(A) The authority may provide loans and other financial assistance to an eligible entity to pay for all or part of the eligible cost of a qualified project. The term of the loan or other financial assistance must not exceed the useful life of the project. The authority may require the eligible entity to enter into a financing agreement in connection with its loan obligation or other financial assistance. The authority shall determine the form and content of loan applications, financing agreements, and loan obligations including the term and rate or rates of interest on a financing agreement.

(B) The board shall determine which projects are eligible projects and then select from among the eligible projects those qualified to receive from the authority a loan or other financial assistance.

Terms Used In South Carolina Code 11-50-90

  • 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
  • Eligible cost: means as applied to a qualified project to be financed from the Rural Infrastructure Fund, the costs that are permitted under applicable laws, requirements, procedures, and guidelines in regard to establishing, operating, and providing assistance from the 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
  • 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.
  • 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 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
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