(A) The bank may provide loans and other financial assistance to a government unit or private entity to pay for all or part of the eligible cost of a qualified project. Prior to providing a loan or other financial assistance to a qualified borrower, the board must obtain the review and approval of the Joint Bond Review Committee. The term of the loan or other financial assistance must not exceed the useful life of the project. The bank may require the government unit or private entity to enter into a financing agreement in connection with its loan obligation or other financial assistance. The board shall determine the form and content of loan applications, financing agreements, and loan obligations including the term and rate or rates of interest on a financing agreement. The terms and conditions of a loan or other financial assistance from federal accounts shall comply with applicable federal requirements.
(B) The board shall determine which projects are eligible projects and then select from among the eligible projects those qualified to receive from the bank a loan or other financial assistance. Preference must be given to eligible projects which have local financial support. In selecting qualified projects, the board shall consider the projected feasibility of the project and the amount and degree of risk to be assumed by the bank. The board also may consider, but must not be limited to, the following criteria in making its determination that an eligible project is a qualified project:
(1) the local support of the project, expressed by resolutions by the governing bodies in the areas in which the project will be located, and the financial or in-kind contributions to the project;
(2) maximum economic benefit, enhancement of mobility, enhancement of public safety, acceleration of project completion, and enhancement of transportation services;
(3) the ability of the applicant to repay a loan according to the terms and conditions established pursuant to this chapter, consideration of which may include, at the option of the bank board, the existence of current investment grade rating on existing debt of the applicant secured by the same revenues to be pledged to secure repayment under the loan repayment agreement;
(4) the financial or in-kind contributions to the project;
(5) greater weighting in recommending priorities for eligible projects to areas of the State experiencing high unemployment; and
(6) whether the governing bodies of the county or the incorporated municipality in which the project is to be located provides to the bank a resolution which makes a finding that the project is essential to economic development in the political subdivisions, or the bank receives a resolution or certificate from the Advisory Coordinating Council for Economic Development of the Department of Commerce that the project is essential to economic development in the State, or both, at the option of the board.
(C) The bank may not provide any loans or other financial assistance, including bond proceeds, to any project unless the eligible costs of the project are at least twenty-five million dollars.
HISTORY: 1997 Act No. 148, Section 2; 2016 Act No. 275 (S.1258), Section 6, eff June 8, 2016.
Editor's Note
2016 Act No. 275, Section 90(D), provides as follows:
"(D) Notwithstanding the effective date provided in subsection (A), SECTION 6 [amending this section] and SECTION 7 take effect upon approval by the Governor. The provisions contained in SECTION 6 and SECTION 7 only apply to projects selected by the bank thereafter."
Effect of Amendment
2016 Act No. 275, Section 6, added (C), relating to minimum project costs for loans.
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.