Any loan agreement may provide that the pollution control facilities will be owned by the county or incorporated municipality, as the case may be, and leased to the industry; may provide the industry with an option to purchase the pollution control facility upon such terms and conditions as the governing board and the industry shall agree upon at a price which may be a nominal amount or less than the true value at the time of purchase; or may provide that the pollution control facilities shall become the property of the industry upon the acquisition thereof. Any loan agreement may also include a guaranty agreement whereby a corporation, foreign or domestic, other than the industry guarantees in whole or in part the obligations of the industry under the loan agreement upon such terms and conditions as the governing board may deem appropriate.
HISTORY: 1962 Code Section 63-195.58; 1971 (57) 134.
Structure South Carolina Code of Laws
Title 48 - Environmental Protection and Conservation
Chapter 3 - Pollution Control Facilities
Section 48-3-20. Powers of counties and incorporated municipalities generally.
Section 48-3-30. Terms, form, execution, and sale of bonds; bond anticipation notes.
Section 48-3-40. Security for bonds.
Section 48-3-50. Letting of contracts for construction of pollution control facilities.
Section 48-3-70. Required provisions in loan agreements; provision for additional parity bonds.
Section 48-3-80. Optional provisions in loan agreements.
Section 48-3-90. Use of proceeds from sale of bonds.
Section 48-3-100. Refunding bonds.
Section 48-3-110. Investment in bonds legal.
Section 48-3-120. Exemptions from taxation generally.
Section 48-3-130. Exemption from taxation of pollution control facilities.
Section 48-3-150. Chapter to be construed as cumulative; execution of authorization.
Section 48-3-160. Existing powers of incorporated municipalities not affected.