(A) If an eligible entity fails to collect and remit in full all amounts due to the authority on the date these amounts are due under the terms of any note or other obligation of an eligible entity, the authority 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 allotted or appropriated to the eligible entity 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 an eligible entity which would violate contracts to which the State is a party or judgments of a court binding on the State.
HISTORY: 2010 Act No. 171, Section 1, eff May 26, 2010.
Structure South Carolina Code of Laws
Chapter 50 - South Carolina Rural Infrastructure Act
Section 11-50-10. Short title.
Section 11-50-20. Legislative findings.
Section 11-50-40. Definitions.
Section 11-50-50. Board of directors; terms; vacancies; compensation.
Section 11-50-55. Director of the authority.
Section 11-50-60. Powers of authority.
Section 11-50-65. Administrative support for State Rural Infrastructure Authority.
Section 11-50-70. Rural Infrastructure Fund capitalization.
Section 11-50-80. Earnings on balances in Rural Infrastructure Fund.
Section 11-50-90. Loans and other financial assistance.
Section 11-50-100. Financing agreements; authorizations; security.
Section 11-50-110. Exempt from taxes and assessments.
Section 11-50-120. Defaults by eligible entities.
Section 11-50-130. Liability of authority, officers, employees, or committees.
Section 11-50-150. Deposit of money of authority; investment of funds.
Section 11-50-160. Annual reports; audit of books and accounts.
Section 11-50-170. Liberal construction; approval of ad valorem property taxes.