reglab/housing_qa huggingface dataset:
SC Code § 11-43-140 (2021)
2021 South Carolina Code of Laws|Title 11 - Public Finance|Chapter 43 - South Carolina Transportation Infrastructure Bank Act|Section 11-43-140. Board of directors; members; terms; vacancies.

 The board of directors is the governing board of the bank. The board consists of seven voting directors as follows: the Chairman of the Department of Transportation Commission, ex officio; one director appointed by the Governor who shall serve as chairman; one director appointed by the Governor; one director appointed by the Speaker of the House of Representatives; one member of the House of Representatives appointed by the Speaker, ex officio; one director appointed by the President of the Senate; and one member of the Senate appointed by the President of the Senate, ex officio. Directors appointed by the Governor, the Speaker of the House, and the President of the Senate shall serve terms coterminous with those of their appointing authority. The terms for the legislative members are coterminous with their terms of office. The vice chairman must be elected by the board. Any person appointed to fill a vacancy must be appointed in the same manner as the original appointee for the remainder of the unexpired term.  HISTORY: 1997 Act No. 148, Section 2; 2019 Act No. 1 (S.2), Section 44, eff January 31, 2019.  Effect of Amendment  2019 Act No. 1, Section 44, in the second sentence, substituted "President of the Senate" for "President Pro Tempore of the Senate" in two places, and in the third sentence, substituted "the Speaker of the House, and the President of the Senate" for "the Speaker, and the President Pro Tempore".
SC Code § 11-43-160 (2021)
2021 South Carolina Code of Laws|Title 11 - Public Finance|Chapter 43 - South Carolina Transportation Infrastructure Bank Act|Section 11-43-160. Sources for capitalization and purposes of bank; use of state highway account revenues.

 (A) The following sources may be used to capitalize the bank and for the bank to carry out its purposes:  (1) an annual contribution set by the board of an amount not to exceed revenues produced by one cent a gallon of the tax on gasoline imposed pursuant to Section 12-28-310;  (2) federal funds made available to the State;  (3) federal funds made available to the State for the bank;  (4) contributions and donations from government units, private entities, and any other source as may become available to the bank including, but not limited to, appropriations from the General Assembly;  (5) all monies paid or credit to the bank, by contract or otherwise, payments of principal and interest on loans or other financial assistance made from the bank, and interest earnings which may accrue from the investment or reinvestment of the bank's monies;  (6) proceeds from the issuance of bonds as provided in this chapter;  (7) other lawful sources as determined appropriate by the board; and  (8) loans from the Department of Transportation to the bank to be repaid from revenues committed to the bank for the following year.  (B) Beginning in fiscal year 1998-99, the revenues collected pursuant to Sections 56-3-660 and 56-3-670 and placed in the state highway account, as created by this chapter, must be used to provide capital for the bank.  HISTORY: 1997 Act No. 148, Section 2; 1999 Act No. 100, Part II, Section 22.
SC Code § 11-43-170 (2021)
2021 South Carolina Code of Laws|Title 11 - Public Finance|Chapter 43 - South Carolina Transportation Infrastructure Bank Act|Section 11-43-170. Earnings on federal and state accounts; establishment of accounts and subaccounts; commingling of funds, compliance with federal law.

 (A) Earnings on balances in the federal accounts must be credited and invested according to federal law. Earnings on state accounts must be credited to the state highway account or state transit account that generates the earnings. The bank may establish accounts and subaccounts within the state accounts and federal accounts as considered desirable to effectuate the purposes of this chapter, or to meet the requirements of any state or federal programs. All accounts must be held in trust by the State Treasurer.  (B) For necessary and convenient administration of the bank, the board shall direct the State Treasurer to establish federal and state accounts and subaccounts within the bank necessary to meet any applicable federal law requirements or as the bank shall determine necessary or desirable in order to implement the provisions of this chapter.  (C) The bank shall comply with all applicable federal laws and regulations prohibiting the commingling of certain federal funds deposited in the bank.  HISTORY: 1997 Act No. 148, Section 2.
SC Code § 11-43-190 (2021)
2021 South Carolina Code of Laws|Title 11 - Public Finance|Chapter 43 - South Carolina Transportation Infrastructure Bank Act|Section 11-43-190. Financing agreements; application of other statutes or provisions; obligations secured by ad valorem taxes; security interest in project revenues; expenditure of proceeds.

