The following sources may be used to capitalize the Rural Infrastructure Fund and for the authority to carry out its purposes:

(1) state general fund appropriations made by the General Assembly;

Terms Used In South Carolina Code 11-50-70

  • Authority: means the South Carolina Rural Infrastructure Authority. See South Carolina Code 11-50-40
  • Board: means the board of directors of the authority. See South Carolina Code 11-50-40
  • Contract: A legal written agreement that becomes binding when signed.
  • 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

(2) federal funds made available to the State;

(3) federal funds made available to the State for the authority;

(4) contributions and donations from government units, private entities, and any other source as may become available to the authority;

(5) all monies paid or credited to the authority, by contract or otherwise, payments of principal and interest on loans or other financial assistance made from the authority, and interest earnings which may accrue from the investment or reinvestment of the authority’s monies; and

(6) other lawful sources as determined appropriate by the board.

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