reglab/housing_qa huggingface dataset:
SC Code § 11-18-40 (2021)
2021 South Carolina Code of Laws|Title 11 - Public Finance|Chapter 18 - South Carolina Volume Cap Allocation Act|Section 11-18-40. Local Government waiver of Volume Cap allocation; board management of allocation.

 (A) In accordance with the provisions of this chapter, the board shall establish a method for determining when a Local Government has waived all or part of its Volume Cap allocation and shall manage the reallocation of such Volume Cap. All allocations and reallocations made pursuant to this chapter shall be made by the board with the advice and recommendation of an advisory committee which the board may from time to time appoint and which shall be comprised of members who are, in the sole determination of the board, familiar with the subject matter germane to the specific federal bond program.  (B) When appropriate, the board shall provide written notice of Volume Cap allocations of ARRA Bonds and Other Federal Bonds to Local Governments by United States registered or certified mail. Written notice shall be effective on the date shown on the return receipt. Such notice may include a deadline by which ARRA Bonds and Other Federal Bonds must be issued.  (C) A Local Government may waive its Volume Cap allocation by providing written notice of such waiver to the board within thirty days of the written notice provided in subsection (B).  (D) In determining when a Local Government has waived all or part of its Volume Cap, the board shall provide that if it has not received from a Local Government a notice of intent to use its Volume Cap allocation within a designated number of days of the written notice provided in subsection (B), the Local Government shall be deemed to have waived its Volume Cap allocation. The form of the notice of intent to use a Local Government's Volume Cap allocation shall be determined by the board. Each notice of intent to use its Volume Cap allocation submitted by a Local Government must contain evidence satisfactory to the board, in its sole discretion, that the allocation will in fact be used. This evidence may consist of:  (1) resolution or otherwise of the designation of a Recovery Zone, if such designation is required;  (2) the form of the resolution or ordinance in substantially final form authorizing the issuance of bonds or approving such other financing as may be done accompanied by a written opinion of legal counsel that the Local Government has the legal ability to effect such issuance or borrowing;  (3) a written opinion of legal counsel that the ARRA Bonds or Other Federal Bonds that the Local Government intends to issue will qualify, based on information available at that time to such legal counsel, as such ARRA Bonds or Other Federal Bonds when issued;  (4) a schedule for the closing of the issue which must not be later than a date determined by the board; and  (5) other documentation as the board deems appropriate.  (E) Failure to issue ARRA Bonds or Other Federal Bonds by any deadline established by the board shall constitute a waiver of Volume Cap allocation unless the board extends such deadline.  HISTORY: 2010 Act No. 290, Section 15.A, eff June 23, 2010.
SC Code § 11-18-50 (2021)
2021 South Carolina Code of Laws|Title 11 - Public Finance|Chapter 18 - South Carolina Volume Cap Allocation Act|Section 11-18-50. Board to develop application form for reallocation of any waived Volume Cap allocation; factors for reallocation.

 (A) Within thirty days of the effective date of this chapter, the board shall develop a form for use by any eligible issuer in applying for reallocation of any waived Volume Cap allocation. Applications for reallocation may be accepted by the board at times prescribed by the board. The board may make reallocations as soon as it determines that there is an actual or deemed waiver of any Volume Cap allocation.  (B) In making reallocations, the board may consider the following factors:  (1) the likelihood of successful completion of such financing;  (2) the number of jobs to be created or preserved and the wages for such jobs;  (3) relative economic need and benefit to the applicant and any other entity benefiting from the proposed issue; and  (4) the overall best interest of the State and the people of the State.  (C) Upon making any reallocation, the board shall provide written notice of the reallocation of Volume Cap to the eligible issuer by United States registered or certified mail.  HISTORY: 2010 Act No. 290, Section 15.A, eff June 23, 2010.
SC Code § 11-18-60 (2021)
2021 South Carolina Code of Laws|Title 11 - Public Finance|Chapter 18 - South Carolina Volume Cap Allocation Act|Section 11-18-60. Local Government suballocation of Volume Cap.

