South Carolina Code 11-41-40. Issuance of bonds pursuant to chapter
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Terms Used In South Carolina Code 11-41-40
- bonds: means general obligation bonds of this State issued under the authority of this chapter. See South Carolina Code 11-41-30
- Department: means the State Department of Commerce. See South Carolina Code 11-41-30
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- project: means either (A) a project in this State as defined in § 12-44-30(16) in which a total of at least four hundred million dollars is invested in the project by the sponsor and at least four hundred new jobs are created at the project by the sponsor, or (B) an expansion of an existing economic development project for which economic development bonds have previously been issued, if in connection with the expansion, in addition to and not including the investment made and new jobs created in connection with the existing project for which economic development bonds have previously been issued, a total of at least four hundred million dollars is invested in the project by the sponsor and at least four hundred new jobs are created at the project by the sponsor. See South Carolina Code 11-41-30
To obtain funds for allocation to the department or to the State or agency, instrumentality, or political subdivision, as the case may be, for financing of infrastructure, there are issued from time to time state general obligation economic development bonds under the conditions prescribed by this chapter. Subject to § 11-41-90(6), bonds for an economic development project may be issued in one or more series, pursuant to one or more notifications required by § 11-41-70.