Any loan agreement may provide that the land will be owned by the city and leased to the developer; may provide the developer with an option to purchase the land upon such terms and conditions as the governing board and the developer shall agree upon at a price which may be a nominal amount or less than the true value at the time of purchase; may provide that the land shall become the property of the developer upon the acquisition thereof. In the event the loan agreement consists of a lease between the city and the developer of the land acquired with the proceeds of the bonds, the city may subordinate its right to receive rental payments to the lien of any mortgages upon the land or the buildings or other facilities or improvements constructed or to be constructed thereon.
HISTORY: 1962 Code Section 36-456; 1974 (58) 2337.
Editor's Note
See Editor's Note following chapter heading.
Structure South Carolina Code of Laws
Title 31 - Housing and Redevelopment
Chapter 9 - Improvement To Land By Municipalities
Section 31-9-20. Powers of cities.
Section 31-9-30. Terms, conditions, execution, sale, and other matters pertaining to bonds.
Section 31-9-40. Security for payment of bonds.
Section 31-9-50. Loan agreements; obligations of developer; issuance of additional parity bonds.
Section 31-9-60. Loan agreements; leases between city and developer.
Section 31-9-70. Proceeds from sale of bonds.
Section 31-9-80. Bonds as lawful investments.
Section 31-9-100. Publication of notice of bond issues; challenging validity of proceedings.
Section 31-9-110. Provisions in this chapter construed as cumulative.