(A) The authority on behalf of the State may acquire for use by the State real property as investments of any reserve or sinking fund of the State which is not pledged for payment of bonded indebtedness. Provided, however, such expenditures from the reserve or sinking fund shall not exceed two million dollars. Upon any such acquisition the authority shall execute a note evidencing such investment upon such terms and conditions as may be appropriate in each instance. The note shall include a pledge of the board to apply on its payment all net income derived from the property so acquired; provided, that funding for any permanent project on the property shall provide for repayment of any outstanding balance to the appropriate reserve or sinking fund. Provided, further, that the purchase price of any property so acquired, including improvements existing or proposed, shall not be in excess of the actual value thereof as established by at least two appraisals satisfactory to the said board. Any property not put to permanent use by the State or one of its agencies or departments within six years shall be sold at public auction and the proceeds repaid to the appropriate reserve or sinking fund. Provided, further, that no property shall be acquired pursuant to the provisions of this section when the grantor has entered into a contract with any county, city or other political subdivision which created a tax obligation with respect to the property and such obligation has not been resolved to the satisfaction of the county, city or other political subdivision involved.
(B) Provided, that prior to purchasing, or contracting to purchase any real property the authority shall engage an independent engineer to make borings so as to insure that the property is adaptable to the contemplated use.
HISTORY: 1976 Act No. 625 Section 1; 2014 Act No. 121 (S.22), Pt V, Section 7.T.2, eff July 1, 2015.
Effect of Amendment
2014 Act No. 121, Section 7.T.2, added the paragraph designators; in subsection (A), substituted "the authority" for "the Budget and Control Board" in the first instance, and "the State Budget and Control Board" in the second instance; substituted "the authority" for "the Budget and Control Board" in subsection (B); and made other nonsubstantive changes.
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.