reglab/statecodes huggingface dataset:
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 15 - Bonds Of Political Subdivisions › Section 11-15-420. Declaration of purpose.

This article is intended to authorize and provide the procedure for the issuance of general obligation bonds whose proceeds are to be used to pay, in whole or in part, sums due on general obligation bonds previously issued.
HISTORY: 1962 Code Section 1-683; 1952 Code Section 1-683; 1951 (47) 755.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 15 - Bonds Of Political Subdivisions › Section 11-15-430. Definitions.

(1) The word "issuer," as used in this article, shall mean any incorporated city or town, school district, county, or other political division or subdivision of the State which shall have outstanding and unpaid, whether matured or unmatured, bonds for whose payment the full faith, credit, taxing power and resources of such political division or subdivision have been pledged, whether or not such general obligation bonds be additionally secured by pledge of other revenues.
(2) The term "governing body" shall mean, in the case of incorporated cities or towns, the city council or town council and in other instances the commission, group, board or body to whom is delegated the administrative duties of the issuer.
HISTORY: 1962 Code Section 1-682; 1952 Code Section 1-682; 1951 (47) 755.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 15 - Bonds Of Political Subdivisions › Section 11-15-440. Extent to which refunding bonds may be issued.

The governing body of any issuer may issue general obligation bonds of such issuer to such extent as such issuer shall be indebted by way of principal, interest, and redemption premium upon any outstanding general obligation or revenue bonds, maturing or called for redemption, less all sinking funds and other monies on hand applicable thereto. The issuer may utilize the provisions of Sections 11-27-40 and 11-27-50 in connection with the issuance of such refunding bonds.
HISTORY: 1962 Code Section 1-684; 1952 Code Section 1-684; 1951 (47) 755; 1999 Act No. 113, Section 23.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 15 - Bonds Of Political Subdivisions › Section 11-15-450. Time when refunding bonds may be issued.

Such refunding bonds may be issued at any time, but not sooner than one year from the date the outstanding bonds fall due or have been called for redemption.
HISTORY: 1962 Code Section 1-685; 1952 Code Section 1-685; 1951 (47) 755.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 15 - Bonds Of Political Subdivisions › Section 11-15-460. Interest rate.

These refunding bonds must bear interest at those rates as may be determined by the governing body of the issuer. However, before the issuance of any refunding bonds, except in the case of the refunding of Qualified School Construction Bonds issued pursuant to the provisions of 26 U.S.C. Section 54F, the governing body shall determine that a savings can be effected through the issuance of these refunding bonds.
HISTORY: 1962 Code Section 1-686; 1952 Code Section 1-686; 1951 (47) 755; 1989 Act No. 34, Section 1; 2009 Act No. 68, Section 4.
Editor's Note
2009 Act No. 68 Section 6 provides as follows:
"The powers and authorizations conferred by this act shall be in addition to all other powers and authorizations previously conferred upon the State Superintendent of Education, the State Department of Education, and the school districts of the State. The provisions of this act are remedial in nature and shall be liberally construed in order to give full force and effect to its provisions."
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 15 - Bonds Of Political Subdivisions › Section 11-15-470. Maturities.

Such refunding bonds shall mature in such annual series or installments, equal or unequal in amount, as the governing body shall provide, except that:
(1) The first maturing bonds shall mature within five years from the date as of which they are issued;
(2) Not less than two per cent of the aggregate of the issue shall mature in any year; and
(3) No bonds shall mature later than forty years from the date as of which they are issued.
HISTORY: 1962 Code Section 1-687; 1952 Code Section 1-687; 1951 (47) 755.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 15 - Bonds Of Political Subdivisions › Section 11-15-480. Redemption privilege.

