reglab/statecodes huggingface dataset:
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 49 - Tobacco Settlement Revenue Management Authority Act › Section 11-49-130. Excess tobacco receipts.

All of the state's tobacco receipts not needed to pay (1) expenses of the authority during the next twelve months, or (2) debt service on bonds during the next twelve months, or fully to fund reserve accounts established by the board with respect to bonds, not less frequently than annually and at a time determined by the board in its resolutions authorizing the issuance of bonds, must be transferred to the funds as identified in Section 11-11-170. The determination by the board of the amount to be transferred is final and is not reviewable by any court or other body.
HISTORY: 2000 Act No. 387, Part II, Section 69A.2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 49 - Tobacco Settlement Revenue Management Authority Act › Section 11-49-140. Exemption from provisions of Chapter 23, Title 1.

Notwithstanding any other provision of law, the provisions of Chapter 23, Title 1, do not apply to the actions of the board and the authority.
HISTORY: 2000 Act No. 387, Part II, Section 69A.2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 49 - Tobacco Settlement Revenue Management Authority Act › Section 11-49-150. Consent to and approval of master settlement agreement; modification.

The General Assembly consents to and approves the Master Settlement Agreement on behalf of this State and all of its agencies, departments, offices, political subdivisions, and other instrumentalities and bodies politic; and no such agencies, departments, offices, political subdivisions, and other instrumentalities or bodies politic of the State shall have any power or authority to bring suit against the participating manufacturers for claims in the nature of those settled by the Master Settlement Agreement. At any time when bonds are outstanding and for one year and one day thereafter, the State must not agree to the amendment of the Master Settlement Agreement without the approval of the authority; during that period, the authority may approve on behalf of the State amendments to the Master Settlement Agreement if such amendments do not diminish the rights and remedies of the authority or the holders or any outstanding bonds. This restriction on amendment of the Master Settlement Agreement is a part of the covenant with the bondholders.
HISTORY: 2000 Act No. 387, Part II, Section 69A.2; 2005 Act No. 61, Section 3.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 49 - Tobacco Settlement Revenue Management Authority Act › Section 11-49-160. Right of authority to fulfill agreements with bond holders protected.

The State pledges and agrees with the authority, and the holders of the bonds in which the authority has included such pledge and agreement, that the State shall not limit or alter the rights of the authority to fulfill the terms of its agreements with such holders, and shall not in any way impair the rights and remedies of such holders or the security for such bonds until the bonds, together with the interest on them and all costs and expenses in connection with any action or proceeding by or on behalf of such holders, are fully paid and discharged.
HISTORY: 2000 Act No. 387, Part II, Section 69A.2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 49 - Tobacco Settlement Revenue Management Authority Act › Section 11-49-170. Chapter to be liberally construed.

This act and all powers granted by this chapter must be liberally construed to effectuate its intent and their purposes, without implied limitations on them. This chapter constitutes full and complete authority for all things herein contemplated to be done. All rights and powers granted in this chapter shall be as cumulative with those derived form other sources and shall not, except as expressly stated in this chapter, be construed in limitation thereof. Insofar as the provisions of this chapter are inconsistent with the provisions of any other act, general or special, the provisions of this chapter are controlling. If any clause, sentence, paragraph, section, or part of this chapter be adjudged by any court of competent jurisdiction to be invalid, this judgment shall not affect, impair, or invalidate the remainder of this chapter but is confined in its operation to the clause, sentence, paragraph, section, or part of the chapter directly involved in the controversy in which the judgment shall have been rendered.
HISTORY: 2000 Act No. 387, Part II, Section 69A.2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 50 - South Carolina Rural Infrastructure Act › Section 11-50-20. Legislative findings.

The General Assembly finds that:
(1) Adequate infrastructure facilities are an essential element in promoting economic growth and development that will provide jobs for the citizens of South Carolina.
(2) Traditional infrastructure financing methods in South Carolina cannot generate the resources necessary to fund the cost of rural infrastructure which are required for economic development.
(3) The State of South Carolina has the ability to provide for alternative methods of financing rural infrastructure which when combined with existing financing sources and methods will allow the State to address its rural infrastructure needs in a more timely and responsive manner.
(4) Loans and other financial assistance to municipalities, counties, special purpose and public service districts, and public works commissions can play an important part in meeting rural infrastructure needs. This assistance is in the public interest for the public benefit and good as a matter of legislative intent.
(5) The chapter provides an instrumentality to assist municipalities, counties, special purpose and public service districts, and public works commissions in constructing and improving rural infrastructure by providing loans and other financial assistance.
HISTORY: 2010 Act No. 171, Section 1, eff May 26, 2010.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 50 - South Carolina Rural Infrastructure Act › Section 11-50-30. South Carolina Rural Infrastructure Authority; creation; governance; purpose; fund.

