reglab/statecodes huggingface dataset:
2023 South Carolina Code of Laws › Title 13 - Planning, Research and Development › Chapter 17 - South Carolina Research Authority › Section 13-17-150. Establishment of statewide professional research organization.

The authority may establish, in cooperation with the state's colleges and universities, a statewide professional research organization to promote social, professional, and business relationships among researchers in the public and private sectors of the State. The organization established shall conduct regular, regional, and statewide meetings to provide a forum for research presentations and to bring researchers from various industries and universities together to discuss topics of common interest.
HISTORY: 1983 Act No. 50 Section 2, eff April 29, 1983; 2005 Act No. 133, Section 1, eff June 7, 2005.
2023 South Carolina Code of Laws › Title 13 - Planning, Research and Development › Chapter 17 - South Carolina Research Authority › Section 13-17-160. Restrictions on authority.

The authority may not interfere in the relationships colleges and universities have established or may establish in the future with industry. The authority may not infringe upon or compete with the rights of faculty members to pursue their own research interests or to secure funding for them. The authority may not inhibit similar scientific activities in the research parks, but the authority may promote individual parks for differing activities of scientific excellence.
HISTORY: 1983 Act No. 50 Section 2, eff April 29, 1983; 2005 Act No. 133, Section 1, eff June 7, 2005.
2023 South Carolina Code of Laws › Title 13 - Planning, Research and Development › Chapter 17 - South Carolina Research Authority › Section 13-17-170. Exemption of authority and its employees from certain Code provisions.

The authority and its employees are exempt from the application of Title 8 (Public Officers and Employees), except for Chapter 5 (Nepotism), and Chapter 13 (Ethics and Disclosure), and Title 9 (State Retirement Systems).
HISTORY: 1984 Act No. 309, Section 3, eff March 23, 1984; 2005 Act No. 133, Section 1, eff June 7, 2005.
2023 South Carolina Code of Laws › Title 13 - Planning, Research and Development › Chapter 17 - South Carolina Research Authority › Section 13-17-180. Not-for-profit corporations; powers and limitations; annual audit.

The authority is authorized to establish not-for-profit corporations it considers necessary or appropriate to carry out the purposes of this chapter. These corporations have the powers provided to corporations under applicable corporate law including, but not limited to, the ability to establish one or more for-profit or not-for-profit corporations, provided, however, that the for-profit corporations are subject to applicable federal and state taxes, and provided that the for-profit corporations may not compete with any for-profit corporations incorporated in South Carolina. These corporations shall engage an independent accounting firm to conduct an annual audit of their books and records.
HISTORY: 1996 Act No. 308, Section 2, eff upon approval (became law without the Governor's signature on May 7,1996); 2005 Act No. 133, Section 1, eff June 7, 2005.
2023 South Carolina Code of Laws › Title 13 - Planning, Research and Development › Chapter 19 - Midlands Authority › Section 13-19-10. Midlands Authority created; governing board; appointment and terms of board members; filling of vacancies.

There is created the Midlands Authority of South Carolina, referred to in this chapter as the "authority". The governing body of the authority consists of a nine member board appointed by the Governor, with the advice and consent of the Senate, for terms of four years and until their successors are appointed and qualify. Vacancies must be filled in the manner of the original appointment for the unexpired portion of the term. Two members must be resident of each of the following counties: Richland, Lexington, Fairfield, and Newberry. One member must be appointed from the state at large. Vacancies on the board for any reason must be filled for the unexpired term in the manner of original appointment.
HISTORY: 1992 Act No. 515, Section 4, eff July 1, 1992.
2023 South Carolina Code of Laws › Title 13 - Planning, Research and Development › Chapter 19 - Midlands Authority › Section 13-19-20. Board officers; committees; meetings; quorum.

The members of the board shall elect one member as chairman and one as vice-chairman and shall also elect a secretary. The board shall establish other offices, committees, and positions under its bylaws as it considers necessary. The board shall meet upon the call of its chairman and in accordance with its bylaws, and five members constitute a quorum for the transaction of its business.
HISTORY: 1992 Act No. 515, Section 4, eff July 1, 1992.
2023 South Carolina Code of Laws › Title 13 - Planning, Research and Development › Chapter 19 - Midlands Authority › Section 13-19-35. Area in which authority may exercise powers and duties.

The authority may exercise any of the powers and duties conveyed under Section 13-19-30 in the entire area of a county or portion of a county which borders the counties represented by members as set forth in Section 13-19-10.
HISTORY: 1992 Act No. 515, Section 4, eff July 1, 1992.
2023 South Carolina Code of Laws › Title 13 - Planning, Research and Development › Chapter 19 - Midlands Authority › Section 13-19-40. Authority to issue bonds; financing agreements with respect to construction, operation, maintenance, and improvement of projects.

