(A) No bonds may be issued pursuant to the provisions of this chapter until the proposal of the governing board to issue the bonds receives the approval of the State Fiscal Accountability Authority. Whenever a governing board proposes to issue bonds pursuant to the provisions of this chapter, it shall file its petition with the State Fiscal Accountability Authority or the Department of Administration, as applicable, setting forth:

(1) a brief description of the pollution control facilities proposed to be undertaken;

Terms Used In South Carolina Code 48-3-140

  • Authority: shall mean the State Fiscal Accountability Authority of South Carolina. See South Carolina Code 48-3-10
  • Bonds: shall include notes, bonds, refunding notes or bonds, and other obligations authorized to be issued by this chapter. See South Carolina Code 48-3-10
  • Department: shall mean the Department of Health and Environmental Control of South Carolina. See South Carolina Code 48-3-10
  • Governing board: shall mean the governing bodies of the several counties and incorporated municipalities of the State as now or hereafter constituted; and in the event that any pollution control facilities shall be located in more than one county, the term "governing board" shall also relate to the governing bodies of the several counties wherein such pollution control facilities shall be located. See South Carolina Code 48-3-10
  • Loan agreement: shall mean any agreement including without limitation an agreement, whereby a county or incorporated municipality shall lease pollution control facilities to the industry, made by and between the governing board and the industry by which the industry agrees 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 48-3-10
  • Pollution control facilities: shall mean any facilities which are designed for the elimination, mitigation or prevention of air or water pollution, and shall include all things which are required to collect, treat and thereafter dispose of all waste of any sort originating in or about any industrial enterprise. See South Carolina Code 48-3-10

(2) a statement setting forth the action taken by the Department of Health and Environmental Control in connection with the pollution control facilities;

(3) a reasonable estimate of the cost of the pollution control facilities;

(4) a general summary of the terms and conditions of the loan agreement; and

(5) such other information as the State Fiscal Accountability Authority or the Department of Administration, as applicable, requires.

(B) Upon the filing of the petition the State Fiscal Accountability Authority or the Department of Administration, as applicable, as soon as practicable, shall conduct the review as it considers advisable, and if it finds that the proposal of the governing board is intended to promote the purposes of this chapter, it is authorized to approve the proposal. Any time following the approval, the governing board may proceed with the issuance of bonds for the pollution control facilities in accordance with the proposal approved by the State Fiscal Accountability Authority or the Department of Administration, as applicable. Notice of the approval of the proposal by the State Fiscal Accountability Authority or the Department of Administration, as applicable, must be published at least once by the state board in a newspaper having general circulation in the county where the pollution control facilities are to be located.

(C) Any interested party, within twenty days after the date of the publication of the notice, but not afterwards, may challenge the validity of the approval by action de novo in the court of common pleas in the county where the pollution control facilities are to be located.

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