Whenever the South Carolina State Housing, Finance, and Development Authority (Authority) collects or receives (1) income from fees collected, (2) other earned income, or (3) any investment income derived from fund assets, the Authority shall pay these monies to the State Treasurer who shall deposit them in a separate account to be known as the "State Housing, Finance, and Development Authority Program Fund". The monies in the State Housing, Finance, and Development Authority Program Fund must be administered by the Authority and be paid out only upon the signature of the chairman of the board of directors of the Authority, or a designee of the board, and the signature of the executive director, upon the written warrants of the Comptroller General drawn on the State Treasurer to the payee designated in the requisition. The Authority shall maintain separate records and books of account for these monies. The monies in the State Housing, Finance, and Development Authority Program Fund may be used only in accordance with the guidelines established in regulations promulgated by the Authority. Any interest or other increment resulting from investment must be deposited in the fund.
The authority is authorized to establish and fund through the State Housing, Finance, and Development Authority Program Fund a program to provide credit enhancements for designated economic development projects selected by the Department of Commerce.
HISTORY: 1986 Act No. 446, Section 1; 1988 Act No. 538, Section 2; 1997 Act No. 151, Section 11.
Structure South Carolina Code of Laws
Title 31 - Housing and Redevelopment
Chapter 13 - Moderate To Low Income Housing
Section 31-13-10. Short title.
Section 31-13-20. South Carolina State Housing Finance and Development Authority created.
Section 31-13-40. Organization; executive director.
Section 31-13-50. Powers and duties; application of other provisions.
Section 31-13-70. Housing Finance and Development Authority allocated state ceiling to issue bonds.
Section 31-13-80. Authority may provide advice or technical assistance.
Section 31-13-170. Definitions.
Section 31-13-180. Declaration of legislative findings and purpose.
Section 31-13-200. Notes and bonds.
Section 31-13-210. Maximum interest rate.
Section 31-13-220. Information required by State Fiscal Accountability Authority.
Section 31-13-230. Maximum amount of bonds and notes.
Section 31-13-240. Information required by Bond Committee.
Section 31-13-250. Rental projects authorized.
Section 31-13-260. Refunding notes and bonds.
Section 31-13-270. Selling or exchanging refunding notes and bonds.
Section 31-13-280. Liability of state and political subdivisions.
Section 31-13-290. Applicability of Section 31-3-1630.
Section 31-13-300. Agreements with holders of notes or bonds not subject to future alteration.
Section 31-13-310. Chapter cumulative to any other powers conferred upon Authority.
Section 31-13-320. Provisions of this chapter controlling over other provisions.
Section 31-13-330. Savings clause.
Section 31-13-340. State Housing, Finance, and Development Authority Program Fund.
Section 31-13-400. Short title.
Section 31-13-410. Definitions.
Section 31-13-420. Establishment of fund; trustee; records; payments from fund; annual report.
Section 31-13-430. Advisory committee; composition; meetings; expenses.
Section 31-13-440. Duties of executive director.
Section 31-13-450. Use of monies in fund; eligible projects.
Section 31-13-470. Funding cycles; applications eligible for priority.