reglab/statecodes huggingface dataset:
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 42 - South Carolina Comprehensive Infrastructure Development Act › Section 11-42-20. Legislative purpose.

Comprehensive infrastructure development and planning is vitally important to the State and to its local political subdivisions. The General Assembly, by this chapter, creates a state program and a unit of state government to work with state agencies, regional councils of government, and local political subdivisions to coordinate infrastructure planning, to assist in development of comprehensive regional infrastructure development plans, and to identify and coordinate the funding related to infrastructure development distributed through state agencies in order to maximize efficiency and promote comprehensive infrastructure development planning.
HISTORY: 1997 Act No. 155, Part II, Section 74B.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 42 - South Carolina Comprehensive Infrastructure Development Act › Section 11-42-30. Definitions.

As used in this chapter:
(1) "Board" means the governing board of the Rural Infrastructure Authority.
(2) "County" means any county of this State.
(3) "Division of Regional Development" is a division of the board. This division is be the designated state program for coordination of comprehensive state and regional infrastructure planning.
(4) "Director" is the Director of the Division of Regional Development.
(5) "Executive director" means the executive director of the board.
(6) "Infrastructure" means the basic facilities, services, and installations needed for the functioning of government including, but not limited to, water, sewer, and public sector communications. Infrastructure as used in this chapter does not mean transportation, power delivery systems, health planning and delivery systems, or except for the purposes of public sector communications planning, commercial communication systems.
(7) "Infrastructure Development Plans" means any written proposal by the State, county, municipality, special purpose district or regional council of government that involves development of infrastructure as defined in this chapter. These plans include, but are not limited to, such matters as water and sewerage systems, and communications. The plans must be proposed and prepared pursuant to recommended standards and procedures for the preparation and implementation of infrastructure development plans established in accordance with this chapter by the Division of Regional Development and the Regional Councils of Government. Any plan developed for communications must consider available existing private sector communications facilities, systems, and services.
(8) "Municipality" as described in Section 5-1-20 means any city or town which has been issued a certificate of incorporation or which has been created by act of the General Assembly.
(9) "Political subdivision" means any municipality, county, public service district, or special purpose district.
(10) "Regional Councils of Government" are as described in Section 6-7-110.
(11) "South Carolina Advisory Commission on Intergovernmental Relations" means the commission created pursuant to Section 1-27-10 which, as part of the office of the executive director of the board, researches intergovernmental problems.
(12) "State Advisory Council for Regional Development" or "state council" means the Advisory Council for Regional Development created by this chapter.
(13) "Communications" means public sector communications.
HISTORY: 1997 Act No. 155, Part II, Section 74B; 2014 Act No. 121 (S.22), Pt V, Section 7.W.1, eff July 1, 2015.
Effect of Amendment
2014 Act No. 121, Section 7.W.1, in subsection (1), substituted "governing board of the Rural Infrastructure Authority" for "State Budget and Control Board".
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 42 - South Carolina Comprehensive Infrastructure Development Act › Section 11-42-40. Division of Regional Development; director.

(A) There is created the Division of Regional Development as a division within the Rural Infrastructure Authority. The division shall report to the executive director of the board.
(B) The division is managed and directed by a director appointed by the executive director of the board, and who shall serve at the pleasure of the executive director.
HISTORY: 1997 Act No. 155, Part II, Section 74B; 2014 Act No. 121 (S.22), Pt V, Section 7.W.2, eff July 1, 2015.
Effect of Amendment
2014 Act No. 121, Section 7.W.2, in subsection (A), substituted "Rural Infrastructure Authority" for "State Budget and Control Board".
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 42 - South Carolina Comprehensive Infrastructure Development Act › Section 11-42-50. Responsibilities and powers of division.

