South Carolina Code 4-29-130. Bonds, income from bonds, security agreements, financing agreements, and projects exempt from certain taxes
Current as of: 2023 | Check for updates
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Terms Used In South Carolina Code 4-29-130
- Bonds: shall include notes, bonds, refunding bonds, and other obligations authorized to be issued by this chapter. See South Carolina Code 4-29-10
- Financing Agreement: shall mean any agreement, including without limitation an agreement whereby a county or incorporated municipality shall lease or sell a project to an industry, made by and between the governing board and any one or more industries by which the industry or industries agree to pay to (and to secure if so required) the county or the incorporated municipality, as the case may be, or to any assignee thereof, the sums required to meet the payment of the principal, interest and redemption premium, if any, on any bonds. See South Carolina Code 4-29-10
The bonds authorized by this chapter and the income therefrom, all security agreements executed as security therefor, all financing agreements made pursuant to the provisions hereof, and all projects so long as county or municipalities owned and the revenue derived from any financing agreement shall be exempt from all taxation in the State of South Carolina except for inheritance, estate or transfer taxes; and all security agreements and financing agreements made pursuant to the provisions of this chapter shall be exempt from South Carolina stamp and transfer taxes.