South Carolina Code 11-50-100. Financing agreements; authorizations; security
(B) In addition to the authorizations contained in this chapter, all other statutes or provisions permitting eligible entities to borrow money may be utilized by any eligible entity in obtaining a loan or other financial assistance from the authority to the extent determined necessary or useful by the eligible entity in connection with any financing agreement and the issuance, securing, or sale of loan obligations to the authority. Notwithstanding the foregoing, obligations secured by ad valorem taxes may be issued by an eligible entity and purchased by the authority without regard to any public bidding requirement.
Terms Used In South Carolina Code 11-50-100
- Authority: means the South Carolina Rural Infrastructure Authority. See South Carolina Code 11-50-40
- Eligible entity: means a municipality, county, special purpose or public service district, and public works commission. See South Carolina Code 11-50-40
- financing agreement: includes , without limitation, a loan agreement, trust indenture, security agreement, reimbursement agreement, guarantee agreement, bond or note, ordinance or resolution, or similar instrument. See South Carolina Code 11-50-40
- Loan: means an obligation subject to repayment which is provided by the authority to a qualified borrower for all or a part of the eligible cost of a qualified project. See South Carolina Code 11-50-40
- Other financial assistance: means , but is not limited to, grants, contributions, credit enhancement, capital or debt reserves for bonds or debt instrument financing, interest rate subsidies, provision of letters of credit and credit instruments, provision of bond or other debt financing instrument security, and other lawful forms of financing and methods of leveraging funds that are approved by the board. See South Carolina Code 11-50-40
- Qualified borrower: means any eligible entity which is authorized to construct, operate, or own a qualified project. See South Carolina Code 11-50-40
- Qualified project: means an eligible project which has been selected by the authority to receive a loan or other financial assistance from the authority to defray an eligible cost. See South Carolina Code 11-50-40
- Revenues: means , when used with respect to the authority, any receipts, fees, income, or other payments received or to be received by the authority including, without limitation, receipts and other payments deposited in the Rural Infrastructure Fund and investment earnings on the Rural Infrastructure Fund. See South Carolina Code 11-50-40
(C) An eligible entity may receive, apply, pledge, assign, and grant a security interest in revenues or ad valorem taxes, to secure its obligations as provided in this chapter, to meet its obligations under a financing agreement, or to provide for the construction and improving of a qualified project.