SC Code § 51-13-860 (2021)
2021 South Carolina Code of Laws|Title 51 - Parks, Recreation and Tourism|Chapter 13 - Regional Districts, Commissions And Authorities|Section 51-13-860. State Fiscal Accountability Authority authorized to make loan to authority for purpose of settling certain claims and litigation.

 The State Fiscal Accountability Authority may transfer to the authority an amount not to exceed six million dollars from the funds made available to the South Carolina Coordinating Council for Economic Development pursuant to Section 12-27-1270, for the purpose of the authority participating in any court approved settlement of the claims and litigation brought against the authority, its officers, employees or agents and arising from, related to, or connected with the development of a hotel and marina complex upon the lands of the authority, and for those other operating expenses necessary for the further development of the authority. This transfer is considered a loan to the authority, and it must be for a period not to exceed three years as determined by the State Fiscal Accountability Authority and must be free of interest for that period.  HISTORY: 1990 Act No. 349, Section 5 (for effective date, see Editor's Note below).  Code Commissioner's Note  At the direction of the Code Commissioner, references in this section to the offices of the former State Budget and Control Board, Office of the Governor, or other agencies, were changed to reflect the transfer of them to the Department of Administration or other entities, pursuant to the directive of the South Carolina Restructuring Act, 2014 Act No. 121, Section 5(D)(1), effective July 1, 2015.  Editor's Note  1990 Act No. 349, Section 7, approved March 19, 1990, provides as follows:  "This act takes effect upon approval by the Governor, except that the provisions of Sections 1, 2, 5, and 6 of this act do not take effect until the date that all claims and litigation, brought against the Patriot's Point Development Authority, its officers, employees, or agents and arising from, related to, or connected with the development of a hotel and marina complex upon the lands of the authority, have been settled or otherwise disposed of to the satisfaction of the Governor and the State Budget and Control Board as evidenced by written resolution of the board. On the date of this written resolution, the terms of the present members of the authority expire and their successors appointed in the manner provided by this act shall take office."  1993 Act No. 2, Section 2, eff December 11, 1992, provides as follows:  "SECTION 2. Notwithstanding the provisions of Section 7 of Act 349 of 1990 which provides that the composition of the authority may not be changed until all claims and litigation brought against the authority have been settled or otherwise disposed of to the satisfaction of the Governor and the Budget and Control Board evidenced by a resolution of the board, the terms of the members of the authority serving on the effective date of this act are terminated and the Governor shall appoint the members of the authority as provided in Section 51-13-720 of the 1976 Code, as amended in Section 1 of this act."  The preamble to 1994 Act No. 586, provides as follows:  "Whereas, the Spoleto Festival, USA has brought positive international attention to South Carolina since 1977, enhancing economic development and tourism for our State; and  "Whereas, a 1993 on-site economic impact study of the Festival, commissioned by the Joint Legislative Committee on Cultural Affairs and performed by the business school at the University of South Carolina, found that the Festival brings $73 million annually into South Carolina and has created the impetus for over 2,500 jobs; and  "Whereas, the Festival is currently experiencing a critical shortage of operational funds due to past problems with Festival management and marketing; and  "Whereas, those problems have now been corrected with the recent hiring of a new, highly respected management and marketing team and stronger artistic leadership, and the future of the Festival has been stabilized; and  "Whereas, the Festival must immediately erase a $600,000 vendor debt from prior years in order to mount the 1994 Festival, which has been shortened by five days in order to save approximately $500,000; and  "Whereas, the Patriots Point Development Authority has agreed to release claim to $600,000 of a six million dollar loan made available in 1990 to the Authority, interest free, by the South Carolina Coordinating Council for Economic Development. Now, therefore,"