 (A) Qualified borrowers are authorized to obtain loans or other financial assistance from the bank through financing agreements. Qualified borrowers entering into financing agreements and issuing loan obligations to the bank may perform any acts, take any action, adopt any proceedings, and make and carry out any contracts or agreements with the bank as may be agreed to by the bank and any qualified borrower for the carrying out of the purposes contemplated by this chapter.  (B) In addition to the authorizations contained in this chapter, all other statutes or provisions permitting government units to borrow money and issue obligations including, but not limited to, the Revenue Bond Act for Utilities and the Revenue Bond Refinancing Act of 1937, may be utilized by any government unit in obtaining a loan or other financial assistance from the bank to the extent determined necessary or useful by the government unit in connection with any financing agreement and the issuance, securing, or sale of loan obligations to the bank. Notwithstanding the foregoing, obligations secured by ad valorem taxes may be issued by a government unit and purchased by the bank without regard to any public bidding requirement.  (C) A qualified borrower may receive, apply, pledge, assign, and grant security interest in project revenues, and, in the case of a governmental unit, its project revenues, revenues derived from a special source or ad valorem taxes, to secure its obligations as provided in this chapter, and may fix, revise, charge, and collect fees, rates, rents, assessments, and other charges of general or special application for the operation or services of a qualified project, the system of which it is a part, and any other revenue producing facilities from which the qualified borrower derives project revenues, to meet its obligations under a financing agreement or to provide for the construction and improving of a qualified project.  (D) A qualified borrower must comply with the provisions of Section 12-27-1320 and Section 12-28-2930 in the expenditure of the proceeds of a loan or other financial assistance provided by the bank for a qualified project.  HISTORY: 1997 Act No. 148, Section 2.
SC Code § 11-43-200 (2021)
2021 South Carolina Code of Laws|Title 11 - Public Finance|Chapter 43 - South Carolina Transportation Infrastructure Bank Act|Section 11-43-200. Exemption from taxes or assessments.

 The bank is performing an essential governmental function in the exercise of the powers conferred upon it and is not required to pay taxes or assessments upon property or upon its operations or the income from them, or taxes or assessments upon property or loan obligations acquired or used by the bank or upon the income from them.  HISTORY: 1997 Act No. 148, Section 2.
SC Code § 11-43-210 (2021)
2021 South Carolina Code of Laws|Title 11 - Public Finance|Chapter 43 - South Carolina Transportation Infrastructure Bank Act|Section 11-43-210. Failure of governmental unit to remit amounts due; withholding of funds.

 (A) If a government unit fails to collect and remit in full all amounts due to the bank on the date these amounts are due under the terms of any note or other obligation of the government unit, the bank shall notify the State Treasurer who, subject to the withholding of amounts under Section 14, Article X of the Constitution, shall withhold all or a portion of the funds of the State and all funds administered by the State, its agencies, boards, and instrumentalities allotted or appropriated to the government unit and apply an amount necessary to the payment of the amount due.  (B) Nothing contained in this section mandates the withholding of funds allocated to a government unit or private entity which would violate contracts to which the State is a party, the requirements of federal law imposed on the State, or judgments of a court binding on the State.  HISTORY: 1997 Act No. 148, Section 2.
SC Code § 11-43-220 (2021)
2021 South Carolina Code of Laws|Title 11 - Public Finance|Chapter 43 - South Carolina Transportation Infrastructure Bank Act|Section 11-43-220. Liability.

 Neither the board nor any officer, employee, or committee of the bank acting on behalf of it, while acting within the scope of this authority, is subject to any liability resulting from carrying out any of the powers given in this chapter.  HISTORY: 1997 Act No. 148, Section 2.
SC Code § 11-43-230 (2021)
2021 South Carolina Code of Laws|Title 11 - Public Finance|Chapter 43 - South Carolina Transportation Infrastructure Bank Act|Section 11-43-230. Notice, proceeding, or publication not necessary; bank not subject to referendum.

 Notice, proceeding, or publication, except those required in this chapter, are not necessary to the performance of any act authorized in this chapter nor is any act of the bank subject to any referendum.  HISTORY: 1997 Act No. 148, Section 2.
SC Code § 11-43-240 (2021)
2021 South Carolina Code of Laws|Title 11 - Public Finance|Chapter 43 - South Carolina Transportation Infrastructure Bank Act|Section 11-43-240. Deposit and investments.

