reglab/statecodes huggingface dataset:
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 37 - South Carolina Resources Authority Act › Section 11-37-230. State Treasurer to invest monies of authority.

All money of the authority, except as otherwise authorized by law or provided in this chapter, must be deposited with and invested by the State Treasurer. Funds of the authority not needed for immediate use or disbursement, including any funds held in any capital reserve fund, may be invested by the State Treasurer in obligations or securities which are declared to be legal obligations by the provisions of Chapter 5, Title 6, Section 11-9-660, and Section 11-9-661.
HISTORY: 1988 Act No. 682, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 37 - South Carolina Resources Authority Act › Section 11-37-240. Annual report.

The authority shall submit, following the close of each fiscal year, an annual report of its activities for the preceding year to the Governor and to the members of the General Assembly. Each report shall set forth a complete operating and financial statement of the authority during the fiscal year it covers. The State Auditor or, upon his approval, an independent certified public accountant shall perform an audit of the books and accounts of the authority at least once in each fiscal year.
HISTORY: 1988 Act No. 682, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 37 - South Carolina Resources Authority Act › Section 11-37-250. Construction of chapter.

The provisions of this chapter must be liberally construed to the end that its beneficial purposes may be effectuated. No proceedings, notice, or approval is required for the issuance of any bonds of the authority or any instruments or the security thereof, except as provided in this chapter. Insofar as the provisions of this chapter are inconsistent with the provisions of any other law, general, special, or local, the provisions of this chapter are controlling.
HISTORY: 1988 Act No. 682, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 37 - South Carolina Resources Authority Act › Section 11-37-260. State Treasurer may withhold monies from defaulting local governments.

If at any time any local government fails to effect the punctual payment of the principal of or interest on its local obligations, the State Treasurer shall withhold from the local government sufficient monies from any state appropriation to the local government and apply so much as is necessary to the payment of the principal of and interest on the local obligation of the government. All appropriations of local governments of the State are subject to the provisions of this section. If the local government does not receive state aid in an amount necessary to repay the obligation, the Comptroller General may levy and require the applicable county treasurer to collect and remit to the authority an ad valorem tax sufficient to meet the obligation.
HISTORY: 1988 Act No. 682, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 37 - South Carolina Resources Authority Act › Section 11-37-270. Legislative declaration of intent.

(A) Act 682 of 1988 created the South Carolina Resources Authority which proposes to issue its revenue bonds in accordance with the act for the purpose of refunding outstanding bonds of local governmental units held by the Farmers Home Administration. It is desirable that the authority issue its bonds within the next ninety days so that the proceeds may be used to enable local governmental units to pay off outstanding loans to the Farmers Home Administration at a substantial discount which will not be available after May 9, 1989.
(B) Act 682 of 1988 contains features authorizing the issuing of bonds for the benefit of private eleemosynary companies; permitting bond proceeds to be used to acquire local obligations payable from property taxes; permitting the imposition of local property taxes by the Comptroller General for the repayment of local obligations and providing for the payment of local obligations and authority bonds from state appropriations. It is anticipated that these features will be presented to the court for a confirmation of their constitutionality. In the meantime, the authority shall proceed in order to meet the deadline established by the Farmers Home Administration to issue, pursuant to Act 682 of 1988, bonds which can be issued independent of the features described above. The General Assembly declares that the remaining portion of Act 682 of 1988 is capable of being executed in accordance with the legislative intent, wholly independent of those features described above, or any of them.
HISTORY: 1989 Act No. 55, Section 1.
Editor's Note
1988 Act No. 682, referred to in this section, has been codified as Section 11-37-10 et seq.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 38 - Issuance Of Capital Improvement Bonds In Denominations Of Less Than One Thousand Dollars › Section 11-38-10. Applicability.

Notwithstanding the provisions of Act 1377 of 1968, with regard to the denominations of capital improvement bonds which may be issued and the price at which they may be sold, the provisions of this chapter apply to the issuance of capital improvement bonds issued in denominations of less than one thousand dollars.
HISTORY: 1993 Act No. 53, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 38 - Issuance Of Capital Improvement Bonds In Denominations Of Less Than One Thousand Dollars › Section 11-38-20. Authorization to issue; amount; sale; sale price; maturity; interest.

