In furtherance of its purposes, the authority may issue revenue bonds, the interest on which may or may not be excludable from gross income for federal income tax purposes, for the purpose of raising funds needed from time to time for the financing or refinancing, in whole or in part, the acquisition, construction, equipment, maintenance, and operation of a facility, building structure, or any other matter or thing which the authority is authorized to acquire, construct, equip, maintain, or operate.
In connection with the issuance of bonds, the authority may enter into an agreement with a company to construct, operate, maintain, and improve a project, and the authority may enter into a financing agreement with the company prescribing the terms and conditions of the payments to be made by the company to the authority, or its assignee, to meet the payments that become due on bonds.
HISTORY: 1992 Act No. 515, Section 4, eff July 1, 1992.
CROSS REFERENCES
Determinations which must be made by authority prior to undertaking any project authorized by this section, see Section 13-19-160.
Structure South Carolina Code of Laws
Title 13 - Planning, Research and Development
Chapter 19 - Midlands Authority
Section 13-19-20. Board officers; committees; meetings; quorum.
Section 13-19-30. Rights and powers of board.
Section 13-19-35. Area in which authority may exercise powers and duties.
Section 13-19-50. Resolution by board authorizing issuance of revenue bonds.
Section 13-19-60. Terms and particulars pertaining to bonds.
Section 13-19-80. Bond issue approval; proposal; disposition of proposal.
Section 13-19-90. Signature and attestation of bonds and interest coupons.
Section 13-19-110. Description of financial obligations to be filed with State Treasurer.
Section 13-19-140. Investment of funds by state treasurer; net earnings.
Section 13-19-150. Carryover of unexpended funds from year to year.
Section 13-19-180. Regulations promulgated by authority to be in accord with Title 1, Chapter 23.
Section 13-19-200. Tax exemption of authority property; payment in lieu of taxes.