 All money of the bank, except as authorized by law or provided in this chapter, must be deposited with and invested by the State Treasurer. Funds of the bank not needed for immediate use or disbursement may be invested by the State Treasurer in obligations or securities which are declared to be legal obligations by the provisions of Section 11-9-660. All federal funds must be invested as required by applicable federal law.  HISTORY: 1997 Act No. 148, Section 2.
SC Code § 11-43-250 (2021)
2021 South Carolina Code of Laws|Title 11 - Public Finance|Chapter 43 - South Carolina Transportation Infrastructure Bank Act|Section 11-43-250. Annual report; audit of books and accounts.

 Following the close of each state fiscal year, the bank shall submit an annual report of its activities for the preceding year to the Governor and to the General Assembly. The bank also shall submit an annual report to the appropriate federal agency in accordance with requirements of any federal program. An independent certified public accountant shall perform an audit of the books and accounts of the bank at least once in each state fiscal year.  HISTORY: 1997 Act No. 148, Section 2.
SC Code § 11-43-260 (2021)
2021 South Carolina Code of Laws|Title 11 - Public Finance|Chapter 43 - South Carolina Transportation Infrastructure Bank Act|Section 11-43-260. Liberal construction.

 This chapter, being for the welfare of this State and its inhabitants, must be liberally construed to effect the purposes specified in this chapter. However, nothing in this chapter must be construed as affecting any proceeding, notice, or approval required by law for the issuance by a government unit or private entity of the loan obligations, instruments, or security for loan obligations.  HISTORY: 1997 Act No. 148, Section 2.
SC Code § 11-43-265 (2021)
2021 South Carolina Code of Laws|Title 11 - Public Finance|Chapter 43 - South Carolina Transportation Infrastructure Bank Act|Section 11-43-265. Prioritization of projects.

 (A) Notwithstanding any other provision of law and subject to the provisions of subsection (B), the bank must prioritize all projects in accordance with the prioritization criteria provided in Section 57-1-370(B)(8).  (B) The General Assembly may enact a joint resolution allowing the bank to fund a project without using the prioritization criteria provided in subsection (A). The joint resolution must be specific as to the project and the amount authorized to be funded.  HISTORY: 2016 Act No. 275 (S.1258), Section 7, eff June 8, 2016.  Editor's Note  2016 Act No. 275, Section 90(D), provides as follows:  "(D) Notwithstanding the effective date provided in subsection (A), SECTION 6 and SECTION 7 [adding this section] take effect upon approval by the Governor. The provisions contained in SECTION 6 and SECTION 7 only apply to projects selected by the bank thereafter."
SC Code § 11-43-270 (2021)
2021 South Carolina Code of Laws|Title 11 - Public Finance|Chapter 43 - South Carolina Transportation Infrastructure Bank Act|Section 11-43-270. Severability of provisions.

 If any provision of this chapter is held or determined to be unconstitutional, invalid, or otherwise unenforceable by a court of competent jurisdiction, it is the intention of the General Assembly that the provision is severable from the remaining provisions of the chapter and that the holding does not invalidate or render unenforceable another provision of the chapter.  HISTORY: 1997 Act No. 148, Section 2.
SC Code § 11-43-310 (2021)
2021 South Carolina Code of Laws|Title 11 - Public Finance|Chapter 43 - South Carolina Transportation Infrastructure Bank Act|Section 11-43-310. Definitions.

 As used in this article, unless a different meaning clearly appears from the context:  (1) "Bank" means the South Carolina Transportation Infrastructure Bank.  (2) "Bonds" means any bonds, notes, debentures, interim certificates, grant or revenue anticipation notes, or any other evidence of indebtedness of the bank incurred pursuant to this article.  HISTORY: 1997 Act No. 148, Section 2.
SC Code § 11-43-315 (2021)
2021 South Carolina Code of Laws|Title 11 - Public Finance|Chapter 43 - South Carolina Transportation Infrastructure Bank Act|Section 11-43-315. Issuance of bonds; review and approval of Joint Bond Review Committee.