The Division of Regional Development is the state program responsible for the creation of a state infrastructure development plan, for the coordination of regional infrastructure development plans, and for the coordination of state programs and resources that impact or affect infrastructure development. To fulfill its public mandate, the division is expressly authorized to perform the following functions and exercise the following powers:
(1) prescribe recommended elements to be included in any comprehensive regional infrastructure development plan;
(2) coordinate and qualify regional infrastructure development plans;
(3) create a state infrastructure development plan through consultation with other appropriate state agencies;
(4) provide training, education, resources and technical assistance to enable and support the efforts of local governments and the Regional Councils of Government to create and develop comprehensive infrastructure development plans;
(5) to participate as a party, as an advocate, or otherwise, in state government and state agency decision-making processes that impact or affect infrastructure development;
(6) to coordinate relevant state government actions and programs that impact or affect infrastructure development in order to focus and direct these actions and programs to support and assist the development and implementation of the State and regional infrastructure development plans;
(7) to identify and coordinate public funds, regardless of original source, that are expended or distributed by state agencies to help underwrite or support infrastructure development in order that state agency expenditures and distributions of public funds are both consistent with and supportive of state and regional infrastructure development plans; and
(8) to request and receive assistance and support from other state agencies and programs as needed by the division.
HISTORY: 1997 Act No. 155, Part II, Section 74B.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 42 - South Carolina Comprehensive Infrastructure Development Act › Section 11-42-60. Additional administrative powers.

The division shall function as a division of the Rural Infrastructure Authority and has all administrative and program authority necessary to fulfill its public mandate including, but not limited to, the following powers:
(1) to solicit, receive, and expend public and private funds from any relevant sources and entities in order to carry out the purposes of the division; and
(2) to prescribe and charge fees for its services, which fees must be retained and expended for division purposes.
HISTORY: 1997 Act No. 155, Part II, Section 74B; 2014 Act No. 121 (S.22), Pt V, Section 7.W.3, eff July 1, 2015.
Effect of Amendment
2014 Act No. 121, Section 7.W.3, in the first undesignated paragraph, substituted "Rural Infrastructure Authority" for "State Budget and Control Board".
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 42 - South Carolina Comprehensive Infrastructure Development Act › Section 11-42-80. State agencies required to make regulatory decisions consistent with state and regional comprehensive infrastructure development plans.

Every state agency and program that licenses, permits, regulates, or otherwise sanctions activities by government entities and programs related to infrastructure development is expressly authorized and required by this chapter to consider and determine whether a respective governmental regulatory decision is consistent with state and regional comprehensive infrastructure development plans.
HISTORY: 1997 Act No. 155, Part II, Section 74B.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 43 - South Carolina Transportation Infrastructure Bank Act › Section 11-43-120. Creation of South Carolina Transportation Infrastructure Bank; board of directors; corporate purpose; accounts.

(A) There is created a body corporate and politic and an instrumentality of the State to be known as the South Carolina Transportation Infrastructure Bank.
(B) The bank is governed by a board of directors as provided in this chapter.
(C) The corporate purpose of the bank is to select and assist in financing major qualified projects by providing loans and other financial assistance to government units and private entities for constructing and improving highway and transportation facilities necessary for public purposes including economic development. The exercise by the bank of a power conferred in this chapter is an essential public function.
(D) The bank shall establish and maintain at least the four following accounts: state highway account, state transit account, federal highway account, and federal transit account.
HISTORY: 1997 Act No. 148, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 43 - South Carolina Transportation Infrastructure Bank Act › Section 11-43-140. Board of directors; members; terms; vacancies.

The board of directors is the governing board of the bank. The board consists of seven voting directors as follows: the Chairman of the Department of Transportation Commission, ex officio; one director appointed by the Governor who shall serve as chairman; one director appointed by the Governor; one director appointed by the Speaker of the House of Representatives; one member of the House of Representatives appointed by the Speaker, ex officio; one director appointed by the President of the Senate; and one member of the Senate appointed by the President of the Senate, ex officio. Directors appointed by the Governor, the Speaker of the House, and the President of the Senate shall serve terms coterminous with those of their appointing authority. The terms for the legislative members are coterminous with their terms of office. The vice chairman must be elected by the board. Any person appointed to fill a vacancy must be appointed in the same manner as the original appointee for the remainder of the unexpired term.
HISTORY: 1997 Act No. 148, Section 2; 2019 Act No. 1 (S.2), Section 44, eff January 31, 2019.
Effect of Amendment
2019 Act No. 1, Section 44, in the second sentence, substituted "President of the Senate" for "President Pro Tempore of the Senate" in two places, and in the third sentence, substituted "the Speaker of the House, and the President of the Senate" for "the Speaker, and the President Pro Tempore".
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 43 - South Carolina Transportation Infrastructure Bank Act › Section 11-43-160. Sources for capitalization and purposes of bank; use of state highway account revenues.

