South Carolina Code of Laws
Chapter 43 - South Carolina Transportation Infrastructure Bank Act
Section 11-43-167. Fees and fines credited to the State Highway Fund.

(A) The fees and fines collected pursuant to Sections 12-37-2740(D), 38-73-470, 56-1-140(B)(2), 56-1-143, 56-1-148(D), 56-1-170(B)(3), 56-1-200, 56-1-220(B), 56-1-286(K)(1), 56-1-390(2), 56-1-395(G), 56-1-400(A), 56-1-460(A)(1)(e)(iii), 56-1-550, 56-1-740(B)(3), 56-1-746(D)(3), 56-1-1320(B), 56-1-2080, 56-1-3350(B)(2), 56-3-210(B), 56-3-355, 56-3-1335, 56-3-1290, 56-3-1920(C), 56-3-2330(B), 56-3-2335(B)(2), 56-3-2340(C), 56-3-3500(B), 56-3-3600(B), 56-3-3710(B), 56-3-3950, 56-3-4100(B), 56-3-4200(C), 56-3-4410(B), 56-3-4510(C), 56-3-4600(B), 56-3-4800(B), 56-3-4910(B), 56-3-5200(B), 56-3-5400(B), 56-3-7200(B), 56-3-7300(B), 56-3-7310, 56-3-7320, 56-3-7330(B)(2), 56-3-7360, 56-3-7700(B), 56-3-7750 (B), 56-3-7780(B), 56-3-7860, 56-3-7910(B), 56-3-7950(B), 56-3-8000(C), 56-3-8100(B), 56-3-8100(F), 56-3-8200(A), 56-3-8300(A), 56-3-8400(A), 56-3-8600(B), 56-3-8710(C), 56-3-9400(B), 56-3-9600(B), 56-3-9710(B), 56-3-10010(B), 56-3-13710(B), 56-5-750(G)(3), 56-5-2942(J), 56-5-2951(B)(1), 56-5-2951(H)(3), 56-9-330, 56-10-240(C), 56-10-245, 56-10-552, 56-10-260(B)(3), 56-19-265(D), 56-19-420(C), and 56-19-520(A)(4) must be credited to the State Highway Fund as established by Section 57-11-20, to be distributed as provided in this section.
(B)(1) The Department of Transportation shall allocate the funds credited to the State Highway Fund pursuant to subsection (A) to the state-funded resurfacing program. The Department of Transportation shall develop and implement a needs-based methodology to distribute revenue within the state-funded resurfacing program, which shall include consideration on a county-by-county basis, to ensure that each county in the State is guaranteed funding for resurfacing.
(2) The Department of Transportation shall reduce the allocation to the state-funded resurfacing program required in item (1) in proportion to the amounts transferred to the South Carolina Transportation Infrastructure Bank pursuant to subsection (C) and in proportion to the amounts required by the Department of Transportation to fund repairs, maintenance, and improvements to the existing transportation system.
(C)(1) The Department of Transportation shall identify bridge and road projects to be financed utilizing non-tax revenue transferred to the bank by the Department of Transportation in an amount equal to the financing requirements related to projects selected pursuant to this section.
(2) Funds transferred to the bank pursuant to this section may not be used to finance projects approved by the bank before July 1, 2013. The bank shall submit all projects proposed to be financed pursuant to subsection (B) to the Joint Bond Review Committee as provided in Section 11-43-180, prior to approving a project for financing.
(3) Following consideration by the Joint Bond Review Committee, the bank shall approve the projects to be financed. Upon approval, the bank shall provide the Department of Transportation with written notice that identifies each project selected, the amount of non-tax revenue that must be transferred to the bank for financing each project, a schedule for the transfers, and any other information necessary to carrying out the financing of each project.
(4) Upon receipt of the notice provided in item (3), the Department of Transportation shall transfer non-tax revenue to the bank in the amounts and upon the schedule provided in the notice. The department shall take any other action identified in the notice that is necessary for financing each project.
(5) Projects financed utilizing funds transferred pursuant to this subsection shall not require a local match.
(D) The Secretary of Transportation shall apply funds supplanted by the operation of this section to prioritized bridge and resurfacing needs.
HISTORY: 2016 Act No. 275 (S.1258), Section 8, eff July 1, 2016; 2017 Act No. 40 (H.3516), Section 14.A, eff July 1, 2017.

Editor's Note
The fee for Section 56-1-148(D) was removed by 2018 Act No. 159, Section 1, effective May 3, 2018.
Sections 56-3-7310, 56-3-7360, 56-3-7780, and 56-3-8300, referenced in (A), were repealed by 2021 Act No. 38, Section 2, effective May 6, 2022. See, now, Sections 56-3-14950 and 56-3-14980.
Effect of Amendment
2017 Act No. 40, Section 14.A, in (B)(2), added "and in proportion to the amounts required by the Department of Transportation to fund repairs, maintenance, and improvements to the existing transportation system".

Structure South Carolina Code of Laws

South Carolina Code of Laws

Title 11 - Public Finance

Chapter 43 - South Carolina Transportation Infrastructure Bank Act

Section 11-43-110. Short title.

Section 11-43-120. Creation of South Carolina Transportation Infrastructure Bank; board of directors; corporate purpose; accounts.

Section 11-43-130. Definitions.

Section 11-43-140. Board of directors; members; terms; vacancies.

Section 11-43-150. Powers of bank; limitations.

Section 11-43-160. Sources for capitalization and purposes of bank; use of state highway account revenues.

Section 11-43-165. Repealed.

Section 11-43-167. Fees and fines credited to the State Highway Fund.

Section 11-43-170. Earnings on federal and state accounts; establishment of accounts and subaccounts; commingling of funds, compliance with federal law.

Section 11-43-180. Loans and other financial assistance; approval by Joint Bond Review Committee; term; financing agreement; terms and conditions; selection of projects, preference, considerations.

Section 11-43-190. Financing agreements; application of other statutes or provisions; obligations secured by ad valorem taxes; security interest in project revenues; expenditure of proceeds.

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 11-43-220. Liability.

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 11-43-330. Bonds not debt or pledge of full faith and credit of State; personal liability; statement.

Section 11-43-340. Bonds authorized by resolution; execution; payability; other provisions; interest; public or private sale, price; time of issuance.

Section 11-43-350. Trust indenture.

Section 11-43-360. Validity of pledge; lien; recording or filing of resolution not necessary; filing of record of issuance proceedings.

Section 11-43-370. Purchase of outstanding bonds; price.

Section 11-43-380. Form and execution of bonds.

Section 11-43-390. Members or officers ceasing to be members before delivery of bonds; validity of signatures.

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 11-43-540. Limitations; review by Joint Bond Review Committee; payment of principal and interest.

Section 11-43-550. Pledge of full faith, credit, taxing power, and other revenue of State for payment of principal and interest; allocation of tax revenues.

Section 11-43-560. Request for issuance of transportation infrastructure bonds; resolution, contents.

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.

Section 11-43-630. Application of proceeds.