The following sources may be used to capitalize the Rural Infrastructure Fund and for the authority to carry out its purposes:
(1) state general fund appropriations made by the General Assembly;
(2) federal funds made available to the State;
(3) federal funds made available to the State for the authority;
(4) contributions and donations from government units, private entities, and any other source as may become available to the authority;
(5) all monies paid or credited to the authority, by contract or otherwise, payments of principal and interest on loans or other financial assistance made from the authority, and interest earnings which may accrue from the investment or reinvestment of the authority's monies; and
(6) other lawful sources as determined appropriate by the board.
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.