(A) The State Fiscal Accountability Authority is authorized to provide for the issuance of capital improvement bonds in denominations of less than one thousand dollars.
(B) Capital improvement bonds in denominations of less than $1,000 are authorized to be sold at a price less than par, plus accrued interest from their date to the date of their delivery.
(C) For the purpose of computing the principal amount of capital improvement bonds issued, the amount of capital improvement bonds issued in denominations less than $1,000 must be determined by the amount the State receives from the issuance of such bonds, rather than the par amount of such bonds.
(D) Capital improvement bonds issued in denominations of less than $1,000 shall mature in such amounts and at such times as the State Treasurer shall determine.
(E) The requirement that capital improvement bonds be sold upon sealed proposals, after publication of notice of sale one or more times at least ten days before such sale, in a newspaper of general circulation in the State and also a financial paper published in New York City, shall not apply to the sale of capital improvement bonds in denominations of less than $1,000. The State Treasurer is authorized to develop and implement a program for the sale of capital improvement bonds in denominations of less than $1,000, including the advertisement of it, that will ensure an opportunity for citizens of the State to purchase these capital improvement bonds.
(F) The State Treasurer shall determine the rate or rates of interest that capital improvement bonds issued in denominations of less than $1,000 shall bear.
HISTORY: 1993 Act No. 53, Section 2; 2014 Act No. 121 (S.22), Pt VII, Section 20.F, eff July 1, 2015.
Effect of Amendment
2014 Act No. 121, Section 20.F, in subsection (A), substituted "Fiscal Accountability Authority" for "Budget and Control Board", and made other nonsubstantive changes.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 38 - Issuance Of Capital Improvement Bonds In Denominations Of Less Than One Thousand Dollars › Section 11-38-30. Applicability of provisions of Act 1377 of 1968 which are not in conflict.

All provisions of Act 1377 of 1968, as amended, not inconsistent, or in conflict, with the provisions of this chapter are applicable to capital improvement bonds issued in denominations less than $1,000.
HISTORY: 1993 Act No. 53, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 39 - Joint Legislative Committee On Energy › Section 11-39-10. Committee to review energy policy.

Prior to authorization of the expenditure of any oil overcharge refund monies by the Office of the Governor, pursuant to the provisions of Chapter 65, Title 2, Code of Laws of South Carolina, 1976, the Joint Legislative Committee on Energy shall review and make a recommendation as to the approval and adoption of this state's energy policy. Energy policy established by the Joint Legislative Committee on Energy must be based primarily on the potential for reducing the costs of energy consumption, and such potential cost savings must be estimated and documented for future analysis.
HISTORY: 1988 Act No. 680, Section 1.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 39 - Joint Legislative Committee On Energy › Section 11-39-20. Allocation of funding.

Pursuant to the guidelines established by the Department of Energy, decisions of the federal courts, and the Joint Legislative Committee on Energy, the Governor's office shall make decisions on the allocation of energy program funding. After consultation with the Governor's office, the Joint Legislative Committee on Energy shall review the projects approved by the Governor for funding. This review may not exceed sixty days and the Joint Legislative Committee on Energy may within that time period remand to the Governor's office for reconsideration any of the approved projects with which the committee is in disagreement.
HISTORY: 1988 Act No. 680, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 39 - Joint Legislative Committee On Energy › Section 11-39-30. Oversight responsibility.

The Joint Legislative Committee on Energy has the authority and responsibility of continuous energy program oversight on the actual expenditure and use of the oil overcharge funds, including, but not limited to, the receipt and review of all reports, contracts, and subcontracts issued and any other information considered necessary to assure that such funds are being utilized in accordance with the energy policy and energy program plans approved as stated in this chapter.
HISTORY: 1988 Act No. 680, Section 3.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 39 - Joint Legislative Committee On Energy › Section 11-39-40. Evaluation of entity receiving financial gain.

Any state agency, board, commission, institution, or other entity funded from the general fund of the State which receives a financial gain as a result of energy efficiency improvements undertaken as a result of the state's energy programs must be evaluated as to the actual annual dollar savings attained. The cost savings must be reported to the Joint Legislative Committee on Energy by the entity administering the state energy program. The Joint Legislative Committee on Energy shall review the report of cost savings to ensure that the dollar amounts saved are accurate, and the committee shall report its findings to the Senate Finance Committee and to the House Ways and Means Committee annually, not later than January first. The entity administering the state energy program shall cooperate fully with the Joint Legislative Committee on Energy to ensure that the annual reporting requirement is met.
HISTORY: 1988 Act No. 680, Section 4.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 39 - Joint Legislative Committee On Energy › Section 11-39-50. Deposit in interest-bearing account; disbursement.

Oil overcharge funds must be deposited by the State Treasurer in interest-bearing accounts of the State, with interest earned to be earmarked for the same purposes as the oil overcharge monies. The administering entity shall ensure that funds are drawn down and disbursed in a manner that ensures the maximum interest accruing to the State Treasurer's oil overcharge funds account.
HISTORY: 1988 Act No. 680, Section 5; 2005 Act No. 164, Section 12.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 40 - South Carolina Infrastructure Facilities Authority Act › Section 11-40-20. South Carolina Infrastructure Facilities Authority; creation; membership; purpose.