In furtherance of its purposes, the authority may issue revenue bonds, the interest on which may or may not be excludable from gross income for federal income tax purposes, for the purpose of raising funds needed from time to time for the financing or refinancing, in whole or in part, the acquisition, construction, equipment, maintenance, and operation of a facility, building structure, or any other matter or thing which the authority is authorized to acquire, construct, equip, maintain, or operate.
In connection with the issuance of bonds, the authority may enter into an agreement with a company to construct, operate, maintain, and improve a project, and the authority may enter into a financing agreement with the company prescribing the terms and conditions of the payments to be made by the company to the authority, or its assignee, to meet the payments that become due on bonds.
HISTORY: 1992 Act No. 515, Section 4, eff July 1, 1992.
2023 South Carolina Code of Laws › Title 13 - Planning, Research and Development › Chapter 19 - Midlands Authority › Section 13-19-45. Issuance of revenue bonds, and financing agreements, with respect to particular projects.

The authority may issue revenue bonds for the purpose of financing or refinancing, in whole or in part, the cost of the following projects:
(a) purchasing real estate;
(b) constructing, reconstructing, or improving roads, bridges, culverts, or other transportation facilities;
(c) constructing, reconstructing, improving, or equipping water distribution systems, sewer treatment and distribution facilities, buildings, or environmental utilities;
(d) constructing, reconstructing, and improving recreational facilities, including but not limited to marinas, docks, swimming pools, parks, dams, ponds, golf courses, racquetball and tennis facilities, and equestrian and archery complexes. In connection with the issuance of bonds, the authority may enter into an agreement with a company to construct, operate, maintain, and improve a project, and the authority may enter into a financing agreement with the company prescribing the terms and conditions of the payments to be made by the company to the authority, or its assignee, to meet the payments that become due on bonds.
HISTORY: 1992 Act No. 515, Section 4, eff July 1, 1992.
2023 South Carolina Code of Laws › Title 13 - Planning, Research and Development › Chapter 19 - Midlands Authority › Section 13-19-50. Resolution by board authorizing issuance of revenue bonds.

Revenue bonds issued under this chapter for any project described in Section 13-19-40 must be authorized by resolution of the board of the authority. The resolution may contain provisions which are a part of the contract between the authority and the several holders of the bonds as to: (a) the custody, security, use, expenditure, or application of the proceeds of the bonds; (b) the acquisition, construction, and completion of any project for which the bonds are issued; (c) the use, regulation, operation, maintenance, insurance, or disposition of the project for which the bonds are issued, or any restrictions on the exercise of the powers of the board to dispose of or limit or regulate the use of the project; (d) the payment of the principal of or interest on the bonds and the sources and methods of payment, the rank or priority of any bonds as to any lien or security, or the acceleration of the maturity of any bonds; (e) the use and disposition of the revenues derived or to be derived from the operation of any project; (f) the pledging, setting aside, depositing, or entrusting of the revenues from which the bonds are made payable to secure the payment of the principal of and interest on the bonds or the payment of expenses of operation and maintenance of the project; (g) the setting aside of revenues, reserves, or sinking funds and the source, custody, security, regulation, and disposition of the revenues, reserves, or sinking funds; (h) the determination of the definition of revenues or of the expenses of operation and maintenance of the project for which the bonds are issued; (i) the rentals, fees, or other charges derived from the use of the project and the fixing, establishing, collection, and enforcement of the rentals, fees, or other charges, the amount or amounts of revenues to be produced by the rentals, fees, or other charges, and the disposition and application of the amounts charged or collected; (j) limitations on the issuance of additional bonds or any other obligations or the incurrence of indebtedness payable from the same revenues from which the bonds are payable; (k) rules to ensure the use of the project by the public or private sector to the maximum extent to which the project are capable of serving the public or private sector; (l) any other matter or course of conduct which, by recital in the resolution authorizing the bonds, is declared to further secure the payment of the principal of or interest on the bonds.
HISTORY: 1992 Act No. 515, Section 4, eff July 1, 1992.
2023 South Carolina Code of Laws › Title 13 - Planning, Research and Development › Chapter 19 - Midlands Authority › Section 13-19-60. Terms and particulars pertaining to bonds.

The bonds may be issued in one or more series, may bear a date, may mature at a time not exceeding forty years from their respective dates, may bear interest at the rate or rates per annum as approved by the State Fiscal Accountability Authority, may be payable in a medium of payment and at a place, may be in a denomination, may be in a form, either coupon or registered, may carry registration privileges, may be subject to terms of redemption before maturity, with or without premium, and may contain terms, covenants, and conditions as the resolution authorizing the issuance of the bonds may provide. The interest rate on bonds issued by the authority, the proceeds of which are loaned to a company pursuant to a financing agreement to construct or acquire a project authorized under Section 13-19-40, are not subject to approval by the State Fiscal Accountability Authority. The bonds are fully negotiable within the meaning of and for the purposes of the Uniform Commercial Code.
HISTORY: 1992 Act No. 515, Section 4, eff July 1, 1992.
2023 South Carolina Code of Laws › Title 13 - Planning, Research and Development › Chapter 19 - Midlands Authority › Section 13-19-70. Bond principal and interest, security agreements, indentures, and financing agreements exempt from taxation.