(A) There is created a body corporate and politic and an instrumentality of the State to be known as the South Carolina Rural Infrastructure Authority.
(B) The authority is governed by a board of directors as provided in this chapter.
(C) The corporate purpose of the authority is to select and assist in financing qualified rural infrastructure by providing loans and other financial assistance to municipalities, counties, special purpose and public service districts, and public works commissions for constructing and improving rural infrastructure facilities. The exercise by the authority of a power conferred in this chapter is an essential public function.
(D) The authority shall establish and maintain the South Carolina Rural Infrastructure Fund into which monies for the purposes of the authority must be deposited.
HISTORY: 2010 Act No. 171, Section 1, eff May 26, 2010.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 50 - South Carolina Rural Infrastructure Act › Section 11-50-50. Board of directors; terms; vacancies; compensation.

(A) The board of directors is the governing board of the authority. The board consists of seven voting directors appointed as follows:
(1) six members who reside in or represent all or some portion of the counties designated as distressed or least developed pursuant to Section 12-6-3360 for 2009 or a county designated as such at the time of appointment; one appointed by the President of the Senate, one appointed by the Speaker of the House of Representatives, one appointed by the Chairman of the Senate Finance Committee, one appointed by the Chairman of the House Ways and Means Committee, and two appointed by the Governor. Notwithstanding the provisions of Section 8-13-770, the members appointed pursuant to this item (1) by the President of the Senate, Speaker of the House of Representatives, Chairman of the Senate Finance Committee, and the Chairman of the House Ways and Means Committee may be members of the General Assembly and, if so appointed, shall serve ex officio; and
(2) the Secretary of Commerce, ex officio, who shall serve as chairman.
(B) Members not serving ex officio shall serve for terms of four years and until their successors are appointed and qualify except that of the members first appointed by the Speaker of the House, President of the Senate, and one of the members first appointed by the Governor, the member shall serve for a term of two years and the term must be noted on the appointment. Vacancies must be filled in the manner of original appointment for the unexpired portion of the term. Members shall serve without compensation, but are allowed mileage, subsistence, and per diem allowed by law for members of state boards, committees, and commissions.
HISTORY: 2010 Act No. 171, Section 1, eff May 26, 2010; 2012 Act No. 149, Section 1, eff April 23, 2012; 2014 Act No. 195 (S.812), Section 1, eff June 2, 2014; 2019 Act No. 1 (S.2), Section 46, eff January 31, 2019.
Effect of Amendment
The 2012 amendment rewrote item (1); and in item (2) substituted "Members not serving ex officio" for "Appointed members" in the first sentence, and added a comma after "without compensation" in the third sentence.
2014 Act No. 195, Section 1, in subsection (1), inserted "or a county designated as such at the time of appointment".
2019 Act No. 1, Section 46, inserted the (A) and (B) designators; in (A)(1), substituted "President of the Senate" for "President Pro Tempore of the Senate" in two places; and in (B), in the first sentence, substituted "President of the Senate" for "President Pro Tempore of the Senate".
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 50 - South Carolina Rural Infrastructure Act › Section 11-50-55. Director of the authority.

The authority, by a majority vote of the board of directors, may hire a director for the authority, so long as at least one of the gubernatorial appointees and at least three of the legislative appointees vote in favor of the hiring.
HISTORY: 2012 Act No. 149, Section 2, eff April 23, 2012.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 50 - South Carolina Rural Infrastructure Act › Section 11-50-65. Administrative support for State Rural Infrastructure Authority.

The Department of Commerce shall provide such administrative support to the State Rural Infrastructure Authority or any of its divisions or components as they may request and require in the performance of their duties including, but not limited to, financial management, human resources management, information technology, procurement services, and logistical support.
HISTORY: 2014 Act No. 121 (S.22), Pt VI, Section 16.C, eff July 1, 2015.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 50 - South Carolina Rural Infrastructure Act › Section 11-50-70. Rural Infrastructure Fund capitalization.