(A) There is created a body corporate and politic and an instrumentality of the State to be known as the South Carolina Infrastructure Facilities Authority. The members of the State Fiscal Accountability Authority comprise the authority to serve ex officio in the same capacity as they serve as members of the authority.
(B) The corporate purpose of the authority is assistance to local governments in constructing, extending, rehabilitating, repairing, replacing, and renewing infrastructure facilities necessary for public purposes and commercial, residential, and industrial development purposes or necessary or incidental to such purposes by providing grants, loans, bonds, and other forms of financial and technical assistance to local governments to finance any project or pay the cost of any project. The exercise by the authority of a power conferred in this chapter is an essential public function.
HISTORY: 1994 Act No. 525, Section 2; 2014 Act No. 121 (S.22), Pt VII, Section 20.G.1, eff July 1, 2015.
Effect of Amendment
2014 Act No. 121, Section 20.G.1, in subsection (A), substituted "State Fiscal Accountability Authority comprise the authority to serve ex officio in the same capacity as they serve as members of the authority" for "South Carolina State Budget and Control Board comprise the authority".
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 40 - South Carolina Infrastructure Facilities Authority Act › Section 11-40-60. Authority may make loans; loan commitments and option agreements; conditions for grant of loan; fees and charges.

(A) The authority may make loans to a local government to pay all or any part of the cost of a project. The authority may require the local government to issue bonds or revenue bonds as evidence of its loan obligation. The authority and a local government may enter into the loan commitments and option agreements as may be determined appropriate by the authority.
(B) The authority may require as a condition of any loan to a local government that the local government shall perform any or all of the following:
(1) establish and collect rents, rates, fees, and charges so as to produce revenues sufficient to pay all or a specified portion of:
(a) costs of operation, maintenance, renewal, replacement, and repairs of the project of such local government; and
(b) outstanding indebtedness incurred for the purposes of such project, including the principal of and interest on the bonds, revenue bonds, notes, or other obligations issued by the local government, as the same shall become due and payable, and to create and maintain any required reserves;
(2) create and maintain a special fund or funds, as additional security for the payment of the principal of the loan obligations and the interest thereon and any other amounts becoming due under any agreement, entered into in connection therewith and for the deposit therein of the revenues as shall be sufficient to make the payment as the same shall become due and payable;
(3) create and maintain other special funds as may be required by the authority; and
(4) perform those other acts, including the conveyance of real and personal property together with all right, title, or interest therein to the authority, or take other actions as may be considered necessary or desirable by the authority to secure the payment of the principal of and interest on the loan obligations and to provide for the remedies of the authority in the event of a default by the local government in the payment.
(C) In connection with the making of any loan authorized by this chapter, the authority may fix and collect the fees and charges including, but not limited to, reimbursement of all costs of financing by the authority, the authority determines to be reasonable.
(D) As a condition to the receipt of a loan authorized by this chapter for the construction of water or sewer services, or both, the authority, as it determines appropriate, may require a local government to submit a financial plan which demonstrates that user charge rate levels will produce sufficient revenues to properly operate and maintain the system and build a reserve for improvements.
HISTORY: 1994 Act No. 525, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 40 - South Carolina Infrastructure Facilities Authority Act › Section 11-40-70. Receipt, distribution, and holding of funds by the authority.

The authority may receive funds from federal, state, or other sources for the purpose of making grants to local governments to fund, or assist in funding, projects, infrastructure services and management services. Except with respect to funds for the purpose of making grants described in Section 11-40-50 (C)(6), the funds must be held by the authority separately from the fund. The authority may hold and distribute the funds in accordance with any federal or state program in connection with which the funds were received by the authority.
HISTORY: 1994 Act No. 525, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 40 - South Carolina Infrastructure Facilities Authority Act › Section 11-40-80. Local governments authorized to borrow money from authority through loan agreements and loan obligations; provisions of chapter not exclusive; additional contracts with authority.