The principal of and interest on bonds issued under this chapter are exempt from taxation, as provided in Section 12-2-50. All security agreements, indentures, and financing agreements made pursuant to the provisions of this chapter are exempt from state stamp and transfer taxes.
HISTORY: 1992 Act No. 515, Section 4, eff July 1, 1992.
2023 South Carolina Code of Laws › Title 13 - Planning, Research and Development › Chapter 19 - Midlands Authority › Section 13-19-80. Bond issue approval; proposal; disposition of proposal.

No bonds may be issued pursuant to the provisions of this chapter until the proposal of the board of the authority to issue the bonds receives the approval of the State Fiscal Accountability Authority. When the board proposes to issue bonds, it shall file a proposal with the State Fiscal Accountability Authority or the Department of Administration, as appropriate, setting forth: (a) a brief description of the project proposed to be undertaken and its anticipated effect upon the economy of the area in which the project is to be located; (b) a reasonable estimate of the cost of the project; (c) a general summary of the terms and conditions of any financing agreement and security agreement. Upon the filing of the proposal the State Fiscal Accountability Authority or the Department of Administration, as appropriate, shall, as soon as practicable, make an independent investigation, as it considers necessary or appropriate, and if it finds that the project is intended to promote the purposes of this chapter, it may approve the project. At any time following the approval, the board may proceed with the acquisition and financing of the project. If the proceeds of the bonds are to be made available to a company to construct a project, as provided in Section 13-19-40, notice of the approval of any project by the State Fiscal Accountability Authority or the Department of Administration, as appropriate, must be published at least once by the authority in a newspaper having general circulation in the county where the project is to be located. Any interested party may, within twenty days after the date of the publication of notice, but not after the twenty days, challenge the validity of the approval in the court of common pleas in the county where the project is to be located.
HISTORY: 1992 Act No. 515, Section 4, eff July 1, 1992.
2023 South Carolina Code of Laws › Title 13 - Planning, Research and Development › Chapter 19 - Midlands Authority › Section 13-19-90. Signature and attestation of bonds and interest coupons.

The bonds must be signed in the name of the board of the authority by the manual or facsimile signature of the chairman of the board and attested with the manual or facsimile signature of the secretary of the board. Interest coupons attached to the bonds must be signed by the facsimile signatures of the officers. The bonds may be issued notwithstanding that any of the officials signing them or whose facsimile signatures appear on the bonds or the coupons have ceased to hold office at the time of issue or at the time of the delivery of the bonds to the purchaser.
HISTORY: 1992 Act No. 515, Section 4, eff July 1, 1992.
2023 South Carolina Code of Laws › Title 13 - Planning, Research and Development › Chapter 19 - Midlands Authority › Section 13-19-100. Sale of bonds upon terms and conditions set by State Fiscal Accountability Authority.

The bonds must be sold at public or private sale upon terms and conditions as the State Fiscal Accountability Authority considers advisable.
HISTORY: 1992 Act No. 515, Section 4, eff July 1, 1992.
2023 South Carolina Code of Laws › Title 13 - Planning, Research and Development › Chapter 19 - Midlands Authority › Section 13-19-110. Description of financial obligations to be filed with State Treasurer.

The board of the authority or its proper administrative officers shall file with the State Treasurer within thirty days from the date of their issuance a complete description of all obligations entered into by the board with the rates of interest, maturity dates, annual payments, and all pertinent data.
HISTORY: 1992 Act No. 515, Section 4, eff July 1, 1992.
2023 South Carolina Code of Laws › Title 13 - Planning, Research and Development › Chapter 19 - Midlands Authority › Section 13-19-120. Resolutions, covenants, and agreements pertaining to issuance of bonds are binding; enforceability.

All provisions of a resolution authorizing the issuance of the bonds in accordance with this chapter and any covenants and agreements constitute legally binding contracts between the authority and the several holders of the bonds, regardless of the time of issuance of the bonds, and are enforceable by any holder by mandamus or other appropriate action, suit, or proceeding at law or in equity in any court of competent jurisdiction.
HISTORY: 1992 Act No. 515, Section 4, eff July 1, 1992.
2023 South Carolina Code of Laws › Title 13 - Planning, Research and Development › Chapter 19 - Midlands Authority › Section 13-19-130. Limited obligation of bonds; state not to incur liability; security; trustee under security agreement or indenture.