The following sources may be used to capitalize the Rural Infrastructure Fund and for the authority to carry out its purposes:
(1) state general fund appropriations made by the General Assembly;
(2) federal funds made available to the State;
(3) federal funds made available to the State for the authority;
(4) contributions and donations from government units, private entities, and any other source as may become available to the authority;
(5) all monies paid or credited to the authority, by contract or otherwise, payments of principal and interest on loans or other financial assistance made from the authority, and interest earnings which may accrue from the investment or reinvestment of the authority's monies; and
(6) other lawful sources as determined appropriate by the board.
HISTORY: 2010 Act No. 171, Section 1, eff May 26, 2010.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 50 - South Carolina Rural Infrastructure Act › Section 11-50-80. Earnings on balances in Rural Infrastructure Fund.

Earnings on balances in the Rural Infrastructure Fund must be credited and invested as provided by law. Earnings must be credited to the Rural Infrastructure Fund. The authority may establish accounts and subaccounts within the Rural Infrastructure Fund as considered desirable to effectuate the purposes of this chapter, or to meet the requirements of any state or federal program. All accounts must be held in trust by the State Treasurer.
HISTORY: 2010 Act No. 171, Section 1, eff May 26, 2010.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 50 - South Carolina Rural Infrastructure Act › Section 11-50-90. Loans and other financial assistance.

(A) The authority may provide loans and other financial assistance to an eligible entity to pay for all or part of the eligible cost of a qualified project. The term of the loan or other financial assistance must not exceed the useful life of the project. The authority may require the eligible entity to enter into a financing agreement in connection with its loan obligation or other financial assistance. The authority shall determine the form and content of loan applications, financing agreements, and loan obligations including the term and rate or rates of interest on a financing agreement.
(B) The board shall determine which projects are eligible projects and then select from among the eligible projects those qualified to receive from the authority a loan or other financial assistance.
HISTORY: 2010 Act No. 171, Section 1, eff May 26, 2010; 2014 Act No. 195 (S.812), Section 3, eff June 2, 2014.
Effect of Amendment
2014 Act No. 195, Section 3, in subsection (A), deleted the former second sentence, relating to review and approval of the Joint Bond Review Committee.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 50 - South Carolina Rural Infrastructure Act › Section 11-50-100. Financing agreements; authorizations; security.

(A) Eligible entities are authorized to obtain loans or other financial assistance from the authority through financing agreements. Qualified borrowers entering into financing 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 qualified borrower for the carrying out of the purposes contemplated by this chapter.
(B) In addition to the authorizations contained in this chapter, all other statutes or provisions permitting eligible entities to borrow money may be utilized by any eligible entity in obtaining a loan or other financial assistance from the authority to the extent determined necessary or useful by the eligible entity in connection with any financing agreement and the issuance, securing, or sale of loan obligations to the authority. Notwithstanding the foregoing, obligations secured by ad valorem taxes may be issued by an eligible entity and purchased by the authority without regard to any public bidding requirement.
(C) An eligible entity may receive, apply, pledge, assign, and grant a security interest in revenues or ad valorem taxes, to secure its obligations as provided in this chapter, to meet its obligations under a financing agreement, or to provide for the construction and improving of a qualified project.
HISTORY: 2010 Act No. 171, Section 1, eff May 26, 2010.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 50 - South Carolina Rural Infrastructure Act › Section 11-50-110. 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 obligations acquired or used by the authority or upon the income from them.
HISTORY: 2010 Act No. 171, Section 1, eff May 26, 2010.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 50 - South Carolina Rural Infrastructure Act › Section 11-50-120. Defaults by eligible entities.

(A) If an eligible entity fails to collect and remit in full all amounts due to the authority on the date these amounts are due under the terms of any note or other obligation of an eligible entity, the authority shall notify the State Treasurer who, subject to the withholding of amounts under Section 14, Article X of the Constitution, shall withhold all or a portion of the funds of the State and all funds administered by the State allotted or appropriated to the eligible entity and apply an amount necessary to the payment of the amount due.
(B) Nothing contained in this section mandates the withholding of funds allocated to an eligible entity which would violate contracts to which the State is a party or judgments of a court binding on the State.
HISTORY: 2010 Act No. 171, Section 1, eff May 26, 2010.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 50 - South Carolina Rural Infrastructure Act › Section 11-50-130. Liability of authority, officers, employees, or committees.

Neither the authority nor any officer, employee, or committee of the authority acting on behalf of it, while acting within the scope of this authority, is subject to any liability resulting from carrying out any of the powers given in this chapter.
HISTORY: 2010 Act No. 171, Section 1, eff May 26, 2010.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 50 - South Carolina Rural Infrastructure Act › Section 11-50-140. Additional notices, proceedings or publications not required; not subject to referendum.

