Notwithstanding any provision of law, neither the State nor any political subdivision or any public or quasi-public entity or affiliated corporate entity by whatever name whose board is appointed pursuant to an act of the General Assembly or any nonprofit public or nonprofit private corporation chartered for the purpose of furthering economic development may make a profit on the sale of real or personal property to a redevelopment authority created pursuant to this chapter; nor may any monies from the authority's assets developed through the sale, lease, or fees generated from the profits be transferred to any government entity above, beyond, or outside of the authority itself, except as may be required or permitted by applicable provisions of the Defense Base Closure Realignment Act, 10 U.S.C. 2901, et seq., as it may be amended from time to time.
HISTORY: 1994 Act No. 462, Section 1; 1998 Act No. 421, Section 1.
Structure South Carolina Code of Laws
Title 31 - Housing and Redevelopment
Chapter 12 - Redevelopment Of Federal Military Installations And Other Defense Sites
Section 31-12-10. Short title.
Section 31-12-20. Legislative findings.
Section 31-12-30. Definitions.
Section 31-12-40. Redevelopment authorities; creation; membership.
Section 31-12-60. Officers; employees; quorum; personal liability of members; delegation of powers.
Section 31-12-70. Powers of redevelopment authority.
Section 31-12-80. Powers of public body acting in cooperation with redevelopment authority.
Section 31-12-90. Profits prohibited.
Section 31-12-100. Dissolution of redevelopment authority; tax increment finance districts.
Section 31-12-110. Authority is an "agency".
Section 31-12-120. Compliance with Consolidated Procurement Code.
Section 31-12-200. Property scheduled for disposal to constitute a tax increment finance district.
Section 31-12-210. Issuance of obligations for redevelopment project by municipality.
Section 31-12-250. Disposition of proceeds of obligations.
Section 31-12-260. Obligations exempt from taxation.
Section 31-12-280. Prerequisites to issuance of obligations.
Section 31-12-290. Special tax allocation fund; carrying forward of unexpended funds.
Section 31-12-310. Disposition of revenues.
Section 31-12-320. Joint approval of redevelopment plan covering more than one municipality.