 Whenever it shall become necessary that monies be raised for qualified projects, including monies to be used to refund any bonds then outstanding, the bank may issue bonds as provided in this article. The review and approval of the Joint Bond Review Committee must be obtained prior to the issuance of the bonds.  HISTORY: 1997 Act No. 148, Section 2.
SC Code § 11-43-320 (2021)
2021 South Carolina Code of Laws|Title 11 - Public Finance|Chapter 43 - South Carolina Transportation Infrastructure Bank Act|Section 11-43-320. Pledges of revenue or funds to bond payment; bonds secured by pledge.

 The bank may pledge any of its revenue or funds to the payment of its bonds, subject only to any prior agreements with the holders of particular bonds which may have pledged specific money or revenue. Bonds may be secured by a pledge of any loan obligation owned by the bank, any grant, contribution, or guaranty from the United States, the State, or any corporation, association, institution, or person, any other property or assets of the bank, or a pledge of any money, income, or revenue of the bank from any source.  HISTORY: 1997 Act No. 148, Section 2.
SC Code § 11-43-330 (2021)
2021 South Carolina Code of Laws|Title 11 - Public Finance|Chapter 43 - South Carolina Transportation Infrastructure Bank Act|Section 11-43-330. Bonds not debt or pledge of full faith and credit of State; personal liability; statement.

 Bonds issued by the bank do not constitute a debt or a pledge of the full faith and credit of this State, or any of its political subdivisions other than the bank, but are payable solely from the revenue, money, or property of the bank as provided in this chapter. The bonds issued do not constitute an indebtedness of the State within the meaning of any constitutional or statutory limitation. No member of the bank or any person executing bonds of the bank is liable personally on the bonds by reason of their issuance or execution. Each bond issued under this article must contain on its face a statement to the effect that:  (1) neither the State, nor any of its political subdivisions, nor the bank is obligated to pay the principal of or interest on the bond or other costs incident to the bond except from the revenue, money, or property of the bank pledged;  (2) neither the full faith and credit nor the taxing power of the State, or any of its political subdivisions, is pledged to the payment of the principal of or interest on the bond;  (3) the bank does not have taxing power.  HISTORY: 1997 Act No. 148, Section 2.
SC Code § 11-43-340 (2021)
2021 South Carolina Code of Laws|Title 11 - Public Finance|Chapter 43 - South Carolina Transportation Infrastructure Bank Act|Section 11-43-340. Bonds authorized by resolution; execution; payability; other provisions; interest; public or private sale, price; time of issuance.

 The bonds of the bank must be authorized by a resolution of the bank. The bonds must bear the date and mature at the time which the resolution provides, except that no bond may mature more than forty years from its date of issue. The bonds may be in the denominations, be executed in the manner, be payable in the medium of payment, be payable at the place and at the time, and be subject to redemption or repurchase and contain other provisions determined by the bank prior to their issuance. The bonds may bear interest payable at a time and at a rate as determined by the bank, including the determination by agents designated by the bank under guidelines established by it. Bonds may be sold by the bank at public or private sale at the price it determines and approves. The State Treasurer shall issue the bonds of the bank not later than sixty days upon the resolution of the bank authorizing the issuance of the bonds.  HISTORY: 1997 Act No. 148, Section 2.
SC Code § 11-43-360 (2021)
2021 South Carolina Code of Laws|Title 11 - Public Finance|Chapter 43 - South Carolina Transportation Infrastructure Bank Act|Section 11-43-360. Validity of pledge; lien; recording or filing of resolution not necessary; filing of record of issuance proceedings.

 Any pledge made by the bank is valid and binding from the time the pledge is made. The revenue, money, or property pledged and thereafter received by the bank is immediately subject to the lien of the pledge without any physical delivery or further act. The lien of any pledge is valid and binding as against all parties having claims of any kind in tort, contract, or otherwise against the bank, irrespective of whether the parties have notice of the pledge. No recording or filing of the resolution authorizing the issuance of bonds, the trust indenture securing the bonds, or any other instrument including filings under the Uniform Commercial Code is necessary to create or perfect any pledge or security interest granted by the bank to secure any bonds, but the record of the proceedings relative to the issuance of any bonds must be filed as prescribed by Section 11-15-20.  HISTORY: 1997 Act No. 148, Section 2.
SC Code § 11-43-370 (2021)
2021 South Carolina Code of Laws|Title 11 - Public Finance|Chapter 43 - South Carolina Transportation Infrastructure Bank Act|Section 11-43-370. Purchase of outstanding bonds; price.