Notice, proceeding, or publication, except those required in this chapter, are not necessary to the performance of any act authorized in this chapter nor is any act of the authority subject to any referendum.
HISTORY: 2010 Act No. 171, Section 1, eff May 26, 2010.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 50 - South Carolina Rural Infrastructure Act › Section 11-50-150. Deposit of money of authority; investment of funds.

All money of the authority and in the Rural Infrastructure Fund, except as 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 Section 11-9-660.
HISTORY: 2010 Act No. 171, Section 1, eff May 26, 2010.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 50 - South Carolina Rural Infrastructure Act › Section 11-50-160. Annual reports; audit of books and accounts.

Following the close of each state fiscal year, the authority shall submit an annual report of its activities for the preceding year to the Governor and to the General Assembly. Also, the authority shall submit an annual report of any loans or other financial assistance, excluding grants, to the Joint Bond Review Committee. An independent certified public accountant shall perform an audit of the books and accounts of the authority at least once in each state fiscal year.
HISTORY: 2010 Act No. 171, Section 1, eff May 26, 2010; 2014 Act No. 195 (S.812), Section 4, eff June 2, 2014.
Effect of Amendment
2014 Act No. 195, Section 4, add the second sentence, relating to submittal of an annual report.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 50 - South Carolina Rural Infrastructure Act › Section 11-50-170. Liberal construction; approval of ad valorem property taxes.

(A) This chapter, being for the welfare of this State and its inhabitants, must be liberally construed to effect the purposes specified in this chapter. However, nothing in this chapter must be construed as affecting any proceeding, notice, or approval required by law for the issuance by an eligible entity of the loan obligations, instruments, or security for loan obligations.
(B) Where the governing body of an eligible entity does not have unlimited fiscal autonomy granting them the right to impose ad valorem property taxes for general operating purposes without limitation, the public entity, if applicable, which has the authority to approve ad valorem property taxes for general operating purposes without limitation also must approve a loan or security obligation provided by this chapter.
HISTORY: 2010 Act No. 171, Section 1, eff May 26, 2010.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 50 - South Carolina Rural Infrastructure Act › Section 11-50-180. 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 severable from the remaining provisions of the chapter and that the holding does not invalidate or render unenforceable another provision of the chapter.
HISTORY: 2010 Act No. 171, Section 1, eff May 26, 2010.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 51 - South Carolina Research University Infrastructure Act › Section 11-51-30. Definitions.

As used in this chapter:
(1) "Facilities and administration costs" means depreciation and use allowances, interest on debt associated with buildings, equipment and capital improvements, operation and maintenance expenses, library expenses, general administration expenses, departmental administration, sponsored projects administration, and student administration and services.
(2) "General obligation debt" means any indebtedness of the State which must be secured in whole or in part by a pledge of the full faith, credit and taxing power of the State, including, but not limited to, bonds, notes, and other evidences of indebtedness, and issued pursuant to the provisions of this chapter.
(3) "Research Centers of Excellence Review Board" means the board created pursuant to Section 2-75-10.
(4) "Research infrastructure project" or " project" means a project that would advance economic development and create a knowledge based economy, thereby increasing job opportunities, or facilitate and increase externally funded research at the research universities, including, but not limited to, land acquisition, acquisition or construction of buildings, equipment, furnishings, site preparation, road and highway improvements, water and sewer infrastructure, and other things necessary or convenient to advance economic development or to facilitate and increase research at the research universities.
(5) "Research universities" means Clemson University, The Medical University of South Carolina, and the University of South Carolina-Columbia.
(6) "State board" means the governing board of the State Fiscal Accountability Authority.
HISTORY: 2004 Act No. 187, Section 9; 2014 Act No. 121 (S.22), Pt VII, Section 20.L.1, eff July 1, 2015.
Effect of Amendment
2014 Act No. 121, Section 20.L.1, in subsection (6), substituted "governing board of the State Fiscal Accountability Authority" for "South Carolina State Budget and Control Board".
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 51 - South Carolina Research University Infrastructure Act › Section 11-51-40. Issuance of general obligation debt authorized; limitations.

To obtain funds for allocation to the research universities for the financing of research infrastructure projects, and for the other purposes set forth in Section 11-51-125, there may be issued general obligation debt pursuant to the conditions prescribed by this chapter; provided, however, that the amount of the general obligation debt issued pursuant to this chapter that may be outstanding at any one time shall not exceed two hundred fifty million dollars.
HISTORY: 2004 Act No. 187, Section 9.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 51 - South Carolina Research University Infrastructure Act › Section 11-51-50. Maximum annual debt service at time of issuance.

