(A) If a government unit fails to collect and remit in full all amounts due to the bank on the date these amounts are due under the terms of any note or other obligation of the government unit, the bank shall notify the State Treasurer who, subject to the withholding of amounts under Section 14, Article X of the Constitution, shall withhold all or a portion of the funds of the State and all funds administered by the State, its agencies, boards, and instrumentalities allotted or appropriated to the government unit and apply an amount necessary to the payment of the amount due.
(B) Nothing contained in this section mandates the withholding of funds allocated to a government unit or private entity which would violate contracts to which the State is a party, the requirements of federal law imposed on the State, or judgments of a court binding on the State.
HISTORY: 1997 Act No. 148, Section 2.
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.