(A) All local governments are authorized to borrow money from the authority through loan agreements and the issuance of loan obligations in favor of the authority; all local governments are also authorized to apply for, accept and receive grants made by the authority pursuant to this chapter. Local governments are authorized to enter into and issue such agreements and evidences of indebtedness as shall comprise the loan agreements and loan obligations in accordance with the provisions of this chapter, and no further statutory authorization is required for the issuance and delivery by local governments of their loan obligations. All local governments entering into loan agreements and issuing loan obligations to the authority may perform any acts, take any action, adopt any proceedings, and make and carry out any contracts or agreements with the authority as may be agreed to by the authority and any local government for the carrying out of the purposes contemplated by this chapter. The contracts need not be identical among all local governments, but may be structured as determined by the authority according to the needs of the contracting local governments and the authority.
(B) In addition to the authorizations contained in this chapter, all other statutes or provisions thereof permitting local governments to borrow money and issue obligations, including both general obligation and revenue bonds, may be utilized by any local government borrowing money from the authority to the extent deemed necessary or useful by such local government in connection with any loan agreement and the issuance, securing, or sale of loan obligations to the authority.
(C) All local governments are authorized to contract with the authority for the provision of management services and to enter into any other contracts or agreements with the authority to avail themselves of the intended benefits of this chapter.
HISTORY: 1994 Act No. 525, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 40 - South Carolina Infrastructure Facilities Authority Act › Section 11-40-100. Authority to pledge revenues, funds, or loan obligations to secure bonds.

The authority may pledge any of its revenues or funds to the payment of its bonds, subject only to prior agreement with the holders of particular bonds which may have pledged specific money or revenue. Bonds may be secured by a pledge of any loan obligation owned by the authority, any grant, contribution, or guaranty from the United States, the State, or a corporation, association, institution or person, other property or assets of the authority, or a pledge of any money, income, or revenue of the authority from any source.
HISTORY: 1994 Act No. 525, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 40 - South Carolina Infrastructure Facilities Authority Act › Section 11-40-110. Bonds not debt or pledge of faith and credit of State or its political subdivisions other than the authority; statements to be contained on bonds.

Bonds issued by the authority are not a debt or a pledge of the faith and credit of this State or its political subdivisions other than the authority, but are payable solely from the revenue, money, or property of the authority as provided for in this chapter. The bonds issued do not constitute an indebtedness of this State within the meaning of a constitutional or statutory limitation. No members of the authority or a person executing bonds of the authority is liable personally on the bonds by reason of their issuance or execution. Each bond issued under this chapter must contain on its face a statement to the effect that:
(1) neither this State, nor its political subdivisions, nor the authority is obligated to pay the principal of or interest on the bond or other costs incident to the bond except from the revenue, money, or property of the authority pledged;
(2) neither the faith and credit nor the taxing power of this State, or its political subdivisions, is pledged to the payment of the principal of or interest on the bonds;
(3) the authority does not have taxing power.
HISTORY: 1994 Act No. 525, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 40 - South Carolina Infrastructure Facilities Authority Act › Section 11-40-120. Bonds to be authorized by resolution; requirements for bonds.

The bonds of the authority must be authorized by a resolution of the authority and must be in the form and executed in the manner provided in the bond resolution. The bonds shall bear the date and mature at the time which the bond resolution provides, except that no bond may mature more than thirty years from its date of issue. The bonds may be in the denominations, be executed in the manner, be payable in the medium of payment, be payable at the place at the time, and be subject to redemption or repurchase and contain other provisions determined by the authority. The bonds may bear interest payable at a time and at a rate as determined by the authority, including the determination of interest rates by agents designated by the authority under guidelines established by it. Bonds may be sold by the authority at public or private sale at the price it determines and approves.
HISTORY: 1994 Act No. 525, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 40 - South Carolina Infrastructure Facilities Authority Act › Section 11-40-130. Trust indenture for securing bonds; provisions of bond resolution or trust indenture; bonds primarily secured by pool of obligations.

(A) Bonds may be secured by a trust indenture between the authority and a corporate trustee, which may be the State Treasurer or a bank having trust powers or a trust company designated by the State Treasurer. A trust indenture may contain provisions for protecting and enforcing the rights and remedies of the bondholders which are reasonable and proper, including covenants setting forth the duties of the authority in relation to the exercise of its powers and the custody, safekeeping, and application of its money. The authority may provide by the trust indenture for the payment of the proceeds of the bonds and all or any part of the revenues of the authority to the trustee under the trust indenture or to some other depository, and for the method of its disbursement with safeguards and restrictions prescribed by it.
(B) A bond resolution or trust indenture pursuant to which bonds are issued may contain provisions which are part of the contract with the holders of the bonds as to such matters relating to the terms of the bonds or the security or protection of the holders of the bonds which the authority considers appropriate.
(C) Bonds may be primarily secured by a pool of obligations issued by local governments when the proceeds of the local government obligations are applied to local environmental facility projects.
HISTORY: 1994 Act No. 525, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 40 - South Carolina Infrastructure Facilities Authority Act › Section 11-40-140. Validity of pledge by authority; lien of pledge.