All refunding bonds maturing subsequent to fifteen years from their date shall be subject to redemption not later than fifteen years from their date and on all subsequent interest payment dates prior to their respective maturities. Bonds may be issued with a provision permitting their redemption on any interest payment date prior to their respective maturities. Bonds made subject to redemption prior to their stated maturities may contain a provision requiring the issuer to pay a premium for the privilege of exercising the right of redemption in such amount as the governing body shall have prescribed in the proceedings taken to authorize the issuance of such bonds. All bonds that are subject to redemption shall contain a statement to that effect on the face of each bond. In the proceedings authorizing the issuance of such bonds provision shall be made specifying the manner of call and the notice thereof that must be given.
HISTORY: 1962 Code Section 1-688; 1952 Code Section 1-688; 1951 (47) 755.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 15 - Bonds Of Political Subdivisions › Section 11-15-490. Negotiability; registration.

All such refunding bonds shall be in the form of negotiable coupon bonds, payable to bearer, but may contain provisions granting to the holder the privilege of having them registered on the books of the treasurer of the issuer and the principal thus made payable to the registered holder (unless the last registered transfer shall have been to bearer) upon such conditions as the governing body may prescribe. Unless registered such bonds shall have all the qualities of negotiable instruments under the law merchant and the Uniform Commercial Code.
HISTORY: 1962 Code Section 1-689; 1952 Code Section 1-689; 1951 (47) 755.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 15 - Bonds Of Political Subdivisions › Section 11-15-500. Place of payment.

Such refunding bonds shall be made payable at such place or places, within or without the State as the governing body shall provide.
HISTORY: 1962 Code Section 1-690; 1952 Code Section 1-690; 1951 (47) 755.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 15 - Bonds Of Political Subdivisions › Section 11-15-510. Execution of bonds.

Such refunding bonds and the coupons annexed thereto shall be executed in the manner provided for by the governing body.
HISTORY: 1962 Code Section 1-691; 1952 Code Section 1-691; 1951 (47) 755.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 15 - Bonds Of Political Subdivisions › Section 11-15-520. Sale of bonds.

Such refunding bonds shall be sold at public sale, after advertisement of sale in a newspaper having general circulation in the State or in a financial publication published in the city of New York or, in the discretion of the governing body, in both such publications. Such advertisement shall appear not less than ten days prior to the occasion set for such sale. The bonds may be disposed of at private sale if there are no bids received or if all bids are rejected. The provisions of this section shall not prevent a private sale to the United States of America or any agency thereof.
HISTORY: 1962 Code Section 1-692; 1952 Code Section 1-692; 1951 (47) 755.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 15 - Bonds Of Political Subdivisions › Section 11-15-530. Sales price.

All refunding bonds must be sold at a price of not less than par and accrued interest to the date of delivery thereof.
HISTORY: 1962 Code Section 1-693; 1952 Code Section 1-693; 1951 (47) 755.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 15 - Bonds Of Political Subdivisions › Section 11-15-540. Pledges and covenants to ensure payment; ad valorem tax.

For the payment of the principal and interest of such bonds as they respectively mature and for the creation of such sinking fund as may be necessary to provide for the prompt payment thereof, the full faith, credit, taxing power and resources of the issuer shall be irrevocably pledged, and there shall be levied and collected annually upon all taxable property of the issuer an ad valorem tax, without limitation as to rate or amount, sufficient for such purposes. The governing body of the issuer may, in its discretion, additionally secure the refunding bonds by a pledge of such revenues as were pledged to secure additionally the outstanding bonds. If such refunding bonds be additionally secured, covenants similar to those made in issuing the outstanding bonds may be made.
HISTORY: 1962 Code Section 1-694; 1952 Code Section 1-694; 1951 (47) 755.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 15 - Bonds Of Political Subdivisions › Section 11-15-550. Exemption from taxes.

Refunding bonds issued under this article shall be exempt from all State, county, municipal, school district and other taxes or assessments, direct or indirect, general or special, whether imposed for the purpose of general revenue or otherwise.
HISTORY: 1962 Code Section 1-695; 1952 Code Section 1-695; 1951 (47) 755.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 15 - Bonds Of Political Subdivisions › Section 11-15-560. Bonds legal for fiduciary and sinking fund commission investment.

