2021 South Carolina Code of Laws
Title 11 - Public Finance
Chapter 41 - State General Obligation Economic Development Bond Act
Section 11-41-90. Authorizing resolution.
To effect the issuance of bonds, the State Fiscal Accountability Authority shall adopt a resolution providing for the issuance of bonds pursuant to the provisions of this chapter. The authorizing resolution must include:
(1) a statement of whether the bonds are being authorized and issued pursuant to Section 11-41-50(A), Section 11-41-50(B), or Section 11-41-50(C);
(2) a schedule showing the aggregate of bonds issued, the annual principal payments required to retire the bonds, and the interest on the bonds;
(3) the amount of bonds proposed to be issued;
(4) a schedule showing future annual principal requirements and estimated annual interest requirements on the bonds to be issued; and
(5) certificates evidencing that the provisions of Sections 11-41-50 and 11-41-60 have been or will be met.
(6) a statement that the resolution required by this section for the issuance of bonds pursuant to this chapter is adopted not later than eighteen months after the date of the first notification to the Joint Bond Review Committee and the State Fiscal Accountability Authority with respect to such economic development project pursuant to Section 11-41-70.
HISTORY: 2002 Act No. 254, Section 1; 2009 Act No. 124, Section 5.D; 2013 Act No. 13, Section 9, eff April 23, 2013; 2014 Act No. 121 (S.22), Pt VII, Section 20.H.2, eff July 1, 2015.
Code Commissioner's Note
The reference to Section 11-41-50(C) in subsection (1), and subsection (6) were inadvertently omitted from 2014 Act No. 121, Section 20.H.2. This text, as added by 2013 Act No. 13, Section 9, has been restored, and the phrase "Fiscal Accountability Authority" has been substituted in subsection (6) for "Budget and Control Board".
Effect of Amendment
The 2013 amendment, in subsection (1), inserted the reference to Section 11-41-50(C), and added subsection (6), relating to Section 11-41-70.
2014 Act No. 121, Section 20.H.2, in the first undesignated paragraph, substituted "Fiscal Accountability Authority" for "Budget and Control Board"; and made other nonsubstantive changes.