(A) The following sources may be used to capitalize the bank and for the bank to carry out its purposes:
(1) an annual contribution set by the board of an amount not to exceed revenues produced by one cent a gallon of the tax on gasoline imposed pursuant to Section 12-28-310;
(2) federal funds made available to the State;
(3) federal funds made available to the State for the bank;
(4) contributions and donations from government units, private entities, and any other source as may become available to the bank including, but not limited to, appropriations from the General Assembly;
(5) all monies paid or credit to the bank, by contract or otherwise, payments of principal and interest on loans or other financial assistance made from the bank, and interest earnings which may accrue from the investment or reinvestment of the bank's monies;
(6) proceeds from the issuance of bonds as provided in this chapter;
(7) other lawful sources as determined appropriate by the board; and
(8) loans from the Department of Transportation to the bank to be repaid from revenues committed to the bank for the following year.
(B) Beginning in fiscal year 1998-99, the revenues collected pursuant to Sections 56-3-660 and 56-3-670 and placed in the state highway account, as created by this chapter, must be used to provide capital for the bank.
HISTORY: 1997 Act No. 148, Section 2; 1999 Act No. 100, Part II, Section 22.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 43 - South Carolina Transportation Infrastructure Bank Act › Section 11-43-165. Repealed.

HISTORY: Former Section, titled South Carolina Transportation Infrastructure Bank, had the following history: 2013 Act No. 98, Section 4.A, eff July 1, 2013. Repealed by 2017 Act No. 40, Section 14.B.1, eff May 10, 2017.
Editor's Note
2017 Act No. 40, Section 14.B.2, provides as follows:
"This subsection 14.B.1. takes effect upon approval by the Governor and first applies to Fiscal Year 2018-2019."
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 43 - South Carolina Transportation Infrastructure Bank Act › Section 11-43-170. Earnings on federal and state accounts; establishment of accounts and subaccounts; commingling of funds, compliance with federal law.

(A) Earnings on balances in the federal accounts must be credited and invested according to federal law. Earnings on state accounts must be credited to the state highway account or state transit account that generates the earnings. The bank may establish accounts and subaccounts within the state accounts and federal accounts as considered desirable to effectuate the purposes of this chapter, or to meet the requirements of any state or federal programs. All accounts must be held in trust by the State Treasurer.
(B) For necessary and convenient administration of the bank, the board shall direct the State Treasurer to establish federal and state accounts and subaccounts within the bank necessary to meet any applicable federal law requirements or as the bank shall determine necessary or desirable in order to implement the provisions of this chapter.
(C) The bank shall comply with all applicable federal laws and regulations prohibiting the commingling of certain federal funds deposited in the bank.
HISTORY: 1997 Act No. 148, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 43 - South Carolina Transportation Infrastructure Bank Act › Section 11-43-190. Financing agreements; application of other statutes or provisions; obligations secured by ad valorem taxes; security interest in project revenues; expenditure of proceeds.

(A) Qualified borrowers are authorized to obtain loans or other financial assistance from the bank through financing agreements. Qualified borrowers entering into financing agreements and issuing loan obligations to the bank may perform any acts, take any action, adopt any proceedings, and make and carry out any contracts or agreements with the bank as may be agreed to by the bank 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 government units to borrow money and issue obligations including, but not limited to, the Revenue Bond Act for Utilities and the Revenue Bond Refinancing Act of 1937, may be utilized by any government unit in obtaining a loan or other financial assistance from the bank to the extent determined necessary or useful by the government unit in connection with any financing agreement and the issuance, securing, or sale of loan obligations to the bank. Notwithstanding the foregoing, obligations secured by ad valorem taxes may be issued by a government unit and purchased by the bank without regard to any public bidding requirement.
(C) A qualified borrower may receive, apply, pledge, assign, and grant security interest in project revenues, and, in the case of a governmental unit, its project revenues, revenues derived from a special source or ad valorem taxes, to secure its obligations as provided in this chapter, and may fix, revise, charge, and collect fees, rates, rents, assessments, and other charges of general or special application for the operation or services of a qualified project, the system of which it is a part, and any other revenue producing facilities from which the qualified borrower derives project revenues, to meet its obligations under a financing agreement or to provide for the construction and improving of a qualified project.
(D) A qualified borrower must comply with the provisions of Section 12-27-1320 and Section 12-28-2930 in the expenditure of the proceeds of a loan or other financial assistance provided by the bank for a qualified project.
HISTORY: 1997 Act No. 148, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 43 - South Carolina Transportation Infrastructure Bank Act › Section 11-43-200. Exemption from taxes or assessments.