(A) Pursuant to the provisions of Section 13(6)(c), Article X of the Constitution of this State, 1895, as amended, and by enactment of this chapter, the General Assembly provides that general obligation debt may be issued pursuant to this chapter only at such times as the maximum annual debt service on all general obligation bonds of the State, including economic development bonds and bonds issued pursuant to this chapter, outstanding and being issued, but excluding highway bonds, state institution bonds, tax anticipation notes, and bond anticipation notes, will not exceed six percent of the general revenues of the State for the fiscal year next preceding, excluding revenues that are authorized to be pledged for state highway bonds and state institution bonds. The State may not issue general obligation bonds, excluding economic development bonds and bonds authorized pursuant to this chapter, highway bonds, state institution bonds, tax anticipation notes, and bond anticipation notes, if at the time of issuance the maximum annual debt service on these general obligation bonds, outstanding and being issued, exceeds five percent of the general revenues of the State for the fiscal year next preceding, excluding revenues that are authorized to be pledged for state highway bonds and state institution bonds.
(B) At the time of issuance of general obligation debt pursuant to this chapter, the maximum annual debt service on such general obligation debt outstanding or being issued must not exceed one-half of one percent of the general revenues of this State for the fiscal year next preceding, excluding revenues which are authorized to be pledged for state highway bonds and state institution bonds.
(C) With respect to the first eight hundred fifty million dollars in principal amount of general obligation bonds issued after the effective date of this chapter within the debt service constraints set forth in subsections (A) and (B) of this section, the General Assembly provides additional constitutional authorization for such bonds pursuant to Section 13(5), Article X of the Constitution of this State, 1895.
HISTORY: 2004 Act No. 187, Section 9.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 51 - South Carolina Research University Infrastructure Act › Section 11-51-60. Research infrastructure project used for unapproved purpose; reimbursement of debt service to State.

In the event a research infrastructure project is used for a purpose other than as approved by the Research Centers of Excellence Review Board pursuant to Section 11-51-80(2), the research university for which the research infrastructure project was originally established shall reimburse the State a percentage of debt service on the general obligation debt issued to finance the debt, the percentage to be equal to the percentage of the research infrastructure project which is used for an unapproved purpose. Amounts reimbursed to the State pursuant to this section must be applied, as directed by the state board, to the debt service on the applicable general obligation debt, either currently or by way of defeasance, or to the general fund of the State.
HISTORY: 2004 Act No. 187, Section 9.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 51 - South Carolina Research University Infrastructure Act › Section 11-51-70. Certification of costs to State Budget and Control Board prior to issuance of general obligation debt.

As a condition precedent to the issuance of general obligation debt pursuant to the provisions of this chapter, the Research Centers of Excellence Review Board shall certify to the state board that at least fifty percent of the cost of each research infrastructure project is being provided by private, federal, municipal, county, or other local government sources. This portion of the cost, in the discretion of the Research Centers of Excellence Review Board, may be in the form of cash; cash equivalent; buildings including sale-lease back; gifts in kind including, but not limited to, land, roads, water and sewer, and maintenance of infrastructure; facilities and administration costs; equipment; or furnishings.
HISTORY: 2004 Act No. 187, Section 9.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 51 - South Carolina Research University Infrastructure Act › Section 11-51-80. Information provided to Joint Bond Review Committee and State Budget and Control Board prior to issuance of general obligation debt.

Before the issuance of general obligation debt, the Research Centers of Excellence Review Board shall provide the Joint Bond Review Committee and the state board the following:
(1) a description of each research infrastructure project for which general obligation debt is requested to be issued;
(2) a certification by the Research Centers of Excellence Review Board that the provisions of Section 11-51-70 have been met, that the source of funding has been identified, and that each research infrastructure project complies with the provisions of this chapter;
(3) the total cost of each research infrastructure project and the principal amount of general obligation debt requested to be issued;
(4) a tentative time schedule setting forth the period of time during which the proceeds of the general obligation debt requested to be issued will be expended;
(5) a debt service schedule showing the annual principal and interest requirements, at a projected current rate of interest, on the requested general obligation debt;
(6) the total amount of the general obligation debt issued pursuant to this chapter; and
(7) a debt service schedule showing the principal and interest requirements for the general obligation debt outstanding and the proposed general obligation debt at a projected current rate of interest.
HISTORY: 2004 Act No. 187, Section 9.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 51 - South Carolina Research University Infrastructure Act › Section 11-51-90. Principal amount of general obligation debt provided on a competitive basis.