 Local Governments allocated Volume Cap pursuant to this chapter may, by order or resolution of its governing body, suballocate such allocation to any other eligible issuers authorized to issue ARRA Bonds or Other Federal Bonds pursuant to the Code or any related pronouncements made by the Internal Revenue Service or the United States Treasury Department. Each Local Government that suballocates Volume Cap shall attach a copy of the order, ordinance, or resolution authorizing the suballocation to its notice of intent to use Volume Cap required by Section 11-18-40. Local Governments shall be authorized to take any other action required by the Code or related pronouncements made by the Internal Revenue Service or the Treasury Department to issue ARRA Bonds or Other Federal Bonds.  HISTORY: 2010 Act No. 290, Section 15.A, eff June 23, 2010.
SC Code § 11-18-70 (2021)
2021 South Carolina Code of Laws|Title 11 - Public Finance|Chapter 18 - South Carolina Volume Cap Allocation Act|Section 11-18-70. Purpose of chapter; board policies and procedures.

 (A) The purpose of this chapter is to ensure that the state's allocations of ARRA Bonds and Other Federal Bonds are used. To that end, the board is authorized and directed to make such exceptions and waivers or extend or shorten time requirements as it deems most likely to effect the purposes hereof. The board is encouraged to avoid the development of rigid procedures and formalities in the determination of waived allocations or reallocations. The board is directed to focus on the probability of the Local Governments' using the Volume Cap for ARRA Bonds prior to January 1, 2011.  (B) The board may adopt any further policies and procedures it considers necessary for the equitable and effective administration of this chapter.  HISTORY: 2010 Act No. 290, Section 15.A, eff June 23, 2010.
SC Code § 11-18-80 (2021)
2021 South Carolina Code of Laws|Title 11 - Public Finance|Chapter 18 - South Carolina Volume Cap Allocation Act|Section 11-18-80. Maximum use of Volume Cap allocations.

 In order to make the maximum use of Volume Cap allocations, any bond enabling act which specifies particular projects or users must be construed to provide that any recovery zone property as defined in Section 1400U-3(b) of the Code will be deemed to qualify as a project. Accordingly, any person engaged in a qualified business as defined in Section 1400U-3(b)(2) of the Code will be permitted as beneficiary of any such bonds.  HISTORY: 2010 Act No. 290, Section 15.A, eff June 23, 2010.
SC Code § 11-19-10 (2021)
2021 South Carolina Code of Laws|Title 11 - Public Finance|Chapter 19 - Borrowing In Anticipation Of Federal Grants|Section 11-19-10. Definitions.

 (a) The term "borrower" shall mean the State, any agency, authority, department or institution of the State, any county, any incorporated city or town, any school district, any special purpose district, and all other political units now existing or hereafter created.  (b) The term "governing body" shall mean that agency or body upon which is devolved by law the administrative and executive functions of the borrower.  (c) The term "grant" shall mean any monies to be received from the United States Government or any of its agencies, intended to be used for the construction of facilities for any waterworks systems, facilities for the collection, treatment and disposal of sewage and the construction or improvement of any public works which the borrower may lawfully undertake as to which an unconditional grant has been made by the granting agency and the funds have been appropriated therefor. The term "grant" shall also include Federal revenue-sharing funds to which any borrower shall be entitled.  (d) The term "person" shall mean any person, firm, corporation, governmental agency or lending institution.  (e) The term "project" shall mean the public works or undertaking for which the grant is made applicable.  HISTORY: 1962 Code Section 1-641; 1971 (57) 902; 1974 (58) 2363.
SC Code § 11-19-20 (2021)
2021 South Carolina Code of Laws|Title 11 - Public Finance|Chapter 19 - Borrowing In Anticipation Of Federal Grants|Section 11-19-20. Borrowing in anticipation of federal grant authorized; debt evidenced by note; form and terms of note.

 Any borrower which is entitled to any grant may, pending the receipt thereof, but within the limitation set forth in this chapter, borrow from any person and evidence the debt so incurred by a note or other written obligation executed by the officers of the borrower and containing such terms and provisions as may be prescribed by the governing body of the borrower. Such note shall be expressed to mature not later than the occasion on which the proceeds of the grant are expected to be received and shall pledge for the payment of the principal and interest therefor the proceeds of such grant and in addition thereto may pledge the full faith, credit and taxing power of the borrower.  HISTORY: 1962 Code Section 1-641.1; 1971 (57) 902; 1976 Act No. 617.
SC Code § 11-19-30 (2021)
2021 South Carolina Code of Laws|Title 11 - Public Finance|Chapter 19 - Borrowing In Anticipation Of Federal Grants|Section 11-19-30. Maximum amount.