A pledge made by the authority is valid and binding from the time the pledge is made. The revenue, money, or property pledged and thereafter received by the authority is immediately subject to the lien of the pledge without physical delivery or further act. The lien of a pledge is valid and binding as against all parties having claims of any kind in tort, contract, or otherwise against the authority, irrespective of whether the parties have notice of the pledge. No recording or filing of the resolution authorizing the issuance of bonds, the trust indenture securing bonds, or other instrument including filings under the Uniform Commercial Code is necessary to create or perfect a pledge or security interest granted by the authority to secure bonds, but the record of the proceedings relative to the issuance of any bonds must be filed as prescribed by Section 11-15-20.
HISTORY: 1994 Act No. 525, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 40 - South Carolina Infrastructure Facilities Authority Act › Section 11-40-150. Bonds made negotiable instruments.

Whether or not the bonds of the authority are of such form and character as to be negotiable instruments, the bonds are made negotiable instruments within the meaning of and for all the purposes of the law of this State.
HISTORY: 1994 Act No. 525, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 40 - South Carolina Infrastructure Facilities Authority Act › Section 11-40-160. Bonds and income from bonds exempt from taxes and assessments.

The authority is performing an essential governmental function in the exercise of the powers conferred upon it and is not required to pay taxes or assessments upon property or upon its operations or the income from them, or taxes or assessments upon property or loan obligation acquired or used by the authority or upon the income from them. Bonds issued by the authority, the transfer of bonds, and the income from them, are free from taxation and assessment of every kind by this State, and by the local governments and other political subdivisions of this State.
HISTORY: 1994 Act No. 525, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 40 - South Carolina Infrastructure Facilities Authority Act › Section 11-40-170. Bonds of authority made securities.

The bonds of the authority are made securities in which all public officials and bodies of the State and all municipalities, all insurance companies and associations, and other persons carrying on an insurance business, all banks, bankers, trust companies, savings banks, and savings associations, investment companies and other persons carrying on a banking business, and administrators, guardians, executors, trustees, and other fiduciaries and all other persons whatsoever, who are now or may hereafter be authorized to invest in bonds or other obligations of the State, may properly and legally invest funds including capital in their control or belonging to them. The bonds are also made securities which may be deposited with and may be received by all public officers and bodies of this State and all municipalities for any purposes for which the deposit of bonds or other obligations of this State are now or hereafter may be authorized.
HISTORY: 1994 Act No. 525, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 40 - South Carolina Infrastructure Facilities Authority Act › Section 11-40-180. Offer, sale, or issuance of bonds, notes, or other obligations not subject to regulation under Chapter 1, Title 35.

The offer, sale, or issuance of bonds, notes, or other obligations by the authority are not subject to regulation under Chapter 1, Title 35.
HISTORY: 1994 Act No. 525, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 40 - South Carolina Infrastructure Facilities Authority Act › Section 11-40-190. Pledge of State not to impair rights and remedies of bondholders.

This State pledges to and agrees with the holders of any bonds issued by the authority pursuant to this chapter that it shall not alter or limit the rights vested in the authority to fulfill the terms of any agreement made with or for the benefit of the holders of bonds or in any way impair the rights and remedies of bondholders until the bonds, together with the interest thereon, with interest on any unpaid installments of interest, and all costs and expenses in connection with any action or proceeding by or on behalf of such holders, are fully met and discharged or funds for the payment of such are fully provided. The authority may include this pledge and agreement of the State in any agreement with bondholders.
HISTORY: 1994 Act No. 525, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 40 - South Carolina Infrastructure Facilities Authority Act › Section 11-40-200. Defaults by local governments; withholding of state funds; exceptions.

(A) If a local government fails to collect and remit in full all amounts due to the authority on the date such amounts are due under the terms of any bond, revenue bond, note, or other obligation of the local government, the authority shall notify the State Treasurer who, subject to the withholding of amounts under Section 14, Article X of the State Constitution, shall withhold all or a portion of such funds of the State and all funds administered by the State, its agencies, boards, and instrumentalities allotted or appropriated to such local government and apply so much as is necessary to the payment of this amount.
(B) Nothing contained in this section mandates the withholding of funds allocated to a local government which would violate contracts to which the State is a party, the requirements of federal law imposed on the State, or judgments of any court binding the State.
HISTORY: 1994 Act No. 525, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 40 - South Carolina Infrastructure Facilities Authority Act › Section 11-40-210. Authority members, officers, or employees not subject to liability.