The bank 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 bank or upon the income from them.
HISTORY: 1997 Act No. 148, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 43 - South Carolina Transportation Infrastructure Bank Act › Section 11-43-210. Failure of governmental unit to remit amounts due; withholding of funds.

(A) If a government unit fails to collect and remit in full all amounts due to the bank on the date these amounts are due under the terms of any note or other obligation of the government unit, the bank 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, its agencies, boards, and instrumentalities allotted or appropriated to the government unit 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 a government unit or private entity which would violate contracts to which the State is a party, the requirements of federal law imposed on the State, or judgments of a court binding on the State.
HISTORY: 1997 Act No. 148, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 43 - South Carolina Transportation Infrastructure Bank Act › Section 11-43-220. Liability.

Neither the board nor any officer, employee, or committee of the bank 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: 1997 Act No. 148, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 43 - South Carolina Transportation Infrastructure Bank Act › Section 11-43-230. Notice, proceeding, or publication not necessary; bank 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 bank subject to any referendum.
HISTORY: 1997 Act No. 148, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 43 - South Carolina Transportation Infrastructure Bank Act › Section 11-43-240. Deposit and investments.

All money of the bank, except as authorized by law or provided in this chapter, must be deposited with and invested by the State Treasurer. Funds of the bank 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. All federal funds must be invested as required by applicable federal law.
HISTORY: 1997 Act No. 148, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 43 - South Carolina Transportation Infrastructure Bank Act › Section 11-43-250. Annual report; audit of books and accounts.

Following the close of each state fiscal year, the bank shall submit an annual report of its activities for the preceding year to the Governor and to the General Assembly. The bank also shall 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 bank at least once in each state fiscal year.
HISTORY: 1997 Act No. 148, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 43 - South Carolina Transportation Infrastructure Bank Act › Section 11-43-260. Liberal construction.

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 a government unit or private entity of the loan obligations, instruments, or security for loan obligations.
HISTORY: 1997 Act No. 148, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 43 - South Carolina Transportation Infrastructure Bank Act › Section 11-43-265. Prioritization of projects.

(A) Notwithstanding any other provision of law and subject to the provisions of subsection (B), the bank must prioritize all projects in accordance with the prioritization criteria provided in Section 57-1-370(B)(8).
(B) The General Assembly may enact a joint resolution allowing the bank to fund a project without using the prioritization criteria provided in subsection (A). The joint resolution must be specific as to the project and the amount authorized to be funded.
HISTORY: 2016 Act No. 275 (S.1258), Section 7, eff June 8, 2016.
Editor's Note
2016 Act No. 275, Section 90(D), provides as follows:
"(D) Notwithstanding the effective date provided in subsection (A), SECTION 6 and SECTION 7 [adding this section] take effect upon approval by the Governor. The provisions contained in SECTION 6 and SECTION 7 only apply to projects selected by the bank thereafter."
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 43 - South Carolina Transportation Infrastructure Bank Act › Section 11-43-270. Severability of provisions.

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: 1997 Act No. 148, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 43 - South Carolina Transportation Infrastructure Bank Act › Section 11-43-310. Definitions.

As used in this article, unless a different meaning clearly appears from the context:
(1) "Bank" means the South Carolina Transportation Infrastructure Bank.
(2) "Bonds" means any bonds, notes, debentures, interim certificates, grant or revenue anticipation notes, or any other evidence of indebtedness of the bank incurred pursuant to this article.
HISTORY: 1997 Act No. 148, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 43 - South Carolina Transportation Infrastructure Bank Act › Section 11-43-315. Issuance of bonds; review and approval of Joint Bond Review Committee.