All executors, administrators, guardians, committees and fiduciaries and all sinking fund commissions may invest monies in their hands in bonds issued under this article.
HISTORY: 1962 Code Section 1-696; 1952 Code Section 1-696; 1951 (47) 755.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 15 - Bonds Of Political Subdivisions › Section 11-15-570. Use of bonds to pay taxes.

The governing body of the issuer may provide in the proceedings taken in connection with the issuance of refunding bonds that either the bonds or the coupons shall be receivable for taxes due to the issuer during the year in which they respectively mature.
HISTORY: 1962 Code Section 1-697; 1952 Code Section 1-697; 1951 (47) 755.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 15 - Bonds Of Political Subdivisions › Section 11-15-580. Holder of bonds may require levying of taxes and enforce covenants.

In the event the governing body shall fail to levy the taxes required to be levied or to perform the covenants undertaken in the issuance of the bonds, any holder of any of the bonds or coupons may require the levy of taxes and enforce the performance of the covenants by mandamus in any of the courts of this State.
HISTORY: 1962 Code Section 1-698; 1952 Code Section 1-698; 1951 (47) 755.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 15 - Bonds Of Political Subdivisions › Section 11-15-590. Deposit and use of proceeds.

The proceeds derived from the sale of these bonds must be deposited in a special fund, separate and distinct from all other funds, and applied solely to the purposes for which the bonds are issued, except that the accrued interest, if any, must be used to discharge in part the first interest to become due on the bonds.
HISTORY: 1962 Code Section 1-699; 1952 Code Section 1-699; 1951 (47) 755; 2004 Act No. 184, Section 1.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 15 - Bonds Of Political Subdivisions › Section 11-15-600. Refunding of special obligation bonds.

Any issuer having outstanding special obligation bonds authorized by any special act of the General Assembly enacted prior to March 7, 1973, may utilize the procedure prescribed by this article to effect the refunding of such special obligation bonds, except that for the payment of the principal of and interest on such refunding bonds there shall be pledged all or any part of the revenues securing the outstanding bonds, and any and all covenants as may be deemed necessary or desirable may be made to implement such pledges.
HISTORY: 1976 Act No. 639 Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 17 - Borrowing By State, State Agencies, And Political Units In Anticipation Of Issuance Of Bonds › Section 11-17-10. Definitions.

(a) The term "bonds" shall mean general obligation bonds payable from ad valorem taxes, general obligation bonds additionally secured by any pledge of any assessments, or any pledge of revenues derived by the borrower from any revenue-producing facility, bonds payable solely from the revenues of any revenue-producing facility, and bonds payable solely from any assessments. The term "bonds" shall also include state highway bonds as defined pursuant to the provisions of item (10) of Section 57-11-210, as amended.
(b) The term "borrower" shall mean the State, any agency, 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, which are appropriately authorized to borrow money and issue bonds.
(c) The term "governing body" shall mean that agency or body upon which is devolved by law the administrative and executive functions of the borrower.
(d) The term "person" shall mean any person, firm, corporation or governmental agency.
HISTORY: 1962 Code Section 1-621; 1965 (54) 150; 1993 Act No. 181, Section 92.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 17 - Borrowing By State, State Agencies, And Political Units In Anticipation Of Issuance Of Bonds › Section 11-17-20. Borrowing in anticipation of receipt of proceeds of bonds authorized; debt evidenced by note; form and terms of notes.

Any borrower, whenever authorized by general or special law, to issue bonds, may, pending the sale and issuance thereof, but within the limitations set forth in Section 11-17-60 of this chapter, borrow in anticipation of the receipt of the proceeds of bonds from any person, and evidence the debt by a note duly executed by the officers of the borrower authorized by the governing body of the borrower. The note shall be expressed to mature not later than one year from the date of its issuance except that if the note is issued in anticipation of the sale of bonds payable solely from a revenue-producing facility and there is in existence an agreement between the borrower and any federal agency pursuant to which such bonds are to be purchased by such federal agency, such note may be expressed to mature not later than three years from its date; such note may, but shall not be required to, be subject to redemption prior to its stated maturity, on such terms and conditions as the governing body of the borrower may prescribe, except that the maximum premium to be paid for prior redemption shall not exceed one half of one per centum. The note shall bear such rate of interest as the governing body shall determine and shall recite on its face that it is issued in anticipation of the issuance of bonds and is payable, both as to principal and interest, from the proceeds thereof.
HISTORY: 1962 Code Section 1-622; 1965 (54) 150; 1970 (56) 2061; 1979 Act No. 194, Part I, Section 13.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 17 - Borrowing By State, State Agencies, And Political Units In Anticipation Of Issuance Of Bonds › Section 11-17-30. Use of other funds for payment of notes.