The bonds authorized by this chapter are limited obligations of the authority. The principal and interest are payable solely out of the revenues derived by the authority, including any revenues that may be derived by the authority pursuant to the financing agreement with respect to the project which the bonds are issued to finance. The bonds are an indebtedness payable solely from a revenue producing source or from a special source which does not include revenues from any tax or license. The bonds do not constitute nor give rise to a pecuniary liability of the authority, the State, or any political subdivision of the State, or to a charge against the general credit of the authority, the State, or any political subdivision of the State or taxing powers of the State, or any political subdivision of the State, and this fact must be plainly stated on the face of each bond. The principal of and interest on any bonds issued under this chapter must be secured by a pledge of the revenues from which the bonds are payable, may be secured by a security agreement, including a mortgage or any property given as security pursuant to a financing agreement, and may be additionally secured by a pledge of the financing agreement with respect to the project. In making any agreements or provisions, the board of the authority does not have the power to obligate itself with respect to any project for which the proceeds of bonds issued under this chapter have been loaned to a company, except with respect to the project and the application of the revenues from the financing agreement, and does not have the power to incur a pecuniary liability or a charge upon its general credit. The trustee under any security agreement or indenture, or any depository specified by the security agreement or indenture, may be any person or corporation as the authority designates, notwithstanding that the trustee may be a nonresident of this State or incorporated under the laws of the United States or the laws of other states.
HISTORY: 1992 Act No. 515, Section 4, eff July 1, 1992.
2023 South Carolina Code of Laws › Title 13 - Planning, Research and Development › Chapter 19 - Midlands Authority › Section 13-19-140. Investment of funds by state treasurer; net earnings.

All funds of the authority must be invested by the State Treasurer and, upon approval and designation by the State Treasurer of a financial institution or institutions, all funds must be deposited in such institutions by the board in accordance with policies established by the board. Funds of the authority must be paid out only upon warrants issued in accordance with policies established by the board. No warrants may be drawn or issued disbursing any of the funds of the authority except for a purpose authorized by this chapter.
The net earnings of the authority, beyond that necessary for retirement of its bonds or other obligations or to implement the purposes of this chapter, may not inure to the benefit of any person other than the authority. Upon termination of the existence of the authority, title to all property, real and personal, owned by it, including net earnings, vests in the State.
HISTORY: 1992 Act No. 515, Section 4, eff July 1, 1992.
2023 South Carolina Code of Laws › Title 13 - Planning, Research and Development › Chapter 19 - Midlands Authority › Section 13-19-150. Carryover of unexpended funds from year to year.

The authority may retain any unexpended funds at the close of the fiscal year of the State regardless of the source of the funds and expend the funds in subsequent fiscal years.
HISTORY: 1992 Act No. 515, Section 4, eff July 1, 1992.
2023 South Carolina Code of Laws › Title 13 - Planning, Research and Development › Chapter 19 - Midlands Authority › Section 13-19-160. Determinations required to be made by authority prior to undertaking projects; terms which must be included in financing agreement between authority and company with respect to projects.

(A) Prior to undertaking any project authorized by Section 13-19-40, the board of the authority shall make a determination:
(1) that the project will serve the purposes of this chapter;
(2) that the project is anticipated to benefit the general public welfare of the locality by providing services, employment, recreation, or other public benefits not otherwise provided locally;
(3) that the project will give rise to no pecuniary liability of the authority, the State, or any political subdivision of the State, or charge against the general credit of the authority, the State, or any political subdivision of the State, or taxing power of the State or any political subdivision of the State if the proceeds are loaned by the authority to a company to construct a project;
(4) as to the amount of bonds required to finance the project;
(5) as to the amount necessary in each year to pay the principal of and the interest on the bonds proposed to be issued to finance the project;
(6) as to the amount necessary to be paid each year into any reserve funds which the board may consider advisable to establish in connection with the retirement of the proposed bonds and the maintenance of the project. The determinations of the board must be set forth in the proceedings under which the proposed bonds are to be issued.
(B) Every financing agreement between the authority and a company with respect to a project shall contain an agreement obligating the company to complete the project if the proceeds of the bonds prove insufficient, and obligating the company to pay an amount under the terms of a financing agreement, which, upon the basis of the determinations made by the board, is sufficient:
(1) to pay the principal of and interest on the bonds issued to finance the project;
(2) to build up and maintain any reserves considered by the board to be advisable in connection with the project;
(3) to pay the costs of maintaining the project in good repair and keeping it properly insured, unless the financing agreement obligates the company to pay for the maintenance and insurance of the project.
HISTORY: 1992 Act No. 515, Section 4, eff July 1, 1992; 1993 Act No.181, Section 255, eff July 1, 1993.
2023 South Carolina Code of Laws › Title 13 - Planning, Research and Development › Chapter 19 - Midlands Authority › Section 13-19-170. Disposition of proceeds of sale of bonds; what constitutes cost of acquiring project.

The proceeds from the sale of any bonds issued under authority of this chapter may be applied only for the purpose for which the bonds were issued, except any premium and accrued interest received in any sale must be applied to the payment of the principal of or the interest on the bonds sold, and if for any reason any portion of the proceeds are not needed for the purpose for which the bonds were issued, that portion of the proceeds must be applied to the payment of the principal of or the interest on the bonds. The cost of acquiring any project includes the following:
(a) the actual cost of the construction of any part of a project, including architects', engineers', and attorneys' fees;
(b) the purchase price of any part of a project that may be acquired by purchase;
(c) all expenses in connection with the authorization, sale, and issuance of the bonds to finance the acquisition;
(d) the interest on the bonds for a reasonable time prior to construction and for not exceeding one year after completion of the construction.
HISTORY: 1992 Act No. 515, Section 4, eff July 1, 1992.
2023 South Carolina Code of Laws › Title 13 - Planning, Research and Development › Chapter 19 - Midlands Authority › Section 13-19-180. Regulations promulgated by authority to be in accord with Title 1, Chapter 23.