 The maximum amount of any loan made pursuant to this chapter shall not exceed ninety percent of the estimated amount of the grant in anticipation of which the loan is made.  HISTORY: 1962 Code Section 1-641.2; 1971 (57) 902.
SC Code § 11-19-40 (2021)
2021 South Carolina Code of Laws|Title 11 - Public Finance|Chapter 19 - Borrowing In Anticipation Of Federal Grants|Section 11-19-40. Manner of issuing obligations.

 The governing body may arrange the issue of obligations authorized by this chapter by negotiation or may cause them to be advertised and bids therefor received, under such conditions as the governing body shall prescribe.  HISTORY: 1962 Code Section 1-641.3; 1971 (57) 902.
SC Code § 11-19-50 (2021)
2021 South Carolina Code of Laws|Title 11 - Public Finance|Chapter 19 - Borrowing In Anticipation Of Federal Grants|Section 11-19-50. Necessity of holding election before issuance of obligations.

 Whenever the favorable result of an election is prescribed by the Constitution or applicable statute as a condition precedent to the undertaking of the project by the borrower, then prior to the issuance of any obligations pursuant to this chapter, the election shall have been held and shall have resulted favorably to the undertaking of the project.  HISTORY: 1962 Code Section 1-641.4; 1971 (57) 902.
SC Code § 11-19-60 (2021)
2021 South Carolina Code of Laws|Title 11 - Public Finance|Chapter 19 - Borrowing In Anticipation Of Federal Grants|Section 11-19-60. Necessity of obtaining consent or approval.

 If any consent or approval shall be necessary prior to the undertaking of the project by the borrower, the borrower shall obtain the same consent or approval prior to the issuance of obligations pursuant hereto.  HISTORY: 1962 Code Section 1-641.5; 1971 (57) 902.
SC Code § 11-19-70 (2021)
2021 South Carolina Code of Laws|Title 11 - Public Finance|Chapter 19 - Borrowing In Anticipation Of Federal Grants|Section 11-19-70. Application of proceeds of obligations.

 It shall be the duty of the governing body to apply the proceeds of any obligations issued pursuant to this chapter to the cost of the construction of the project for which the grant is to be made, but no purchaser of any obligations shall be liable for the proper application of the proceeds.  HISTORY: 1962 Code Section 1-641.6; 1971 (57) 902.
SC Code § 11-19-80 (2021)
2021 South Carolina Code of Laws|Title 11 - Public Finance|Chapter 19 - Borrowing In Anticipation Of Federal Grants|Section 11-19-80. Tax exempt status of obligations.

 All obligations issued pursuant to this chapter and all interest to accrue thereon shall have the tax exempt status prescribed by Section 12-1-60.  HISTORY: 1962 Code Section 1-641.7; 1971 (57) 902.
SC Code § 11-21-10 (2021)
2021 South Carolina Code of Laws|Title 11 - Public Finance|Chapter 21 - Advanced Refunding Of Bonds Of Public Agencies|Section 11-21-10. Definitions.

 For the purposes of this chapter the following terms shall mean:  (1) "Advanced refunding", means the refunding of outstanding bonds through the authorizations of this chapter and other statutes herein referred to more than six months prior to the dates on which outstanding bonds mature or may be called for payment and redemption.  (2) "Corporate trustee", means any incorporated bank organized under the laws of any of the states of the United States or any national banking corporation organized under the laws of the United States maintaining an established and active trust department which shall agree to perform the functions imposed upon it by the provisions of this chapter; but, unless such bank or national bank shall maintain offices in South Carolina, it shall have unimpaired capital and surplus of not less than twenty-five million dollars.  (3) "Governing board", means the board, commission, municipal council, board of trustees, authority or any other public body upon which is devolved by law the administrative and executive duties with respect to any public agency.  (4) "Outstanding bonds", means all general obligation bonds, with or without additional security, or bonds payable solely from any revenue-producing project, now or hereafter issued pursuant to laws now or hereafter enacted.  (5) "Public agency", means the State of South Carolina, its agencies and institutions, counties, all incorporated municipalities, school districts, special purpose districts, authorities and every other agency or political entity of the State which now or hereafter shall be given the power to incur debt in the form of general obligation bonds, with or without additional security, or bonds payable solely from any revenue-producing project, now or hereafter issued pursuant to law.  (6) "Refunding bonds", means any bonds issued for the purpose of providing all or any part of the monies required to effect the payment upon maturity, or upon redemption, of any outstanding bonds and shall include all sums required to meet the payment of principal, redemption premiums and such interest on outstanding bonds as may be required to be funded in order to effect the advanced refunding of outstanding bonds.  HISTORY: 1962 Code Section 1-631; 1965 (54) 551; 1981 Act No. 50, Section 2.
SC Code § 11-21-20 (2021)
2021 South Carolina Code of Laws|Title 11 - Public Finance|Chapter 21 - Advanced Refunding Of Bonds Of Public Agencies|Section 11-21-20. Issuance of advanced refunding bonds authorized; purpose; amount.