Whenever it shall become necessary that monies be raised for qualified projects, including monies to be used to refund any bonds then outstanding, the bank may issue bonds as provided in this article. The review and approval of the Joint Bond Review Committee must be obtained prior to the issuance of the bonds.
HISTORY: 1997 Act No. 148, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 43 - South Carolina Transportation Infrastructure Bank Act › Section 11-43-320. Pledges of revenue or funds to bond payment; bonds secured by pledge.

The bank may pledge any of its revenue or funds to the payment of its bonds, subject only to any prior agreements 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 bank, any grant, contribution, or guaranty from the United States, the State, or any corporation, association, institution, or person, any other property or assets of the bank, or a pledge of any money, income, or revenue of the bank from any source.
HISTORY: 1997 Act No. 148, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 43 - South Carolina Transportation Infrastructure Bank Act › Section 11-43-330. Bonds not debt or pledge of full faith and credit of State; personal liability; statement.

Bonds issued by the bank do not constitute a debt or a pledge of the full faith and credit of this State, or any of its political subdivisions other than the bank, but are payable solely from the revenue, money, or property of the bank as provided in this chapter. The bonds issued do not constitute an indebtedness of the State within the meaning of any constitutional or statutory limitation. No member of the bank or any person executing bonds of the bank is liable personally on the bonds by reason of their issuance or execution. Each bond issued under this article must contain on its face a statement to the effect that:
(1) neither the State, nor any of its political subdivisions, nor the bank 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 bank pledged;
(2) neither the full faith and credit nor the taxing power of the State, or any of its political subdivisions, is pledged to the payment of the principal of or interest on the bond;
(3) the bank does not have taxing power.
HISTORY: 1997 Act No. 148, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 43 - South Carolina Transportation Infrastructure Bank Act › Section 11-43-340. Bonds authorized by resolution; execution; payability; other provisions; interest; public or private sale, price; time of issuance.

The bonds of the bank must be authorized by a resolution of the bank. The bonds must bear the date and mature at the time which the resolution provides, except that no bond may mature more than forty 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 and at the time, and be subject to redemption or repurchase and contain other provisions determined by the bank prior to their issuance. The bonds may bear interest payable at a time and at a rate as determined by the bank, including the determination by agents designated by the bank under guidelines established by it. Bonds may be sold by the bank at public or private sale at the price it determines and approves. The State Treasurer shall issue the bonds of the bank not later than sixty days upon the resolution of the bank authorizing the issuance of the bonds.
HISTORY: 1997 Act No. 148, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 43 - South Carolina Transportation Infrastructure Bank Act › Section 11-43-360. Validity of pledge; lien; recording or filing of resolution not necessary; filing of record of issuance proceedings.

Any pledge made by the bank is valid and binding from the time the pledge is made. The revenue, money, or property pledged and thereafter received by the bank is immediately subject to the lien of the pledge without any physical delivery or further act. The lien of any pledge is valid and binding as against all parties having claims of any kind in tort, contract, or otherwise against the bank, 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 the bonds, or any other instrument including filings under the Uniform Commercial Code is necessary to create or perfect any pledge or security interest granted by the bank to secure any 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: 1997 Act No. 148, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 43 - South Carolina Transportation Infrastructure Bank Act › Section 11-43-370. Purchase of outstanding bonds; price.

The bank, subject to agreements with bondholders as may then exist, may purchase outstanding bonds of the bank with any available funds, at any reasonable price. If the bonds are then redeemable, the price must not exceed the redemption price then applicable plus accrued interest to the next interest payment date.
HISTORY: 1997 Act No. 148, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 43 - South Carolina Transportation Infrastructure Bank Act › Section 11-43-390. Members or officers ceasing to be members before delivery of bonds; validity of signatures.

If any of the members or officers of the bank cease to be members before the delivery of any bonds signed by them, their signatures or authorized facsimile signatures are nevertheless valid and sufficient for all purposes as if they had remained in office until the delivery of the bonds.
HISTORY: 1997 Act No. 148, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 43 - South Carolina Transportation Infrastructure Bank Act › Section 11-43-400. Vested rights; application of subsequent amendments to this article.

