In anticipation of the receipt of the taxes and other income of the State for any fiscal year, applicable to the payment of the expenses of the ordinary and current business of the State, the State Fiscal Accountability Authority may borrow on the credit of the State, at a rate of interest not exceeding the legal rate, so much money as the authority deems necessary to finance the ordinary and current business of the State for such fiscal year or to repay any money borrowed for such purposes with interest thereon. The authority may issue and sell notes or other obligations of the State for the money hereby authorized to be borrowed. The total amount of indebtedness, at any one time outstanding, incurred to finance the ordinary and current business of the State for the then current fiscal year, shall not exceed seventy-five per cent of the State's estimated current income from the receipt of taxes and other revenue applicable to the payment of the expenses of the ordinary and current business of the State for such fiscal year and the amount of taxes and other revenue owing and due to the State but unpaid for the fiscal year next preceding. Out of the monies borrowed under the provisions of this section the State Treasurer may pay any borrowings for or claims against the current and ordinary business of the State for the fiscal year next preceding to the end that no deficit may be ever created in the general funds of the State.
HISTORY: 1962 Code Section 1-770; 1952 Code Section 1-770; 1942 Code Section 2206-1; 1932 (37) 1220; 1950 (46) 3605.
Code Commissioner's Note
At the direction of the Code Commissioner, references in this section to the offices of the former State Budget and Control Board, Office of the Governor, or other agencies, were changed to reflect the transfer of them to the Department of Administration or other entities, pursuant to the directive of the South Carolina Restructuring Act, 2014 Act No. 121, Section 5(D)(1), effective July 1, 2015.
Structure South Carolina Code of Laws
Chapter 9 - State Finances Generally
Section 11-9-10. Money to be spent only for purpose or activity specifically appropriated.
Section 11-9-15. Use of state funds for function at club practicing discrimination prohibited.
Section 11-9-20. Disbursing officers exceeding or transferring appropriations.
Section 11-9-30. Transfer of funds upon transfer of personnel.
Section 11-9-40. Statement to General Assembly.
Section 11-9-50. Accounts to be itemized and verified.
Section 11-9-70. Neglect or failure to remit funds.
Section 11-9-80. Fiscal year starts July 1 and ends June 30.
Section 11-9-85. Tax and fee revenues to be calculated on accrual basis.
Section 11-9-95. Transfer of agency funds to pay debts prior to closing books for fiscal year.
Section 11-9-105. Contracts for legal or consultant services.
Section 11-9-115. Certain purchases made by State not subject to fair trade contracts.
Section 11-9-130. Funds for capital improvement projects not on state-owned property.
Section 11-9-220. Debt in excess of appropriation prohibited.
Section 11-9-230 to 11-9-270. Repealed.
Section 11-9-280. Borrowing to pay operating expenses of the State.
Section 11-9-290. Borrowing to maintain balance in general deposit account.
Section 11-9-300. Borrowing to maintain general fund; required cash balance.
Section 11-9-320. Certain payment obligations may be sold to the best advantage of the State.
Section 11-9-330. Expenses of issuance of small denomination notes or other obligations.
Section 11-9-340. Statement of bonded indebtedness in Comptroller General's report.
Section 11-9-360. Governing body issuing bonds to determine interest rate on bonds.
Section 11-9-610. State Fiscal Accountability Authority to manage Sinking Fund; annual report.
Section 11-9-620. Handling of funds.
Section 11-9-630. Sale of property not in actual public use.
Section 11-9-640. Vacant lands grantable only for value.
Section 11-9-650. Payment of purchase price; disposition.
Section 11-9-660. Investment of funds.
Section 11-9-665. Purchase of real property as investments of certain reserve or sinking funds.
Section 11-9-670. Control of securities in which Sinking Fund is invested.
Section 11-9-680. Annual report.
Section 11-9-805. Definitions.
Section 11-9-810. Findings and purpose.
Section 11-9-820. Duties of the office set forth in Subarticles.
Section 11-9-830. Duties of Revenue and Fiscal Affairs Office.
Section 11-9-840. Revenue and Fiscal Affairs Office established.
Section 11-9-860. Assisting with development of annual general appropriations act.
Section 11-9-870. Supplemental staff to assist board; meetings.
Section 11-9-880. Verification by State Treasurer of information relating to that office.
Section 11-9-895. Transfer of funds for execution of subarticle.
Section 11-9-1110. Board of Economic Advisors; membership and appointment; reporting; staffing.