Neither the members of the authority nor any officer or employee of the authority acting in behalf thereof, while acting within the scope of his authority, are subject to any liability resulting from:
(1) the construction, ownership, maintenance, or operation of any project financed with the assistance of the authority;
(2) the construction, ownership, maintenance, or operation of any solid waste system, sewerage system, or water system owned by a local government; or
(3) carrying out any of the powers given in this chapter.
HISTORY: 1994 Act No. 525, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 40 - South Carolina Infrastructure Facilities Authority Act › Section 11-40-220. Additional notices, proceedings, or publications not required; not subject to referendum.

No notice, proceeding, or publication except those required in this chapter are necessary to the performance of any act authorized in this chapter; nor is any such act subject to referendum.
HISTORY: 1994 Act No. 525, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 40 - South Carolina Infrastructure Facilities Authority Act › Section 11-40-230. Deposit of money of authority; investment of funds.

All money of the authority, except as otherwise authorized by law or provided in this chapter, must be deposited with and invested by the State Treasurer. Funds of the authority not needed for immediate use or disbursement may be invested by the State Treasurer in obligations or securities which are declared to be legal obligations by the provisions of Chapter 5 of Title 6, Section 11-9-660, and Section 11-9-661.
HISTORY: 1994 Act No. 525, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 40 - South Carolina Infrastructure Facilities Authority Act › Section 11-40-240. Annual reports; audit of books and accounts.

Following the close of each fiscal year, the authority shall submit an annual report of its activities for the preceding year to the Governor and to the General Assembly. The authority shall also submit an annual report to the appropriate federal agency in accordance with requirements of any federal program. An independent certified public accountant shall perform an audit of the books and accounts of the authority at least once in each fiscal year.
HISTORY: 1994 Act No. 525, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 40 - South Carolina Infrastructure Facilities Authority Act › Section 11-40-250. Division of Local Government to assist authority; duties of Division.

The Division of Local Government of the State Rural Infrastructure Authority shall provide staff and otherwise assist the authority in the administration of the fund and the performance of its functions under this chapter. The funds to be used for purposes of the Infrastructure Facilities Authority must come from funds appropriated to or made available to the Infrastructure Facilities Authority and not those funds of the Rural Infrastructure Authority, the administration of which also is a part of the responsibilities of the Division of Local Government as provided by law. In providing such assistance the Division of Local Government shall:
(1) assist in the formulation, establishment, and structuring of programs undertaken by the authority pursuant to this chapter;
(2) provide local governments information as to the programs of the authority and the procedures for obtaining the assistance intended by the chapter;
(3) assist local governments in making application to such state and federal agencies, including the authority, as may be necessary or helpful in order to avail themselves of such programs;
(4) assist the authority in analyzing and evaluating local government requests for assistance pursuant to this chapter;
(5) assist in the structuring and negotiation of local government loan agreements and loan obligations and authority bonds;
(6) administer the fund, including any accounts therein;
(7) administer the authority's programs and loans, including monitoring compliance by local governments with any rules, regulations, or other requirements of the authority with respect to such programs and compliance with covenants and agreements made by local governments with respect to any loan agreement or loan obligation; and
(8) provide other assistance and perform other duties as may be requested or directed by the authority.
HISTORY: 1994 Act No. 525, Section 2; 2014 Act No. 121 (S.22), Pt VII, Section 20.G.2, eff July 1, 2015.
Effect of Amendment
2014 Act No. 121, Section 20.G.2, in the first undesignated paragraph, substituted "Rural Infrastructure Authority" for "Budget and Control Board", and added the second sentence relating to the source of funds; and made other nonsubstantive changes.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 40 - South Carolina Infrastructure Facilities Authority Act › Section 11-40-260. Chapter to be liberally construed; approval of bonds not required; provisions of Chapter control.

This chapter, being for the welfare of this State and its inhabitants, must be liberally construed to effect the purposes specified in this chapter. No proceeding, notice, or approval is required for the issuance of bonds of the authority or loan obligations by a local government or instruments or the security for the bonds or loan obligation, except as provided in this chapter. If the provisions of this chapter are inconsistent with the provisions of any other law, general, special, or local, the provisions of this chapter control.
HISTORY: 1994 Act No. 525, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 40 - South Carolina Infrastructure Facilities Authority Act › Section 11-40-270. Severability provision.

If any provision of this chapter is held or determined to be unconstitutional, invalid, or otherwise unenforceable by a court of competent jurisdiction, it is the intention of the General Assembly that the provision is, or is deemed to be, severable from the remaining provisions of the chapter and that the holding does not invalidate or render unenforceable any other provision of the chapter.
HISTORY: 1994 Act No. 525, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 41 - State General Obligation Economic Development Bond Act › Section 11-41-40. Issuance of bonds pursuant to chapter.