Subsequent amendments to this article may not limit the rights vested in the bank with respect to any agreements made with, or remedies available to, the holders of bonds issued under this article before the enactment of the amendments until the bonds, with all premiums and interest on them, and all costs and expenses in connection with any proceeding by or on behalf of the holders, are fully met and discharged.
HISTORY: 1997 Act No. 148, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 43 - South Carolina Transportation Infrastructure Bank Act › Section 11-43-410. Exemption from taxation and assessment.

Any bonds issued by the bank, the transfer of bonds, and the income from them, are free from taxation and assessment of every kind by the State and by the local governments and other political subdivisions of the State.
HISTORY: 1997 Act No. 148, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 43 - South Carolina Transportation Infrastructure Bank Act › Section 11-43-420. Bonds legal investments, securities.

The bonds issued by the bank are legal investments in which all public officers or public bodies of the State, its political subdivisions, all municipalities and political subdivisions, all insurance companies and associations and other persons carrying on insurance business, all banks, bankers, banking associations, trust companies, savings banks, savings associations, including savings and loan association investment companies, and other persons carrying on a banking business, all administrators, guardians, executors, trustees, and other fiduciaries, and all other persons who are now or may be authorized in the future to invest in bonds or other obligations of the State, may invest funds in their control or belonging to them. The bonds of the bank are also securities which may be deposited with and received by all public officers and bodies of the State or any agency or political subdivision of the State and all municipalities and public corporations for any purpose for which the deposit of bonds or other obligations of the State is now or may later be required by law.
HISTORY: 1997 Act No. 148, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 43 - South Carolina Transportation Infrastructure Bank Act › Section 11-43-510. Definitions.

As used in this article:
(1) "Board" means the Board of Directors of the South Carolina Transportation Infrastructure Bank.
(2) "State board" means the governing board of the State Fiscal Accountability Authority.
(3) "Transportation infrastructure bonds" means all general obligation bonds of this State designated as transportation infrastructure bonds, which are now outstanding and which may hereafter be issued pursuant to the authorizations of this article.
HISTORY: 1997 Act No. 148, Section 2; 2014 Act No. 121 (S.22), Pt VII, Section 20.I, eff July 1, 2015.
Effect of Amendment
2014 Act No. 121, Section 20.I, in subsection (2), substituted "governing board of the State Fiscal Accountability Authority" for "State Budget and Control Board".
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 43 - South Carolina Transportation Infrastructure Bank Act › Section 11-43-520. Request for issuance of transportation infrastructure bonds; contents.

Whenever it shall become necessary that monies be raised for qualified projects, including monies to be used to refund any transportation infrastructure bonds then outstanding, the board may make a request to the state board for the issuance of transportation infrastructure bonds pursuant to this article. This request may be in the form of a resolution adopted at any regular or special meeting of the board. The request shall set forth on the face thereof or by schedules attached thereto:
(1) the amount then required for qualified projects;
(2) a tentative time schedule setting forth the period of time during which the sum requested will be expended; and
(3) a debt service table showing the annual principal and interest requirements for all the transportation infrastructure bonds then outstanding.
HISTORY: 1997 Act No. 148, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 43 - South Carolina Transportation Infrastructure Bank Act › Section 11-43-530. Review of request; approval of bonds or bond anticipation notes.

Following the receipt of any request pursuant to Section 11-43-520, the state board shall review the same and it shall approve such request, by resolution duly adopted, to effect the issuance of transportation infrastructure bonds, or pending the issuance thereof, effect the issuance of bond anticipation notes pursuant to Chapter 17 of Title 11.
HISTORY: 1997 Act No. 148, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 43 - South Carolina Transportation Infrastructure Bank Act › Section 11-43-540. Limitations; review by Joint Bond Review Committee; payment of principal and interest.