The regulations of the authority must be promulgated in accordance with Chapter 23 of Title 1.
HISTORY: 1992 Act No. 515, Section 4, eff July 1, 1992.
2023 South Carolina Code of Laws › Title 13 - Planning, Research and Development › Chapter 19 - Midlands Authority › Section 13-19-190. Establishment of profit or not-for-profit corporations to carry out purposes of chapter; grants and loans; loan guarantees and limitations of liability.

The authority may establish profit or not-for-profit corporations as the authority considers necessary to carry out the purposes of this chapter. Officials or employees of the authority may act as officials or employees of any corporations created pursuant to this section without additional compensation. A corporation created pursuant to this section is considered to be a "public procurement unit" for purposes of Article 19, Chapter 35 of Title 11.
The authority may make grants or loans to, or make guarantees for, the benefit of a not-for-profit corporation which the authority has caused to be formed whose articles of incorporation require that its directors be elected by members of the authority and all assets of which, upon dissolution, must be distributed to the authority if it is in existence or, if it is not in existence, then to this State.
These grants, loans, or guarantees may be made upon a determination by the authority that the receiving not-for-profit corporation is able to carry out the purposes of this chapter and on the terms and conditions imposed by the authority.
A guarantee made by the authority does not create an obligation of the State or its political subdivisions and is not a grant or loan of the credit of the State or a political subdivision. A guarantee issued by the authority must be a special obligation of the authority. Neither this State nor any political subdivision is liable on a guarantee nor may they be payable out of any funds other than those of the authority and a guarantee issued by the authority must contain on its face a statement to that effect.
HISTORY: 1992 Act No. 515, Section 4, eff July 1, 1992.
2023 South Carolina Code of Laws › Title 13 - Planning, Research and Development › Chapter 19 - Midlands Authority › Section 13-19-200. Tax exemption of authority property; payment in lieu of taxes.

The property of the authority is not subject to any taxes or assessments, but the authority shall negotiate a payment in lieu of taxes with the appropriate taxing authorities.
HISTORY: 1992 Act No. 515, Section 4, eff July 1, 1992.
2023 South Carolina Code of Laws › Title 13 - Planning, Research and Development › Chapter 19 - Midlands Authority › Section 13-19-210. Purposes for which authority is or is not "agency," "state agency," or state institution.

Notwithstanding any provision of law or regulation, the authority continues to be an "agency" for purposes of Chapter 78 of Title 15; however, the authority is not considered to be an "agency" or "state agency" or any other form of state institution for purposes of Sections 2-7-65 and 2-57-60.
HISTORY: 1992 Act No. 515, Section 4, eff July 1, 1992.
2023 South Carolina Code of Laws › Title 13 - Planning, Research and Development › Chapter 19 - Midlands Authority › Section 13-19-220. Severability.

If a term or provision of a section of this chapter is found to be illegal or unenforceable, the remainder of this chapter nonetheless remains in full force and effect and the illegal or unenforceable term or provision is deleted and severed from this chapter.
HISTORY: 1992 Act No. 515, Section 4, eff July 1, 1992.
2023 South Carolina Code of Laws › Title 13 - Planning, Research and Development › Chapter 19 - Midlands Authority › Section 13-19-230. Chapter not to affect generation, transmission, distribution, or provision of electricity at wholesale, retail, or otherwise.

Nothing in this chapter may be construed to provide for the regulation of the generation, transmission, distribution, or provision of electricity at wholesale, retail, or in any other capacity. The provisions of this chapter shall not modify or abridge the rights, duties, and privileges of electric suppliers, electrical utilities, municipal electric utilities, or governmental entities (supplying electricity) under any state statute including, but not limited to, Title 58, Chapter 27 and Section 5-7-60.
Nothing in this chapter may be construed to allow the exercise of the right of eminent domain for the condemnation of property used for the generation, transmission, and/or distribution of electricity at wholesale or retail.
Nothing in this chapter may be construed to authorize a joint or cooperative agreement with the federal or state government or any political subdivision of the state affecting or relating to the regulation of the generation, transmission and/or distribution of electricity at wholesale or retail.
HISTORY: 1992 Act No. 515, Section 6, eff July 1, 1992.
Editor's Note
1992 Act No. 515, Section 6, was codified as two code sections, Section 13-19-230 and Section 13-21-240.
2023 South Carolina Code of Laws › Title 13 - Planning, Research and Development › Chapter 21 - Edisto Development Authority › Section 13-21-10. Edisto Development Authority created; governing board; appointment and terms of board members; filling of vacancies.

