(A) There is created a body corporate and politic and an instrumentality of the State to be known as the South Carolina Rural Infrastructure Authority.
(B) The authority is governed by a board of directors as provided in this chapter.
(C) The corporate purpose of the authority is to select and assist in financing qualified rural infrastructure by providing loans and other financial assistance to municipalities, counties, special purpose and public service districts, and public works commissions for constructing and improving rural infrastructure facilities. The exercise by the authority of a power conferred in this chapter is an essential public function.
(D) The authority shall establish and maintain the South Carolina Rural Infrastructure Fund into which monies for the purposes of the authority must be deposited.
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.