The issuance of transportation infrastructure bonds is subject to the limitations contained in Section 13(6)(c), Article X of the Constitution of this State. Within such limitations, transportation infrastructure bonds may be issued for qualified projects or to refund transportation infrastructure bonds from time to time under the conditions prescribed by this article. The review and approval of the Joint Bond Review Committee must be obtained prior to the issuance of any transportation infrastructure bonds. No transportation infrastructure bonds may be issued unless the board has a source of revenues to pay the principal and interest on the bonds.
HISTORY: 1997 Act No. 148, Section 2; 2004 Act No. 184, Section 11.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 43 - South Carolina Transportation Infrastructure Bank Act › Section 11-43-550. Pledge of full faith, credit, taxing power, and other revenue of State for payment of principal and interest; allocation of tax revenues.

For the payment of the principal of and interest on all transportation infrastructure bonds, whether or not outstanding or hereafter issued, as they come due, 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, the General Assembly authorizes the allocation on an annual basis of sufficient tax revenues to provide for the punctual payment of the principal and interest on transportation infrastructure bonds. In addition to the full faith, credit, and taxing power, there also is pledged such revenue as may be available to the board, and the State Treasurer is authorized to use such revenue when pledged, without further action of the board, for the payment of the principal and interest on transportation infrastructure bonds as the bonds respectively mature. If the revenues so pledged prove insufficient to meet the payments of the interest on and principal of the transportation infrastructure bonds in the fiscal year, then the State Treasurer shall set aside from the general tax revenues received in the fiscal year so much of the general tax revenues as are needed for the purpose and shall apply these revenues to the punctual payment of the interest on and principal of transportation infrastructure bonds due or to become due in the fiscal year.
HISTORY: 1997 Act No. 148, Section 2; 2004 Act No. 184, Section 12.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 43 - South Carolina Transportation Infrastructure Bank Act › Section 11-43-560. Request for issuance of transportation infrastructure bonds; resolution, contents.

The board is authorized to request the state board to issue transportation infrastructure bonds. In order to effect the issuance of bonds pursuant to this article, the state board may adopt a resolution providing for the issuance of transportation infrastructure bonds, upon written request by the board, and may transmit a certified copy thereof to the Governor and to the State Treasurer, with the request that they issue and deliver transportation infrastructure bonds in accordance with the terms and conditions of such resolution. This resolution must set forth:
(1) the amount, denomination, and numbering of transportation infrastructure bonds to be issued;
(2) the date as of which the same shall be issued;
(3) the maturity schedule for the retirement of the transportation infrastructure bonds;
(4) the redemption provisions, if any, applicable to the bonds;
(5) the maximum rate or rates of interest the bonds shall bear;
(6) the purposes for which the bonds are to be issued;
(7) the occasion on which bids shall be received for the sale of the bonds;
(8) the form of advertisement of sale;
(9) the form of the bonds of the particular issue; and
(10) such other matters as may be considered necessary in order to effect the sale, issuance, and delivery thereof.
HISTORY: 1997 Act No. 148, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 43 - South Carolina Transportation Infrastructure Bank Act › Section 11-43-580. Form, denominations, provisions of bonds.

Transportation infrastructure bonds shall be issued in such form, in such denominations, and with such provisions as to time, place, or places and medium of payment as may be determined by the state board, subject to the provisions of this article.
HISTORY: 1997 Act No. 148, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 43 - South Carolina Transportation Infrastructure Bank Act › Section 11-43-590. Issuance as fully registered bonds; transfer.

Transportation infrastructure bonds must be issued as fully registered bonds with both principal and interest thereof made payable only to the registered holder. Such fully registered bonds are subject to transfer under such conditions as the state board prescribes.
HISTORY: 1997 Act No. 148, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 43 - South Carolina Transportation Infrastructure Bank Act › Section 11-43-600. Interest; redemption.

Transportation infrastructure bonds shall bear interest, payable on such occasions as shall be prescribed not more than thirty years after such date. Such installments or series may be equal or unequal in amount. Transportation infrastructure bonds, in the discretion of the state board, may be made subject to redemption at par and accrued interest, plus such redemption premium as it shall approve and on such occasions as it may prescribe. Transportation infrastructure bonds are not redeemable before maturity unless they contain a statement to that effect.
HISTORY: 1997 Act No. 148, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 43 - South Carolina Transportation Infrastructure Bank Act › Section 11-43-610. Exemption from taxes or assessments.