There is created the Edisto Development Authority, referred to in this chapter as the "authority". The governing body of the authority consists of a seven member board appointed by the Governor, with the advice and consent of the Senate, for terms of four years and until their successors are appointed and qualify. Vacancies must be filled in the manner of the original appointment for the unexpired portion of the term. One member must be appointed from each of the following counties: Allendale, Bamberg, Barnwell, Calhoun, Hampton, and Orangeburg. One member must be appointed from the state at large.
HISTORY: 1992 Act No. 515, Section 5, eff July 1, 1992.
2023 South Carolina Code of Laws › Title 13 - Planning, Research and Development › Chapter 21 - Edisto Development Authority › Section 13-21-20. Board officers; committees; meetings; quorum.

The members of the authority board shall elect one member as chairman and one as vice-chairman and shall also elect a secretary. The board shall establish other offices, committees, and positions under its bylaws as it considers necessary. The board shall meet upon the call of its chairman and in accordance with its bylaws, and four members constitute a quorum for the transaction of its business.
HISTORY: 1992 Act No. 515, Section 5, eff July 1, 1992.
2023 South Carolina Code of Laws › Title 13 - Planning, Research and Development › Chapter 21 - Edisto Development Authority › Section 13-21-40. Area in which authority may exercise powers and duties.

The authority may exercise any of the powers and duties conveyed under Section 13-21-30 in the entire area of a county or portion of a county which borders the Edisto River or is within the Edisto River Basin.
HISTORY: 1992 Act No. 515, Section 5, eff July 1, 1992.
2023 South Carolina Code of Laws › Title 13 - Planning, Research and Development › Chapter 21 - Edisto Development Authority › Section 13-21-50. Authority to issue bonds; financing agreements with respect to construction, operation, maintenance, and improvement of projects.

In furtherance of its purposes, the authority may issue revenue bonds, the interest on which may or may not be excludable from gross income for federal income tax purposes, for the purpose of raising funds needed from time to time for the financing or refinancing, in whole or in part, the acquisition, construction, equipment, maintenance, and operation of any facility, building structure, or any other matter or thing which the authority is authorized to acquire, construct, equip, maintain, or operate.
In connection with the issuance of bonds, the authority may enter into an agreement with a company to consult, operate, maintain, and improve a project, and the authority may enter into a financing agreement with the company prescribing the terms and conditions of the payments to be made by the company to the authority or its assignee, to meet the payments that become due on the bonds.
HISTORY: 1992 Act No. 515, Section 5, eff July 1, 1992.
2023 South Carolina Code of Laws › Title 13 - Planning, Research and Development › Chapter 21 - Edisto Development Authority › Section 13-21-60. Resolution by board authorizing issuance of revenue bonds.

Revenue bonds issued under this chapter for any project described in Section 13-21-50 must be authorized by resolution of the board of the authority. The resolution may contain provisions which are a part of the contract between the authority and the several holders of the bonds as to:
(1) the custody, security, use, expenditure, or application of the proceeds of the bonds;
(2) the acquisition, construction, and completion of any project for which the bonds are issued;
(3) the use, regulation, operation, maintenance, insurance, or disposition of the project for which the bonds are issued, or any restrictions on the exercise of the powers of the board to dispose of or limit or regulate the use of the project;
(4) the payment of the principal of or interest on the bonds and the sources and methods of payment, the rank or priority of any bonds as to any lien or security, or the acceleration of the maturity of any bonds;
(5) the use and disposition of the revenues derived from the operation of any project;
(6) the pledging, setting aside, depositing, or entrusting of the revenues from which the bonds are made payable to secure the payment of the principal of and interest on the bonds or the payments of expenses of operation and maintenance of the project;
(7) the setting aside of revenues, reserves, or sinking funds and the source, custody, security, regulation, and disposition of the revenues, reserves, or sinking funds;
(8) the determination of the definition of revenues or of the expenses of operation and maintenance of the project for which the bonds are issued;
(9) the rentals, fees, or other charges derived from the use of the project and the fixing, establishing, collection, and enforcement of the rentals, fees, or other charges, the amount or amounts of revenues to be produced by the rentals, fees, or other charges, and the disposition and application of the amounts charged or collected;
(10) limitations on the issuance of additional bonds or any other obligations or the incurrence of indebtedness payment from the same revenues from which the bonds are payable;
(11) rules to insure the use of the project by the public or private sector to the maximum extent to which the project is capable of serving the public or private sector;
(12) any other matter or course of conduct, which, by recital in the resolution authorizing the bonds, is declared to further secure the payment of the principal of or interest on the bonds.
HISTORY: 1992 Act No. 515, Section 5, eff July 1, 1992.
2023 South Carolina Code of Laws › Title 13 - Planning, Research and Development › Chapter 21 - Edisto Development Authority › Section 13-21-70. Terms and particulars pertaining to bonds.