 The bank, subject to agreements with bondholders as may then exist, may purchase outstanding bonds of the bank with any available funds, at any reasonable price. If the bonds are then redeemable, the price must not exceed the redemption price then applicable plus accrued interest to the next interest payment date.  HISTORY: 1997 Act No. 148, Section 2.
SC Code § 11-43-380 (2021)
2021 South Carolina Code of Laws|Title 11 - Public Finance|Chapter 43 - South Carolina Transportation Infrastructure Bank Act|Section 11-43-380. Form and execution of bonds.

 Bonds of the bank must be in a form and must be executed in a manner prescribed by the bank.  HISTORY: 1997 Act No. 148, Section 2.
SC Code § 11-43-390 (2021)
2021 South Carolina Code of Laws|Title 11 - Public Finance|Chapter 43 - South Carolina Transportation Infrastructure Bank Act|Section 11-43-390. Members or officers ceasing to be members before delivery of bonds; validity of signatures.

 If any of the members or officers of the bank cease to be members before the delivery of any bonds signed by them, their signatures or authorized facsimile signatures are nevertheless valid and sufficient for all purposes as if they had remained in office until the delivery of the bonds.  HISTORY: 1997 Act No. 148, Section 2.
SC Code § 11-43-400 (2021)
2021 South Carolina Code of Laws|Title 11 - Public Finance|Chapter 43 - South Carolina Transportation Infrastructure Bank Act|Section 11-43-400. Vested rights; application of subsequent amendments to this article.

 Subsequent amendments to this article may not limit the rights vested in the bank with respect to any agreements made with, or remedies available to, the holders of bonds issued under this article before the enactment of the amendments until the bonds, with all premiums and interest on them, and all costs and expenses in connection with any proceeding by or on behalf of the holders, are fully met and discharged.  HISTORY: 1997 Act No. 148, Section 2.
SC Code § 11-43-410 (2021)
2021 South Carolina Code of Laws|Title 11 - Public Finance|Chapter 43 - South Carolina Transportation Infrastructure Bank Act|Section 11-43-410. Exemption from taxation and assessment.

 Any bonds issued by the bank, the transfer of bonds, and the income from them, are free from taxation and assessment of every kind by the State and by the local governments and other political subdivisions of the State.  HISTORY: 1997 Act No. 148, Section 2.
SC Code § 11-43-420 (2021)
2021 South Carolina Code of Laws|Title 11 - Public Finance|Chapter 43 - South Carolina Transportation Infrastructure Bank Act|Section 11-43-420. Bonds legal investments, securities.

 The bonds issued by the bank are legal investments in which all public officers or public bodies of the State, its political subdivisions, all municipalities and political subdivisions, all insurance companies and associations and other persons carrying on insurance business, all banks, bankers, banking associations, trust companies, savings banks, savings associations, including savings and loan association investment companies, and other persons carrying on a banking business, all administrators, guardians, executors, trustees, and other fiduciaries, and all other persons who are now or may be authorized in the future to invest in bonds or other obligations of the State, may invest funds in their control or belonging to them. The bonds of the bank are also securities which may be deposited with and received by all public officers and bodies of the State or any agency or political subdivision of the State and all municipalities and public corporations for any purpose for which the deposit of bonds or other obligations of the State is now or may later be required by law.  HISTORY: 1997 Act No. 148, Section 2.
SC Code § 11-43-510 (2021)
2021 South Carolina Code of Laws|Title 11 - Public Finance|Chapter 43 - South Carolina Transportation Infrastructure Bank Act|Section 11-43-510. Definitions.

 As used in this article:  (1) "Board" means the Board of Directors of the South Carolina Transportation Infrastructure Bank.  (2) "State board" means the governing board of the State Fiscal Accountability Authority.  (3) "Transportation infrastructure bonds" means all general obligation bonds of this State designated as transportation infrastructure bonds, which are now outstanding and which may hereafter be issued pursuant to the authorizations of this article.  HISTORY: 1997 Act No. 148, Section 2; 2014 Act No. 121 (S.22), Pt VII, Section 20.I, eff July 1, 2015.  Effect of Amendment  2014 Act No. 121, Section 20.I, in subsection (2), substituted "governing board of the State Fiscal Accountability Authority" for "State Budget and Control Board".