2021 South Carolina Code of Laws
Title 11 - Public Finance
Chapter 18 - South Carolina Volume Cap Allocation Act
Section 11-18-20. Definitions.
(a) "ARRA Bonds" mean:
(1) recovery zone bonds authorized under Section 1401 of ARRA; and
(2) Qualified Energy Conservation Bonds authorized under Section 301(a) of Tax Extenders and Alternative Minimum Tax Relief Act of 2008, Pub. L. 110-343, 122 Stat. 1365 (2008) as amended by Section 112 of ARRA.
(b) "Board" means the State Fiscal Accountability Authority's governing board.
(c) "Code" means the Internal Revenue Code of 1986, as amended.
(d) "Local Government" means each county and municipality that received an allocation of Volume Cap pursuant to the Code and IRS Notice 2009-50.
(e) "Other federal bonds" mean any such bond, whether tax-exempt, taxable or tax credit, created after the date hereof whereby a volume cap limitation is proscribed under the Code.
(f) "Qualified energy conservation bond" means the term as defined in Section 54D(a) of the Code.
(g) "Recovery zone" means the term as defined in Section 1400U-1(b) of the Code.
(h) "Recovery zone economic development bond" means the term as defined in Section 1400U-2 of the Code.
(i) "Recovery zone facility bond" means the term as defined in Section 1400U-3 of the Code.
(j) "State" means the State of South Carolina.
(k) "Volume Cap" means the amount or other limitation of ARRA Bonds allocated to each state and to counties and large municipalities within each state in accordance with Section 1400U-1(a)(4) of the Code, with respect to Recovery Zone Economic Development Bonds and Recovery Zone Facility Bonds, Section 54D(e)(1) of the Code, with respect to Qualified Energy Conservation Bonds, and any other section of the Code which imposes a volume cap limitation on any other Federal Bonds.
HISTORY: 2010 Act No. 290, Section 15.A, eff June 23, 2010; 2014 Act No. 121 (S.22), Pt VII, Section 20.B.1, eff July 1, 2015.
Effect of Amendment
2014 Act No. 121, Section 20.B.1, in subsection (b), substituted "State Fiscal Accountability Authority's governing board" for "South Carolina Budget and Control Board".