The bonds may be issued in one or more series, may bear date, may mature at a time not exceeding forty years from their respective dates, may bear interest at the rate or rates a year as approved by the State Fiscal Accountability Authority, may be payable in the medium of payment and at a place, may be in a denomination, may be in a form, either coupon or registered, may carry registration privileges, may be subject to terms or redemption before maturity, with or without premium, and may contain terms, covenants, and conditions as the resolution authorizing the issuance of the bonds may provide. The interest rate on bonds issued by the authority, the proceeds of which are loaned to a company pursuant to a financing agreement to construct or acquire a project authorized under Section 13-21-50, are not subject to approval by the State Fiscal Accountability Authority. The bonds are fully negotiable within the meaning of and for the purposes of the Uniform Commercial Code.
HISTORY: 1992 Act No. 515, Section 5, eff July 1, 1992.
2023 South Carolina Code of Laws › Title 13 - Planning, Research and Development › Chapter 21 - Edisto Development Authority › Section 13-21-80. Bond principal and interest, security agreements, indentures, and financing agreements exempt from taxation.

The principal of and interest on bonds issued under this chapter are exempt from taxation, as provided in Section 12-2-50. All security agreements, indentures, and financing agreements made pursuant to the provisions of this chapter are exempt from state stamp and transfer taxes.
HISTORY: 1992 Act No. 515, Section 5, eff July 1, 1992.
2023 South Carolina Code of Laws › Title 13 - Planning, Research and Development › Chapter 21 - Edisto Development Authority › Section 13-21-90. Bond issue approval; proposal; disposition of proposal.

No bonds may be issued pursuant to the provisions of this chapter until the proposal of the board of the authority to issue the bonds receives the approval of the State Fiscal Accountability Authority. When the board proposes to issue bonds, it shall file a proposal with the State Fiscal Accountability Authority or the Department of Administration, as appropriate, setting forth:
(1) a brief description of the project proposed to be undertaken and its anticipated effect upon the economy of the area in which the project is to be located;
(2) a reasonable estimate of the cost of the project;
(3) a general summary of the terms and conditions of any financing agreement and security agreement.
Upon the filing of the proposal, the State Fiscal Accountability Authority or the Department of Administration, as applicable, shall, as soon as practicable, make an independent investigation, as it considers necessary or appropriate, and if it finds that the project is intended to promote the purposes of this chapter, it may approve the project. At any time following the approval, the board may proceed with the acquisition and financing of the project. If the proceeds of the bonds are to be made available to a company to construct a project, as provided in Section 13-21-50, notice of the approval of any project by the State Fiscal Accountability Authority or the Department of Administration, as applicable, must be published at least once by the authority in a newspaper having general circulation in the county where the project is to be located.
Any interested party may, within twenty days after the date of the publication notice, but not after the twenty days, challenge the validity of the approval in the court of common pleas in the county where the project is to be located.
HISTORY: 1992 Act No. 515, Section 5, eff July 1, 1992.
2023 South Carolina Code of Laws › Title 13 - Planning, Research and Development › Chapter 21 - Edisto Development Authority › Section 13-21-100. Signature and attestation of bonds.

The bonds must be signed in the name of the board of the authority by the manual or facsimile signature of the chairman of the board and attested with the manual or facsimile signature of the secretary of the board. The bonds may be issued notwithstanding that any of the officials signing them or whose facsimile signatures appear on the bonds or the coupons have ceased to hold office at the time of issue or at the time of the delivery of the bonds to the purchaser.
HISTORY: 1992 Act No. 515, Section 5, eff July 1, 1992.
2023 South Carolina Code of Laws › Title 13 - Planning, Research and Development › Chapter 21 - Edisto Development Authority › Section 13-21-110. Sale of bonds upon terms and conditions set by State Fiscal Accountability Authority.

The bonds must be sold at public or private sale upon terms and conditions as the State Fiscal Accountability Authority considers advisable.
HISTORY: 1992 Act No. 515, Section 5, eff July 1, 1992.
2023 South Carolina Code of Laws › Title 13 - Planning, Research and Development › Chapter 21 - Edisto Development Authority › Section 13-21-120. Description of financial obligations to be filed with State Treasurer.

The board of the authority or its proper administrative officers shall file with the State Treasurer within thirty days from the date of their issuance a complete description of all obligations entered into by the board with the rates of interest, maturity dates, annual payments, and all pertinent data.
HISTORY: 1992 Act No. 515, Section 5, eff July 1, 1992.
2023 South Carolina Code of Laws › Title 13 - Planning, Research and Development › Chapter 21 - Edisto Development Authority › Section 13-21-130. Resolutions, covenants, and agreements pertaining to issuance of bonds are binding; enforceability.

All provisions of a resolution authorizing the issuance of the bonds in accordance with this chapter and any covenants and agreements constitute legally binding contracts between the authority and the several holders of the bonds, regardless of the time of issuance of the bonds, and are enforceable by any holder by mandamus or other appropriate action, suit, or proceeding at law or in equity in any court of competent jurisdiction.
HISTORY: 1992 Act No. 515, Section 5, eff July 1, 1992.
2023 South Carolina Code of Laws › Title 13 - Planning, Research and Development › Chapter 21 - Edisto Development Authority › Section 13-21-140. Limited obligation of bonds; state not to incur liability; security; trustee under security agreement or indenture.