The principal amount of the general obligation debt allocated to research universities pursuant to Section 11-51-125 must be provided to each of the research universities on a competitive basis by the Research Centers of Excellence Review Board.
HISTORY: 2004 Act No. 187, Section 9.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 51 - South Carolina Research University Infrastructure Act › Section 11-51-100. Issuance of general obligation debt or anticipation notes.

Following the receipt of the information presented pursuant to Section 11-51-80, and after approval by the Joint Bond Review Committee, the state board, by resolution duly adopted, shall effect the issuance of general obligation debt, or pending the issuance of the general obligation debt, effect the issuance of general obligation debt anticipation notes pursuant to Chapter 17 of this title.
HISTORY: 2004 Act No. 187, Section 9.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 51 - South Carolina Research University Infrastructure Act › Section 11-51-110. Resolution by State Budget and Control Board authorizing issuance of general obligation debt.

To effect the issuance of general obligation debt, the state board shall adopt a resolution providing for the issuance of general obligation debt pursuant to the provisions of this chapter. The authorizing resolution must include:
(1) a schedule showing the aggregate principal amount of general obligation debt issued, the annual principal payments required to retire the general obligation debt, and the interest on the general obligation debt;
(2) the amount of general obligation debt proposed to be issued;
(3) a schedule showing future annual principal requirements and estimated annual interest requirements on the general obligation debt to be issued;
(4) a certificate evidencing that the provisions of Section 11-51-70 of this chapter have been or will be met; and
(5) a certificate of the State Auditor as to the general fund revenues of the State for the fiscal year next preceding, excluding revenues pledged to the payment of state highway bonds and state institution bonds.
HISTORY: 2004 Act No. 187, Section 9.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 51 - South Carolina Research University Infrastructure Act › Section 11-51-120. Maturity, payment, and interest rates.

The general obligation debt must bear the date and mature at the time that the state board resolution provides, except that the general obligation debt may not mature more than thirty years from its date of issue. The general obligation debt 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 board before its issue. The general obligation debt may bear interest payable at the times and at the rates determined by the state board.
HISTORY: 2004 Act No. 187, Section 9.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 51 - South Carolina Research University Infrastructure Act › Section 11-51-125. Allocation and use of funds; authorization for additional bonds; project approval.

(A) Of the funds authorized pursuant to this act, public institutions of higher learning as defined in Section 59-103-5, not including research universities, are authorized twelve percent of the total amount authorized under Section 11-51-40. The eligible institutions may only use the funds authorized under this subsection for deferred maintenance projects. The twelve percent authorized for the institutions, not including research universities, must be allocated by the Commission of Higher Education to eligible institutions as follows:
(1) sixty-five percent of the total twelve percent must be allocated based on a reported deferred maintenance needs list from each eligible institutions; and
(2) thirty-five percent of the total twelve percent must be allocated by FTE student enrollment from the prior academic year at each eligible institution.
The Research Centers of Excellence Review Board has no jurisdiction over these projects and no matching requirement is imposed for these projects. The Joint Bond Review Committee must review and the State Fiscal Accountability Authority must approve all projects.
(B)(1) After the aggregate total of bonds issued pursuant to this chapter equals two hundred and fifty million dollars, all further proceeds of bonds authorized pursuant to this chapter must be authorized as follows:
(a) eighty-eight percent for the research universities in the manner and for the purposes provided pursuant to this chapter;
(b) twelve percent to public institutions of higher learning as defined in Section 59-103-5, not including the research universities, for deferred maintenance projects allocated as follows:
(i) one-half for the state's ten comprehensive teaching universities distributed among them as provided in item (2) of this subsection; and
(ii) one-half for the state's two-year and technical colleges distributed among them as provided in item (2) of this subsection.
(2) The Commission on Higher Education shall distribute amounts allocated pursuant to item (1)(b)(i) and (ii) of this subsection among the two categories of eligible institutions as follows:
(a) thirty-five percent in equal shares to each eligible institution; and
(b) sixty-five percent based on FTE student enrollment from the prior academic year at eligible institutions.
(3) The Research Centers of Excellence Review Board has no jurisdiction over projects funded by bonds issued pursuant to item (1)(b) of this subsection and no matching requirement is imposed for these projects. All projects must be approved by the Joint Bond Review Committee and the State Budget and Control Board.
HISTORY: 2004 Act No. 187, Section 9; 2014 Act No. 121 (S.22), Pt VII, Section 20.L.2, eff July 1, 2015.
Effect of Amendment
2014 Act No. 121, Section 20.L.2, in the undesignated paragraph following subsection (A)(2), substituted "must review and the State Fiscal Accountability Authority" for "and the State Budget and Control Board".
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 51 - South Carolina Research University Infrastructure Act › Section 11-51-140. Executive signature, attestation, and state seal requirements.