To obtain funds for allocation to the department or to the State or agency, instrumentality, or political subdivision, as the case may be, for financing of infrastructure, there are issued from time to time state general obligation economic development bonds under the conditions prescribed by this chapter. Subject to Section 11-41-90(6), bonds for an economic development project may be issued in one or more series, pursuant to one or more notifications required by Section 11-41-70.
HISTORY: 2002 Act No. 254, Section 1; 2005 Act No. 114, Section 3; 2013 Act No. 13, Section 5, eff April 23, 2013.
Effect of Amendment
The 2013 amendment added the last sentence, relating to Sections 11-41-70 and 11-41-90.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 41 - State General Obligation Economic Development Bond Act › Section 11-41-60. Maximum annual debt service on bonds issued pursuant to chapter.

The maximum annual debt service on bonds issued pursuant to Section 11-41-50(A) must not exceed one-half of one percent of the general revenues for the fiscal year next preceding, excluding revenues which are authorized to be pledged for state highway bonds and state institution bonds. Bonds issued pursuant to Section 11-41-50(B) shall not be subject to the limitation on maximum annual debt service prescribed by Section 13(6)(c), Article X. The maximum annual debt service on bonds issued pursuant to Section 11-41-50(C), when combined with the debt service on all other general obligation bonds issued under the five percent limitation established in Section 13(6)(c), which limitation does not include bonds issued pursuant to subsection (A) or subsection (B) of Section 11-41-50, research university infrastructure bonds issued pursuant to Chapter 51 of this title, highway bonds, state institution bonds, tax anticipation notes, and bond anticipation notes, must not exceed five percent of the general revenues of the fiscal year next preceding, excluding revenues which are authorized to be pledged for state highway bonds and state institution bonds.
HISTORY: 2002 Act No. 254, Section 1; 2009 Act No. 124, Section 5.C; 2013 Act No. 13, Section 7, eff April 23, 2013.
Effect of Amendment
The 2013 amendment added the third sentence, relating to Section 11-41-50(C), and made other nonsubstantive changes.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 41 - State General Obligation Economic Development Bond Act › Section 11-41-80. Adoption of resolution effecting issue of bonds.

Following the receipt of the notification presented pursuant to Section 11-41-70 and after review by the Joint Bond Review Committee, and approval by the State Fiscal Accountability Authority, by resolution duly adopted, shall effect the issue of bonds, or pending the issue of the bonds, effect the issue of bond anticipation notes pursuant to Chapter 17 of this title.
HISTORY: 2002 Act No. 254, Section 1; 2014 Act No. 121 (S.22), Pt VII, Section 20.H.2, eff July 1, 2015.
Effect of Amendment
2014 Act No. 121, Section 20.H.2, substituted "review" for "approval" before "by the Joint Board", and substituted "and approval by the State Fiscal Accountability Authority" for "the State Budget and Control Board".
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 41 - State General Obligation Economic Development Bond Act › Section 11-41-90. Authorizing resolution.

To effect the issuance of bonds, the State Fiscal Accountability Authority shall adopt a resolution providing for the issuance of bonds pursuant to the provisions of this chapter. The authorizing resolution must include:
(1) a statement of whether the bonds are being authorized and issued pursuant to Section 11-41-50(A), Section 11-41-50(B), or Section 11-41-50(C);
(2) a schedule showing the aggregate of bonds issued, the annual principal payments required to retire the bonds, and the interest on the bonds;
(3) the amount of bonds proposed to be issued;
(4) a schedule showing future annual principal requirements and estimated annual interest requirements on the bonds to be issued; and
(5) certificates evidencing that the provisions of Sections 11-41-50 and 11-41-60 have been or will be met.
(6) a statement that the resolution required by this section for the issuance of bonds pursuant to this chapter is adopted not later than eighteen months after the date of the first notification to the Joint Bond Review Committee and the State Fiscal Accountability Authority with respect to such economic development project pursuant to Section 11-41-70.
HISTORY: 2002 Act No. 254, Section 1; 2009 Act No. 124, Section 5.D; 2013 Act No. 13, Section 9, eff April 23, 2013; 2014 Act No. 121 (S.22), Pt VII, Section 20.H.2, eff July 1, 2015.
Code Commissioner's Note
The reference to Section 11-41-50(C) in subsection (1), and subsection (6) were inadvertently omitted from 2014 Act No. 121, Section 20.H.2. This text, as added by 2013 Act No. 13, Section 9, has been restored, and the phrase "Fiscal Accountability Authority" has been substituted in subsection (6) for "Budget and Control Board".
Effect of Amendment
The 2013 amendment, in subsection (1), inserted the reference to Section 11-41-50(C), and added subsection (6), relating to Section 11-41-70.
2014 Act No. 121, Section 20.H.2, in the first undesignated paragraph, substituted "Fiscal Accountability Authority" for "Budget and Control Board"; and made other nonsubstantive changes.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 41 - State General Obligation Economic Development Bond Act › Section 11-41-100. Bond maturity date and terms; determination of interest rate.

