There is a newer version of the South Carolina Code of Laws
2012 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.
SC Code § 11-50-90 (2012) What's This?
(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. Before providing a loan or other financial assistance to a qualified borrower, the authority must obtain the review and approval of the Joint Bond Review Committee. 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.
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