General obligation debt issued pursuant to 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 the general obligation debt by a facsimile of their signatures. The Great Seal of the State must be affixed to, impressed on, or reproduced upon the general obligation debt. The delivery of the general obligation debt executed and authenticated, as provided in the state board resolution, is valid notwithstanding changes in officers or seal occurring after the execution or authentication.
HISTORY: 2004 Act No. 187, Section 9.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 51 - South Carolina Research University Infrastructure Act › Section 11-51-150. Pledge of full faith, credit, and taxing power of State; allocation of tax revenues for payment of principal and interest.

For the payment of the principal of and interest on the general obligation debt 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 of and interest on the general obligation debt authorized by this chapter.
HISTORY: 2004 Act No. 187, Section 9.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 51 - South Carolina Research University Infrastructure Act › Section 11-51-160. Advertisement and sale requirements; right to reject bids; expenses incident to sale.

General obligation debt must be sold by the Governor and the State Treasurer upon sealed proposals, after publication of a summary 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 general obligation debt may be awarded upon the terms and in the manner as prescribed by the State Treasurer. The right is reserved to reject bids and to re-advertise the general obligation debt for sale. For the purpose of bringing about successful sales of the general obligation debt, the State Treasurer may do all things ordinarily and customarily done in connection with the sale of state or municipal bonds. Expenses incident to the sale of the general obligation debt must be paid from the proceeds of the sale of the general obligation debt.
HISTORY: 2004 Act No. 187, Section 9.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 51 - South Carolina Research University Infrastructure Act › Section 11-51-170. Application of sale proceeds; liability of purchaser.

The proceeds of the sale of general obligation debt must be received by the State Treasurer and applied by him to the purposes for which issued, but the purchasers of the general obligation debt are in no way liable for the proper application of the proceeds to the purposes for which they are intended.
HISTORY: 2004 Act No. 187, Section 9.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 51 - South Carolina Research University Infrastructure Act › Section 11-51-180. Investment by executors, administrators, and other fiduciaries.

It is lawful for executors, administrators, guardians, and other fiduciaries to invest monies in their hands in general obligation debt issued pursuant to this chapter.
HISTORY: 2004 Act No. 187, Section 9.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 51 - South Carolina Research University Infrastructure Act › Section 11-51-190. Exemption from state procurement process; alternative procurement procedures.

The research universities while engaging in projects related to this act shall be exempt from the state procurement process, except that the research universities must work in conjunction with the State Fiscal Accountability Authority's Chief Procurement Officer to establish alternate procurement procedures, and must submit a procurement process to the State Commission on Higher Education to be forwarded to the State Fiscal Accountability Authority for approval. These processes shall include provisions for audit and recertification.
HISTORY: 2004 Act No. 187, Section 9; 2014 Act No. 121 (S.22), Pt VII, Section 20.L.3, eff July 1, 2015.
Effect of Amendment
2014 Act No. 121, Section 20.L.3, substituted "State Fiscal Accountability Authority's" for "Budget and Control Board's", and 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 51 - South Carolina Research University Infrastructure Act › Section 11-51-200. Construction of Chapter.

No provision of this act is intended nor shall any provision of this act be construed to appropriate funds. The intent of the General Assembly is authorizing bonds according to the terms pursuant to this act only.
HISTORY: 2004 Act No. 187, Section 9.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 53 - South Carolina Enterprise Information System › Section 11-53-10. Special accounts.

Each state agency may establish a special account for the purpose of funding the agency's nonrecurring implementation expenses of the South Carolina Enterprise Information System (SCEIS). An agency may transfer into this account funds at the discretion of the agency head to be set aside and expended for the identified purpose. The total amount of funds transferred into the account cannot exceed the agency's implementation costs as projected by the SCEIS Project Team. The special account is exempt from the calculation of any mid-year budget reduction ordered by the Executive Budget Office or the General Assembly, as appropriate. Any unexpended balance in the special account may be carried forward to the succeeding fiscal year and expended for the same purposes. The Comptroller General shall monitor these special accounts to ensure compliance with the provisions of this joint resolution. It is the intent of the General Assembly that agencies pursue grants and other nonstate funding sources to fund their portion of the SCEIS implementation.
HISTORY: 2005 Act No. 151, Section 1.
Code Commissioner's Note
At the direction of the Code Commissioner, references in this section to the offices of the former State Budget and Control Board, Office of the Governor, or other agencies, were changed to reflect the transfer of them to the Department of Administration or other entities, pursuant to the directive of the South Carolina Restructuring Act, 2014 Act No. 121, Section 5(D)(1), effective July 1, 2015.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 53 - South Carolina Enterprise Information System › Section 11-53-20. Implementation; exemptions; reports.