The bonds must bear the date and mature at the time that the resolution provides, except that a bond may not mature more than thirty years from its date of issue. The bonds may be in the denominations, be payable in the medium of payment, be payable at the place and at the time, and be subject to redemption or repurchase and contain other provisions determined by the State Fiscal Accountability Authority before their issue. The bonds may bear interest payable at the times and at the rates determined by the State Fiscal Accountability Authority.
HISTORY: 2002 Act No. 254, Section 1; 2014 Act No. 121 (S.22), Pt VII, Section 20.H.2, eff July 1, 2015.
Effect of Amendment
2014 Act No. 121, Section 20.H.2, twice substituted "Fiscal Accountability Authority" for "Budget and Control Board".
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 41 - State General Obligation Economic Development Bond Act › Section 11-41-120. Executive signature and State seal requirements.

All bonds issued under this chapter must be signed by the Governor and the State Treasurer and attested by the Secretary of State. The Governor, State Treasurer, and Secretary of State may sign these obligations by a facsimile of their signatures. The Great Seal of the State must be affixed to, impressed on, or reproduced upon each of them. The delivery of the bonds executed and authenticated, as provided in the resolution, is valid notwithstanding changes in officers or seal occurring after the execution or authentication.
HISTORY: 2002 Act No. 254, Section 1; 2004 Act No. 187, Section 3.D.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 41 - State General Obligation Economic Development Bond Act › Section 11-41-130. Payment of principal and interest.

For the payment of the principal and interest on all bonds issued and outstanding pursuant to this chapter there is pledged the full faith, credit, and taxing power of this State, and in accordance with the provisions of Section 13(4), Article X of the Constitution of this State, 1895, the General Assembly allocates on an annual basis sufficient tax revenues to provide for the punctual payment of the principal and interest on the debt authorized by this chapter.
HISTORY: 2002 Act No. 254, Section 1.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 41 - State General Obligation Economic Development Bond Act › Section 11-41-140. Sale of bonds.

Bonds must be sold by the Governor and the State Treasurer upon sealed proposals, after publication of notice of the sale one or more times at least seven days before the sale, in a financial paper published in New York City which regularly publishes notices of sale of state or municipal bonds. The bonds may be awarded upon the terms and in the manner as prescribed by the State Treasurer. The right is reserved to reject all bids and to readvertise the bonds for sale. For the purpose of bringing about successful sales of the bonds, the State Treasurer may do all things ordinarily and customarily done in connection with the sale of state or municipal bonds. All expenses incident to the sale of the bonds must be paid from the proceeds of the sale of the bonds.
HISTORY: 2002 Act No. 254, Section 1.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 41 - State General Obligation Economic Development Bond Act › Section 11-41-150. Application of proceeds; liability of purchasers for misapplication.

The proceeds of the sale of bonds must be received by the State Treasurer and applied by the State Treasurer to the purposes for which issued, except that the accrued interest, if any, may be used to discharge in part the first interest to become due on the bonds, but the purchasers of the bonds in no way are liable for the proper application of the proceeds to the purposes for which they are intended.
HISTORY: 2002 Act No. 254, Section 1; 2004 Act No. 184, Section 3.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 41 - State General Obligation Economic Development Bond Act › Section 11-41-160. Purchase by fiduciaries.

It is lawful for all executors, administrators, guardians, and other fiduciaries to invest any monies in their hands in bonds issued pursuant to this chapter.
HISTORY: 2002 Act No. 254, Section 1.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 41 - State General Obligation Economic Development Bond Act › Section 11-41-180. Infrastructure procurement procedures for research universities.

All procurements of infrastructure, as defined in Section 11-41-30 and owned by a research university, as defined in Section 11-51-30(5), shall be exempt from Title 11, Chapter 35, except that such research university must work in conjunction with the State Fiscal Accountability Authority's Chief Procurement Officer to establish alternative procurement procedures. The research university shall submit its alternative procurement procedures to the State Fiscal Accountability Authority for approval. The procurement process shall include provisions for audit and recertification.
HISTORY: 2004 Act No. 187, Section 3.E; 2014 Act No. 121 (S.22), Pt VII, Section 20.H.3, eff July 1, 2015.
Effect of Amendment
2014 Act No. 121, Section 20.H.3, substituted "State Fiscal Accountability Authority's" for "Budget and Control Board's" in the first sentence, and substituted "Fiscal Accountability Authority" for "Budget and Control Board" in the second sentence.