(A) The following sources may be used to capitalize the bank and for the bank to carry out its purposes:
(1) an annual contribution set by the board of an amount not to exceed revenues produced by one cent a gallon of the tax on gasoline imposed pursuant to Section 12-28-310;
(2) federal funds made available to the State;
(3) federal funds made available to the State for the bank;
(4) contributions and donations from government units, private entities, and any other source as may become available to the bank including, but not limited to, appropriations from the General Assembly;
(5) all monies paid or credit to the bank, by contract or otherwise, payments of principal and interest on loans or other financial assistance made from the bank, and interest earnings which may accrue from the investment or reinvestment of the bank's monies;
(6) proceeds from the issuance of bonds as provided in this chapter;
(7) other lawful sources as determined appropriate by the board; and
(8) loans from the Department of Transportation to the bank to be repaid from revenues committed to the bank for the following year.
(B) Beginning in fiscal year 1998-99, the revenues collected pursuant to Sections 56-3-660 and 56-3-670 and placed in the state highway account, as created by this chapter, must be used to provide capital for the bank.
HISTORY: 1997 Act No. 148, Section 2; 1999 Act No. 100, Part II, Section 22.
Structure South Carolina Code of Laws
Chapter 43 - South Carolina Transportation Infrastructure Bank Act
Section 11-43-110. Short title.
Section 11-43-130. Definitions.
Section 11-43-140. Board of directors; members; terms; vacancies.
Section 11-43-150. Powers of bank; limitations.
Section 11-43-167. Fees and fines credited to the State Highway Fund.
Section 11-43-200. Exemption from taxes or assessments.
Section 11-43-210. Failure of governmental unit to remit amounts due; withholding of funds.
Section 11-43-230. Notice, proceeding, or publication not necessary; bank not subject to referendum.
Section 11-43-240. Deposit and investments.
Section 11-43-250. Annual report; audit of books and accounts.
Section 11-43-260. Liberal construction.
Section 11-43-265. Prioritization of projects.
Section 11-43-270. Severability of provisions.
Section 11-43-310. Definitions.
Section 11-43-315. Issuance of bonds; review and approval of Joint Bond Review Committee.
Section 11-43-320. Pledges of revenue or funds to bond payment; bonds secured by pledge.
Section 11-43-350. Trust indenture.
Section 11-43-370. Purchase of outstanding bonds; price.
Section 11-43-380. Form and execution of bonds.
Section 11-43-400. Vested rights; application of subsequent amendments to this article.
Section 11-43-410. Exemption from taxation and assessment.
Section 11-43-420. Bonds legal investments, securities.
Section 11-43-510. Definitions.
Section 11-43-520. Request for issuance of transportation infrastructure bonds; contents.
Section 11-43-530. Review of request; approval of bonds or bond anticipation notes.
Section 11-43-570. Issuance of bonds.
Section 11-43-580. Form, denominations, provisions of bonds.
Section 11-43-590. Issuance as fully registered bonds; transfer.
Section 11-43-600. Interest; redemption.
Section 11-43-610. Exemption from taxes or assessments.
Section 11-43-620. Sale upon sealed proposals; notice; awarding of bonds; rejection, readvertising.