It shall at all times be lawful for any borrower to utilize any other funds applicable therefor for the payment of the principal and interest of the note.
HISTORY: 1962 Code Section 1-622.1; 1970 (56) 2061.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 17 - Borrowing By State, State Agencies, And Political Units In Anticipation Of Issuance Of Bonds › Section 11-17-40. Manner of issuing notes.

The governing body may arrange the issuance of notes 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 1-623; 1965 (54) 150.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 17 - Borrowing By State, State Agencies, And Political Units In Anticipation Of Issuance Of Bonds › Section 11-17-50. Necessity of holding election before issuance of notes.

Whenever the favorable result of an election is prescribed by the Constitution or applicable statute as a condition precedent to the issuance of bonds by the borrower, then prior to the issuance of any notes pursuant to this chapter, the election shall have been held and shall have resulted favorably to the issuance of such bonds.
HISTORY: 1962 Code Section 1-624; 1965 (54) 150.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 17 - Borrowing By State, State Agencies, And Political Units In Anticipation Of Issuance Of Bonds › Section 11-17-60. Resolution of governing body; consent or approval required; renewal or refunding.

Prior to the issuance of notes pursuant to this chapter, the governing body of the borrower shall adopt a resolution obligating the borrower to issue and sell, in the manner prescribed by law, bonds of the borrower in a specified amount and notes of the borrower may be issued pursuant to this chapter to the extent of not exceeding the amount of bonds so specified.
Provided, however, if any consent or approval shall be necessary prior to the issuance of bonds by the borrower, the borrower must obtain the same consent or approval prior to the issuance of temporary financing as provided herein.
All notes issued pursuant to this chapter may from time to time be renewed or refunded.
HISTORY: 1962 Code Section 1-625; 1965 (54) 150; 1966 (54) 2382; 1969 (56) 809.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 17 - Borrowing By State, State Agencies, And Political Units In Anticipation Of Issuance Of Bonds › Section 11-17-70. Notes secured by full faith, credit, and taxing power of borrower.

Notes issued pursuant to this chapter in anticipation of the issuance of general obligation bonds shall be general obligations of the borrower also secured by a pledge of the full faith, credit and taxing power of the borrower, and any governing body is authorized to make such a pledge in the proceedings providing for the issuance of any notes pursuant to this chapter in anticipation of the issuance of general obligation bonds.
HISTORY: 1962 Code Section 1-625.1; 1969 (56) 809.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 17 - Borrowing By State, State Agencies, And Political Units In Anticipation Of Issuance Of Bonds › Section 11-17-80. Purpose of bonds deemed to include payment of notes.

Whenever any borrower shall be authorized to issue bonds for any specific purpose, the purpose shall be deemed to include the monies required to meet the payment of the principal and interest of notes issued pursuant to this chapter.
HISTORY: 1962 Code Section 1-626; 1965 (54) 150.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 17 - Borrowing By State, State Agencies, And Political Units In Anticipation Of Issuance Of Bonds › Section 11-17-90. Application of proceeds of notes.

It shall be the duty of the governing body to apply the proceeds of any notes issued pursuant to this chapter to the purpose for which bonds are to be issued, but no purchaser of any notes shall be liable for the proper application of the proceeds.
HISTORY: 1962 Code Section 1-627; 1965 (54) 150.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 17 - Borrowing By State, State Agencies, And Political Units In Anticipation Of Issuance Of Bonds › Section 11-17-100. Application of proceeds of bonds to payment of notes.