 Any public agency may utilize the provisions of either Article 5, Chapter 15, Title 11 (the Refunding Act) or Chapter 17, Title 6 (the Revenue Bond Refinancing Act) as herein amplified, to effect the refunding of any of its outstanding bonds and the provisions of this chapter shall extend to and are hereby made available to the governing boards of all public agencies in order to refund outstanding bonds. If and when the authorizations of this chapter are utilized, the provisions of this chapter shall control in the event of conflict between this chapter and any provision in either the Refunding Act or the Revenue Bond Refinancing Act. To the extent that they may be required in order to effect an advanced refunding, refunding bonds may be issued in such amounts as shall be required to provide for the payment of (a) all outstanding bonds maturing subsequent to the date as of which refunding bonds shall be issued and (b) such further amount as shall be required to effect the payment of any redemption premium of the outstanding bonds, the amount required to fund interest on the outstanding bonds to the date fixed for redemption in the plan of advancing refunding, if the funding of interest on the outstanding bonds shall prove necessary, and any deposits required in connection with the refunding bonds and expenses incurred by the governing board in connection with the issuance of refunding bonds. Provided, if any governing board shall find it necessary to effect improvements at the same time as it shall undertake an advanced refunding with refunding bonds issued pursuant to Chapter 17, Title 6 and this chapter, refunding bonds in addition to those otherwise required may be issued to such extent as may be necessary to meet the costs of such improvements.  HISTORY: 1962 Code Section 1-632; 1965 (54) 551; 1981 Act No. 50, Section 2.
SC Code § 11-21-30 (2021)
2021 South Carolina Code of Laws|Title 11 - Public Finance|Chapter 21 - Advanced Refunding Of Bonds Of Public Agencies|Section 11-21-30. Time of issuance.

 Advanced refunding pursuant to this chapter may be effected at any time under the conditions prescribed by this chapter.  HISTORY: 1962 Code Section 1-633; 1965 (54) 551; 1981 Act No. 50, Section 2.
SC Code § 11-21-40 (2021)
2021 South Carolina Code of Laws|Title 11 - Public Finance|Chapter 21 - Advanced Refunding Of Bonds Of Public Agencies|Section 11-21-40. Findings to be made by governing board.

 Prior to any advanced refunding the governing board of any public agency which shall have outstanding bonds shall find either:  (a) That a savings can be effected through advanced refunding;  (b) That existing covenants and agreements in the proceedings authorizing the outstanding bonds payable from revenue-producing projects hamper or impede the ability of the public agency to borrow monies which are then or thereafter required to provide for improvements, enlargements and extensions to such revenue-producing projects.  In the event any governing board shall undertake to effect an advanced refunding pursuant to Chapter 17, Title 6 and this chapter, and at the same time to borrow for the purpose of constructing improvements to its revenue-producing project, it shall likewise have found that such improvements are then necessary and can be accomplished with the monies provided by the proceeds of the refunding bonds issued pursuant to Chapter 17, Title 6 and this chapter for the purpose of constructing such improvements.  HISTORY: 1962 Code Section 1-634; 1965 (54) 551; 1967 (55) 489; 1981 Act No. 50, Section 2.
SC Code § 11-21-50 (2021)
2021 South Carolina Code of Laws|Title 11 - Public Finance|Chapter 21 - Advanced Refunding Of Bonds Of Public Agencies|Section 11-21-50. Optional redemption; agreement as to use of proceeds; notice.