It is mandated by the General Assembly that SCEIS shall be implemented for all agencies, with the exception of lump-sum agencies, the General Assembly or its respective branches or its committees, Legislative Council, and the Legislative Services Agency. The South Carolina Enterprise Information System Oversight Committee, as appointed by the Comptroller General, shall provide oversight for the implementation and continued operations of the system. The Department of Administration is authorized to use any available existing technology resources to assist with funding of the initial implementation of the system. It is further the intent of the General Assembly to fund the central government costs related to the implementation of the system. Agencies are required to implement SCEIS at a cost and in accordance with a schedule developed and approved by the SCEIS Oversight Committee. Full implementation must be completed within five years. The Department of Administration must make an appropriation request for the implementation and operational costs for SCEIS, and the funding for those costs must be set out as a specific line item in the annual general appropriations act. Any issues arising with regard to project scope, implementation schedule, and associated costs shall be directed to the SCEIS Oversight Committee for resolution. In cooperation with the Comptroller General and the Department of Administration, the South Carolina Enterprise Information System Oversight Committee is required to report by January thirty-first of the fiscal year to the Governor, the Chairman of the Senate Finance Committee, and the Chairman of the House Ways and Means Committee the status of the system's implementation and on-going operations.
HISTORY: 2005 Act No. 151, Section 2; 2013 Act No. 31, Section 12, eff May 21, 2013; 2014 Act No. 121 (S.22), Pt V, Section 7.X, eff July 1, 2015.
Effect of Amendment
The 2013 amendment substituted "Legislative Services Agency" for "Office of Legislative Printing and Information Technology Resources" in the first sentence, and substituted "thirty-first" for "31" in the last sentence.
2014 Act No. 121, Section 7.X, substituted "Department of Administration" for "Budget and Control Board" in the third sentence; rewrote the seventh sentence; and in the last sentence, substituted "Department of Administration" for "Budget and Control Board's Division of State Information Technology".
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 53 - South Carolina Enterprise Information System › Section 11-53-30. State Office of Human Resources; modification of human resource policies to implement and transition to System; publication of changes.

In order to implement and transition to the South Carolina Enterprise Informational System, the State Office of Human Resources is authorized to amend or modify human resource policies, regulations, and processes as it determines efficient to implement and transition to the South Carolina Enterprise Informational System. Any changes or modifications adopted by the State Office of Human Resources shall be published in the State Register and published on the official State Office of Human Resources website prior to the changes or modifications taking effect.
HISTORY: 2009 Act No. 29, Section 5.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 55 - State Fiscal Accountability Authority › Section 11-55-10. State Fiscal Accountability Authority; executive director; staff.

(A) There is established the State Fiscal Accountability Authority consisting of members as follows:
(1) the Governor, who shall serve ex officio as chairman;
(2) the State Treasurer, who shall serve ex officio;
(3) the Comptroller General, who shall serve ex officio;
(4) the Chairman of the Ways and Means Committee of the House of Representatives, ex officio; and
(5) the Chairman of the Senate Finance Committee, ex officio.
(B)(1) The authority shall select an executive director who in turn shall employ other staff under the direction of the State Fiscal Accountability Authority as necessary for the operations of the authority.
(2) The executive director shall serve a four-year term. The executive director may only be removed for malfeasance, misfeasance, incompetency, absenteeism, conflicts of interest, misconduct, persistent neglect of duty in office, or incapacity as found by the authority. The executive director shall have that responsibility and perform the duties prescribed by law and as may be directed by the authority.
(3) The General Assembly, in the annual general appropriations act, shall appropriate those funds necessary for the operations of the authority.
(C) The authority may organize its staff as it considers most appropriate to carry out the various functions, powers, duties, responsibilities, and authority assigned to it.
HISTORY: 2014 Act No. 121 (S.22), Pt VII, Section 18.A, eff July 1, 2015.