the power to issue debt.

The South Dakota Health and Educational Facilities Authority is a body politic and corporate and a
public instrumentality of the State created for the purpose of assisting non-profit health and educational
institutions in the construction, acquisition, financing and refinancing of projects to be undertaken relative
to programs for health care and higher education. As of June 30, 1986 the Health and Educational Facilities
Authority had revenue bonds or notes outstanding in the aggregate principal amount of $238,063,382.

The South Dakota Housing Development Authority is an independent public instrumentality of the
State which is authorized to issue bonds and notes to obtain funds to purchase mortgage loans from
mortgage lenders, to make mortgage loans for permanent financing of single family housing or multifamily
housing and to purchase from mortgage lenders securities guaranteed by an instrumentality of the United
States government that finances mortgage loans. The Housing Development Authority had revenue bonds
outstanding in the aggregate principal amount of $1,026,611,355 as of June 30, 1986.

The South Dakota Student Loan Assistance Corporation is a nonprofit corporation organized to
provide a statewide student loan acquisition program The Student Loan Assistance Corporation had
$340,801,967 aggregate principal amount of revenue bonds outstanding as of June 30. 1986.

The debt of such issuers is not funded with moneys from the General Fund. Certain obligations of the
South Dakota Housing Development Authority are secured by capital reserve funds which may be restored
to the applicable capital reserve fund requirement by an appropriation of funds by the State Legislature.
The Legislature is legally authorized, but is not legally obligated, to appropriate moneys to such capital
reserve funds.

CERTAIN STATE ECONOMIC AND DEMOGRAPHIC INFORMATION

Population
The State comprises 76,378 sq. miles. According to 1985 data, the population was 708,117. There are
three principal cities in the State. In 1984 the population of Sioux Falls was 87,776, the population of Rapid
City was 51,326 and the population of Aberdeen was 25,764. These cities also contain most of the State's
business activity.

The following table represents the population trends for the State and the United States:

...	1980	1981	1982	1983	1984	1985
South Dakota	690,768	691,600	696,798	700,000	705,795	708,117
% Change From Prior Year	.3%	.1%	.8%	.5%	.8%	.3%
United States (Millions)	227.7	230.0	232.3	234.6	236.7	238.8
% Change From Prior Year	1.2%	1.0%	1.0%	1.0%	.9%	.9%

*South Dakota State Data Center, University of South Dakota Business School, Vermillion.

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