Any financing agreement in the form of a lease of any project may include a provision that the industry shall have options to renew such lease and/or to purchase any or all of the leased project on such terms, at such times, and upon such considerations as the governing board shall agree to. The consideration for any renewal of the lease or for the purchase of any or all of the project need not require the payment by the industry of the full market value thereof, but may be fixed at such lesser consideration as the governing board shall determine to be in the interest of the county or incorporated municipality and in furtherance of the policy of this chapter.
HISTORY: 1962 Code Section 14-399.27; 1967 (55) 120; 1980 Act No. 518, Section 10B.
Structure South Carolina Code of Laws
Chapter 29 - Industrial Development Projects
Section 4-29-50. Contracts for construction of projects.
Section 4-29-65. Requirement of feasibility report.
Section 4-29-68. Special source revenue bonds.
Section 4-29-69. Inducement agreement providing for payment in lieu of property taxes.
Section 4-29-70. Options in leases; consideration for renewal of lease or purchase of project.
Section 4-29-80. Additional powers of governing boards.
Section 4-29-90. Application of proceeds from sale of bonds; cost of acquiring project.
Section 4-29-110. Refunding bonds.