(A) The purpose of this chapter is to ensure that the state's allocations of ARRA Bonds and Other Federal Bonds are used. To that end, the board is authorized and directed to make such exceptions and waivers or extend or shorten time requirements as it deems most likely to effect the purposes hereof. The board is encouraged to avoid the development of rigid procedures and formalities in the determination of waived allocations or reallocations. The board is directed to focus on the probability of the Local Governments' using the Volume Cap for ARRA Bonds prior to January 1, 2011.
(B) The board may adopt any further policies and procedures it considers necessary for the equitable and effective administration of this chapter.
HISTORY: 2010 Act No. 290, Section 15.A, eff June 23, 2010.
Structure South Carolina Code of Laws
Chapter 18 - South Carolina Volume Cap Allocation Act
Section 11-18-20. Definitions.
Section 11-18-30. Volume Cap allocation.
Section 11-18-40. Local Government waiver of Volume Cap allocation; board management of allocation.
Section 11-18-60. Local Government suballocation of Volume Cap.
Section 11-18-70. Purpose of chapter; board policies and procedures.