South Carolina Code of Laws
Chapter 17 - South Carolina Research Authority
Section 13-17-70. Powers of board of trustees.

The board of trustees has full power and authority to manage the business and affairs of the authority and to take action as it considers advisable, necessary, or convenient in carrying out its powers granted by this chapter and any other law including the following powers:
(1) to have perpetual succession as a corporation;
(2) to sue and be sued;
(3) to adopt, use, and alter a corporate seal;
(4) to make and amend bylaws for its management consistent with the provisions of this chapter;
(5) to acquire, purchase, hold, use, improve, lease, mortgage, sell, transfer, and dispose of any property, real, personal, or mixed, or any interest therein;
(6) to receive contributions, donations, and payments and invest and disperse the authority's funds;
(7) to construct, operate, and maintain research parks, related facilities, and infrastructure;
(8) from time to time to borrow money, make and issue negotiable notes, bonds, and other evidences of indebtedness, including refunding and advanced refunding notes, bonds, and other evidences of indebtedness of the authority; to secure the payment of the obligations or any part by mortgage, lien, pledge, or deed of trust, on all or any of its property, contracts, franchises, or revenues, including the proceeds of any refunding and advanced refunding notes, bonds, and other evidences of indebtedness and the investments in which proceeds are invested and the earning on and income therefrom; to invest its monies, including without limitation its revenues and proceeds of the notes, bonds, or other evidences of indebtedness, in obligations of, or obligations the principal of and interest on which are guaranteed by or are fully secured by contracts with the United States of America, in obligations of any agency, instrumentality, or corporation which has been or may hereafter be created by or pursuant to an act of Congress of the United States as an agency, instrumentality, or corporation thereof, in direct and general obligations of the State of South Carolina, and in certificates of deposit issued by any bank, trust company, or national banking association and, in addition, in obligations of any private entity existing under the laws of the United States of America or any state thereof, which at the time of purchase bear an investment grade rating of at least two nationally recognized credit rating services; provided, that the authority, when investing in certificates of deposit, shall invest in certificates of deposit issued by institutions authorized to do business in South Carolina if such institutions offer terms which, in the opinion of the authority, are equal to or better than those offered by other institutions; to make agreements with the purchasers or holders of such notes, bonds, or other evidences of indebtedness or with others in connection with any such notes, bonds, or other evidences of indebtedness, whether issued or to be issued, as the authority shall deem advisable; and in general to provide for the security for the notes, bonds, or other evidences of indebtedness and the rights of the holders thereof; provided, that in the exercise of the powers herein granted to issue advanced refunding notes, bonds, or other evidences of indebtedness the authority may, but shall not be required to, avail itself of or comply with any of the provisions of Sections 11-21-10 to 11-21-80 (Advanced Refunding Act);
(9) to make bylaws for the management and regulation of its affairs;
(10) to make contracts and to execute all instruments necessary or convenient for the carrying out of business;
(11) to delegate authority to any agent or establish any committee in order to accomplish the purposes of the authority;
(12) to provide guarantees as security for notes, bonds, evidences of indebtedness, or other obligations of affiliates as defined in Section 35-2-201, or of other entities with respect to which the authority has the right to appoint one or more board members, and to mortgage, pledge, hypothecate, or otherwise encumber the property, real, personal, or mixed, or facilities, or revenues of the authority as security for or relating to these guarantees, or for notes, bonds, evidences of indebtedness, or other obligations of the authority; provided, the authority shall have no authority to pledge the credit and the taxing power of the State or any of its political subdivisions;
(13) to maintain an inventory of research efforts in South Carolina;
(14) to attract investments in research and development and high technology industries by focusing attention on various educational, cultural, scientific, and economic activities in South Carolina and by assisting potential investors with information requested to determine whether to invest in South Carolina.
HISTORY: 1983 Act No. 50 Section 2, eff April 29, 1983; 1984 Act No. 308, eff March 22, 1984; 2005 Act No. 133, Section 1, eff June 7, 2005; 2012 Act No. 209, Section 3, eff June 7, 2012; 2022 Act No. 172 (S.635), Section 2, eff May 16, 2022.
Effect of Amendment
2022 Act No. 172, Section 2, in (8), inserted "and, in addition, in obligations of any private entity existing under the laws of the United States of America or any state thereof, which at the time of purchase bear an investment grade rating of at least two nationally recognized credit rating services" following "national banking association".
CROSS REFERENCES
Provisions relating to advanced refunding of bonds of public agencies, see Section 11-21-10 et seq.
Provisions relating to restrictions on authority of board, see Section 13-17-160.
NOTES OF DECISIONS
In general 2
Validity 1
1. Validity
Section 13-17-70(8), to the extent it excepts the South Carolina Research Center from the provisions of the South Carolina Refunding Act, violates South Carolina Constitution Article III, Section 34(IX), by enacting a special law where a general law can be made applicable, there being no rational distinction between the authority's power regarding advance refunding of outstanding bonded debt and the power of every other public body which may incur bonded debt. Nichols v. South Carolina Research Authority (S.C. 1986) 290 S.C. 415, 351 S.E.2d 155.
2. In general
The South Carolina Research Center could mortgage 1500 acres of real property transferred to it by the State Budget and Control Board, since such mortgage would not constitute a prohibited pledging of the state's credit. Nichols v. South Carolina Research Authority (S.C. 1986) 290 S.C. 415, 351 S.E.2d 155.
Since it is a state agency, and South Carolina Constitution Article X Section 11 clearly prohibits public agencies from engaging in joint ownership with private parties, the South Carolina Research Center may not enter into joint ventures with private firms. Nichols v. South Carolina Research Authority (S.C. 1986) 290 S.C. 415, 351 S.E.2d 155.
The South Carolina Research Center can transfer property to private firms for less than full market value, since the authority may properly consider indirect benefits resulting to the public in determining what is a fair and reasonable return for disposition of property without running afoul of the constitutional prohibition against donations of public land. Nichols v. South Carolina Research Authority (S.C. 1986) 290 S.C. 415, 351 S.E.2d 155.