The bonds authorized by this chapter are limited obligations of the authority. The principal and interest are payable solely out of the revenues derived by the authority, including any revenues that may be derived by the authority pursuant to the financing agreement with respect to the projects which the bonds are issued to finance. The bonds are an indebtedness payable solely from a revenue producing source or from a special source which does not include revenues from any tax or license. The bonds do not constitute nor give rise to a pecuniary liability of the authority, the State, or any political subdivision of the State, or to a charge against the general credit of the authority, the State, or any political subdivision of the State or taxing powers of the State, or any political subdivision of the State, and this fact must be plainly stated on the face of each bond. The principal of and interest on any bonds issued under this chapter must be secured by a pledge of the revenues from which the bonds are payable, may be secured by a security agreement, including a mortgage or any property given as security pursuant to a financing agreement, and may be additionally secured by a pledge of the financing agreement with respect to the project. In making any agreements or provisions, the board of the authority does not have the power to obligate itself with respect to any project for which the proceeds of bonds issued under this chapter have been loaned to a company, except with respect to the project and the application of the revenues from the financing agreement, and does not have the power to incur a pecuniary liability or a charge upon its general credit.
The trustee under any security agreement or indenture, or any depository specified by the security agreement or indenture, may be any person, or corporation as the authority designates, notwithstanding that the trustee may be a nonresident of this State or incorporated under the laws of the United States or the laws of other states.
HISTORY: 1992 Act No. 515, Section 5, eff July 1, 1992.
2023 South Carolina Code of Laws › Title 13 - Planning, Research and Development › Chapter 21 - Edisto Development Authority › Section 13-21-150. Investment of funds by state treasurer; net earnings.

All funds of the authority must be invested by the State Treasurer and, upon approval and designation by the State Treasurer of a financial institution or institutions, all funds must be deposited in such institutions by the board in accordance with policies and guidelines formulated by the board. Funds of the authority must be paid out only upon warrants issued in accordance with policies established by the board. No warrants may be drawn or issued disbursing any of the funds of the authority except for a purpose authorized by this chapter.
The net earnings of the authority, beyond that necessary for retirement of its bonds or other obligations or to implement the purposes of this chapter, may not inure to the benefit of any person other than the authority. Upon termination of the existence of the authority, title to all property, real and personal, owned by it, including net earnings, vests in the State.
HISTORY: 1992 Act No. 515, Section 5, eff July 1, 1992.
2023 South Carolina Code of Laws › Title 13 - Planning, Research and Development › Chapter 21 - Edisto Development Authority › Section 13-21-160. Carryover of unexpended funds from year to year.

The authority shall retain unexpended funds at the close of the state fiscal year regardless of the source of the funds and expend the funds in subsequent fiscal years.
HISTORY: 1992 Act No. 515, Section 5, eff July 1, 1992.
2023 South Carolina Code of Laws › Title 13 - Planning, Research and Development › Chapter 21 - Edisto Development Authority › Section 13-21-170. Determinations required to be made by authority prior to undertaking projects; terms which must be included in financing agreement.

(A) Prior to undertaking any project authorized by Section 13-21-50, the board of the authority shall make a determination:
(1) that the project shall serve the purposes of this chapter;
(2) that the project is anticipated to benefit the general public welfare of the locality by providing services, employment, recreation, or other public benefits not otherwise provided locally;
(3) that the project shall give rise to no pecuniary liability of the authority, the State, or a political subdivision of the State, or charge against the general credit of the authority, the State, or a political subdivision of the State, or taxing power of the State or a political subdivision of the State if the proceeds are loaned by the authority to a company to construct a project;
(4) as to the amount of bonds required to finance the project;
(5) as to the amount necessary in each year to pay the principal of and the interest on the bonds proposed to be issued to finance the project;
(6) as to the amount necessary to be paid each year into any reserve funds which the board may consider advisable to establish in connection with the retirement of the proposed bonds and the maintenance of the project.
The determinations of the board must be set forth in the proceedings under which the proposed bonds are to be issued.
(B) Every financing agreement between the authority and a company with respect to a project shall contain an agreement obligating the company to complete the project if the proceeds of the bonds prove insufficient, and obligating the company to pay an amount under the terms of a financing agreement, which, upon the basis of the determinations made by the board, is sufficient:
(1) to pay the principal of and interest on the bonds issued to finance the project;
(2) to build up and maintain a reserve considered by the board to be advisable in connection with the project;
(3) to pay the costs of maintaining the project in good repair and keeping it properly insured, unless the financing agreement obligates the company to pay for the maintenance and insurance of the project.
HISTORY: 1992 Act No. 515, Section 5, eff July 1, 1992.