 The governing board shall not be required to effect the payment or redemption of the outstanding bonds through the means of any optional redemption provision and it may provide in the agreement required by Section 11-21-60 that the proceeds of the refunding bonds be used for the payment of the outstanding bonds as and when the same mature. Whenever refunding bonds are issued pursuant to this chapter, the public agency issuing such bonds shall give published notice in a financial paper published in the City of New York of the purpose for which the proceeds of the refunding bonds will be used.  HISTORY: 1962 Code Section 1-635; 1965 (54) 551; 1981 Act No. 50, Section 2.
SC Code § 11-21-60 (2021)
2021 South Carolina Code of Laws|Title 11 - Public Finance|Chapter 21 - Advanced Refunding Of Bonds Of Public Agencies|Section 11-21-60. Disposition of proceeds of refunding bonds.

 On the delivery of any refunding bonds issued pursuant to this chapter, the proceeds of the bonds, less the proceeds of that portion of any refunding bonds issued pursuant to Chapter 17, Title 6 for improvements, must be deposited with a corporate trustee and held by it under a written trust agreement and in a special trust account, except that the accrued interest, if any, must be used to discharge in part the first interest to become due on the refunding bonds. It is the duty of the corporate trustee to keep the proceeds invested and reinvested to the extent practical in obligations of the United States or any agency of the United States and to apply the principal and interest of the trust so established in the manner prescribed in the trust agreement.  HISTORY: 1962 Code Section 1-636; 1965 (54) 551; 1981 Act No. 50, Section 2; 1991 Act No. 65, Section 10; 2004 Act No. 184, Section 2.
SC Code § 11-21-80 (2021)
2021 South Carolina Code of Laws|Title 11 - Public Finance|Chapter 21 - Advanced Refunding Of Bonds Of Public Agencies|Section 11-21-80. Effect of partial invalidity of chapter.

 If it be held that the application of this chapter to the refunding of general obligation bonds is invalid, such holding shall not disturb the right of governing boards to effect advanced refundings of bonds payable from the revenues of any revenue-producing project.  HISTORY: 1962 Code Section 1-638; 1965 (54) 551.
SC Code § 11-23-10 (2021)
2021 South Carolina Code of Laws|Title 11 - Public Finance|Chapter 23 - Pledge Of Revenues To Secure Payment Of Bonds|Section 11-23-10. Legislative findings.

 The General Assembly makes the following findings:  1. From time to time various political subdivisions and public bodies including but not limited to counties, cities, towns, public service districts and authorities, issue general obligation bonds under various authorizing statutes to finance the construction of projects such as hospitals, water systems, sewer systems, airports and other public projects which produce revenues.  2. Many of the statutes which authorize the issuance of such general obligation bonds contain no provision that the bonds may be additionally secured by a pledge of the revenues to be derived from the operation of the projects financed by such bonds and no provision that the annual tax levy to be made for the payment of debt service on such bonds may be reduced in each year by the amount of such revenues actually on hand and available for payment of debt service at the time the annual levy is to be made.  3. That the authorization to make such a pledge to additionally secure such bonds would enable the issuer thereof to strengthen the security of its general obligation bonds, and to shift at least a portion of the burden of the debt-service payments from ad valorem taxes on the property owners within its taxing jurisdiction to those who pay rates and charges for the facilities and services furnished by the projects financed by such general obligation bonds.  HISTORY: 1975 (59) 174.
SC Code § 11-23-20 (2021)
2021 South Carolina Code of Laws|Title 11 - Public Finance|Chapter 23 - Pledge Of Revenues To Secure Payment Of Bonds|Section 11-23-20. Authority to pledge revenues as additional security for bonds.

 The governing body of any political subdivision or public body of this State including, but not limited to, counties, cities, towns, townships, school districts, public service districts, and authorities, which is authorized by law to issue general obligation bonds of such political subdivision or public body, the proceeds of which bonds will be used to finance the construction of projects which will be revenue producing, may, with the consent of any board, commission or other body or person which may be charged by statute or otherwise with the operation and management of any such revenue-producing project, provide in the ordinance or resolution which makes provision for the issuance of such bonds that such bonds may be additionally secured by all or any portion, designated in the ordinance or resolution, of the revenues to be derived from the operation of such projects. Any such board, commission or other body or person shall have full power and authority to make any and all covenants and agreements which may be necessary to implement and effectuate any such pledge of revenues.  HISTORY: 1975 (59) 174.