All transportation infrastructure bonds issued under this article, and the interest thereon, are exempt from all state, county, municipal, school district, and other taxes or assessments, direct or indirect, general or special, imposed by this State, whether imposed for the purpose of general revenue or otherwise, except inheritance, estate, or transfer taxes.
HISTORY: 1997 Act No. 148, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 43 - South Carolina Transportation Infrastructure Bank Act › Section 11-43-620. Sale upon sealed proposals; notice; awarding of bonds; rejection, readvertising.

Transportation infrastructure bonds must be sold by the Governor and the State Treasurer upon sealed proposals, after publication of notice of such sale one or more times at least seven days before such sale, in a newspaper of general circulation in the State and also in a financial paper published in New York City which regularly publishes notices of sale of state or municipal bonds. The bonds must be awarded to the bidder offering to purchase the transportation infrastructure bonds at the lowest net interest cost to the State at a price of not less than ninety-nine percent of par and accrued interest to the date of delivery, but the right is reserved to reject all bids and to readvertise the bonds for sale and to waive technicalities in the bidding.
HISTORY: 1997 Act No. 148, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 44 - High Growth Small Business Job Creation Act › Section 11-44-10. Short title.

This chapter may be cited as the "High Growth Small Business Job Creation Act of 2013".
HISTORY: 2013 Act No. 80, Section 1.A, eff June 14, 2013; 2020 Act No. 138 (S.76), Section 3.B., eff May 26, 2020.
Editor's Note
2013 Act No. 80, Section 1.B., as amended by 2020 Act No. 138, Section 3.A., and Section 3, provide as follows:
"[1.]B. The provisions of Chapter 44, Title 11, contained in this act are repealed on December 31, 2025. Any carry forward credits shall continue to be allowed until the ten-year time period in Section 11-44-40(B) is completed."
"SECTION 3. This act takes effect upon approval by the Governor, and the tax credits permitted by this chapter are first available for investments made after December 31, 2012."
2020 Act No. 138, Section 3.B., provides as follows:
"[3.]B. This SECTION takes effect upon approval by the Governor and applies to tax years beginning after 2019. The provisions of Chapter 44, Title 11, as they existed on December 31, 2019, are re-enacted, and the tax credits earned pursuant to this SECTION shall be earned and claimed under the same terms and conditions as they existed on December 31, 2019. This SECTION shall continue to apply until such time as Chapter 44, Title 11, or parts thereof, are otherwise repealed, mutatis mutandis."
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 44 - High Growth Small Business Job Creation Act › Section 11-44-20. Legislative intent.

The General Assembly desires to support the economic development goals of this State by improving the availability of early stage capital for emerging high-growth enterprises in South Carolina. To further these goals, this chapter is intended to:
(1) encourage individual angel investors to invest in early stage, high-growth, job-creating businesses;
(2) enlarge the number of high-quality, high-paying jobs within the State;
(3) expand the economy of this State by enlarging its base of wealth-creating businesses; and
(4) support businesses seeking to commercialize technology invented in this state's institutions of higher education.
HISTORY: 2013 Act No. 80, Section 1.A, eff June 14, 2013; 2020 Act No. 138 (S.76), Section 3.B., eff May 26, 2020.
Editor's Note
2013 Act No. 80, Section 1.B., as amended by 2020 Act No. 138, Section 3.A., and Section 3, provide as follows:
"[1.]B. The provisions of Chapter 44, Title 11, contained in this act are repealed on December 31, 2025. Any carry forward credits shall continue to be allowed until the ten-year time period in Section 11-44-40(B) is completed."
"SECTION 3. This act takes effect upon approval by the Governor, and the tax credits permitted by this chapter are first available for investments made after December 31, 2012."
2020 Act No. 138, Section 3.B., provides as follows:
"[3.]B. This SECTION takes effect upon approval by the Governor and applies to tax years beginning after 2019. The provisions of Chapter 44, Title 11, as they existed on December 31, 2019, are re-enacted, and the tax credits earned pursuant to this SECTION shall be earned and claimed under the same terms and conditions as they existed on December 31, 2019. This SECTION shall continue to apply until such time as Chapter 44, Title 11, or parts thereof, are otherwise repealed, mutatis mutandis."