Upon delivery of the bonds in anticipation of which a note or notes pursuant to this chapter have been issued, sufficient of the proceeds of such bonds shall be applied by the borrower to meet the payment of the principal and interest of such notes, unless the stated maturity of the notes shall be subsequent to the date as of which such bonds are issued; but, in all such instances, upon the delivery of the bonds, sufficient of the proceeds thereof shall be deposited in an irrevocable trust with the paying agent of the notes, or other financial institution, for the payment of the principal and interest of the notes upon their stated maturity.
HISTORY: 1962 Code Section 1-627.1; 1970 (56) 2061.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 17 - Borrowing By State, State Agencies, And Political Units In Anticipation Of Issuance Of Bonds › Section 11-17-110. Tax exempt status of notes.

All notes 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 1-628; 1965 (54) 150.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 17 - Borrowing By State, State Agencies, And Political Units In Anticipation Of Issuance Of Bonds › Section 11-17-120. Determining whether bonds for funding bond anticipation notes are issued within prescribed time limitation.

Whenever, after the issuance of general obligation bond anticipation notes, it becomes necessary to determine whether or not general obligation bonds issued to provide funds with which to pay such notes (or any notes refunding such notes) have been issued within any time limitation prescribed therefor or in obedience to any condition imposed by law, the date of the issuance of the original notes shall be used for the purposes of such determination.
HISTORY: 1981 Act No. 3, Section 1.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 18 - South Carolina Volume Cap Allocation Act › Section 11-18-20. Definitions.

(a) "ARRA Bonds" mean:
(1) recovery zone bonds authorized under Section 1401 of ARRA; and
(2) Qualified Energy Conservation Bonds authorized under Section 301(a) of Tax Extenders and Alternative Minimum Tax Relief Act of 2008, Pub. L. 110-343, 122 Stat. 1365 (2008) as amended by Section 112 of ARRA.
(b) "Board" means the State Fiscal Accountability Authority's governing board.
(c) "Code" means the Internal Revenue Code of 1986, as amended.
(d) "Local Government" means each county and municipality that received an allocation of Volume Cap pursuant to the Code and IRS Notice 2009-50.
(e) "Other federal bonds" mean any such bond, whether tax-exempt, taxable or tax credit, created after the date hereof whereby a volume cap limitation is proscribed under the Code.
(f) "Qualified energy conservation bond" means the term as defined in Section 54D(a) of the Code.
(g) "Recovery zone" means the term as defined in Section 1400U-1(b) of the Code.
(h) "Recovery zone economic development bond" means the term as defined in Section 1400U-2 of the Code.
(i) "Recovery zone facility bond" means the term as defined in Section 1400U-3 of the Code.
(j) "State" means the State of South Carolina.
(k) "Volume Cap" means the amount or other limitation of ARRA Bonds allocated to each state and to counties and large municipalities within each state in accordance with Section 1400U-1(a)(4) of the Code, with respect to Recovery Zone Economic Development Bonds and Recovery Zone Facility Bonds, Section 54D(e)(1) of the Code, with respect to Qualified Energy Conservation Bonds, and any other section of the Code which imposes a volume cap limitation on any other Federal Bonds.
HISTORY: 2010 Act No. 290, Section 15.A, eff June 23, 2010; 2014 Act No. 121 (S.22), Pt VII, Section 20.B.1, eff July 1, 2015.
Effect of Amendment
2014 Act No. 121, Section 20.B.1, in subsection (b), substituted "State Fiscal Accountability Authority's governing board" for "South Carolina Budget and Control Board".
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 18 - South Carolina Volume Cap Allocation Act › Section 11-18-30. Volume Cap allocation.

For any Volume Cap allocation of Qualified Energy Conservation Bonds and any other Volume Cap allocation for Other Federal Bonds, which has not been or shall not be further suballocated by the Code, the Internal Revenue Service or the United States Department of the Treasury, the board is authorized to suballocate such Volume Cap allocation.
HISTORY: 2010 Act No. 290, Section 15.A, eff June 23, 2010.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.