2016 South Carolina Code of Laws
Title 41 - Labor and Employment
CHAPTER 43 - SOUTH CAROLINA JOBS - ECONOMIC DEVELOPMENT FUND ACT
Section 41-43-20. Definitions.

As used in this chapter unless the context otherwise requires:

(A) "Act" means the South Carolina Jobs - Economic Development Fund Act.

(B) "Authority" means the South Carolina Jobs - Economic Development Authority, which is a state-owned enterprise.

(C) "Administrative funds" means all monies, received by the authority from the general fund of the State or from the exercise of the power of taxation by the State or any of its political subdivisions which are designated specifically to be used for the payment of administrative expenses, and the earnings on the funds.

(D) "Bonds" means any evidence of indebtedness of the authority in any form including, but not limited to, notes, warrants, bonds, or any similar obligation evidenced in written, printed, or electronic means.

(E) "Program funds" means any monies, including, but not limited to, the proceeds from bond sales, the sale or disposition of any assets, or any other source available to the authority, other than administrative funds and the earnings on the funds.

(F) "Banks" means financial organizations organized, chartered, or holding an authorization certificate and subject to supervision by an agency or official of South Carolina or of the United States and authorized to make loans and receive deposits. It includes but is not limited to savings and loan associations and savings banks.

HISTORY: 1983 Act No. 145 Section 3; 1992 Act No. 404, Section 1, eff July 1, 1992.

Effect of Amendment

The 1992 amendment, in item (C) added "which are designated specifically to be used . . . . funds."; and in item (E) added "and the earnings on the funds."