(A) Except as provided in subsection (B), the State Ports Authority Board is directed to sell under those terms and conditions it considers most advantageous to the authority and the State of South Carolina all real property it owns on Daniel Island and Thomas (St. Thomas) Island except for the dredge disposal cells that are needed in connection with the construction of the North Charleston terminal on the Charleston Naval Complex and for harbor deepening and for channel and berth maintenance. The sale shall be timed and concluded on a schedule that prudently considers all market conditions affecting the sale but in any event must be under contract for sale by December 31, 2012, and the sale completed by December 31, 2013. The property must be transferred to the State Fiscal Accountability Authority for sale if authority is unable to complete the sale by December 31, 2013. To assist in the sale of the property, the board shall have the property appraised by at least two independent qualified commercial appraisers not affiliated with the authority. The real property appraisers must be a State Certified General Real Estate Appraiser, a member of the Appraisal Institute (MAI), and must be knowledgeable in appraisal and in appraising marine terminal facilities. The appraisal of the real property should include its future development opportunities and those of the surrounding properties. The sale price must be equal to or greater than at least one of the independent appraisals. The approval of the State Budget and Control Board is required to effectuate the sale if completed on or before December 31, 2013.
(B) The board shall give the right of first refusal to those former landowners on Thomas (St. Thomas) Island who sold their land located within the transportation corridor to the authority in anticipation of the authority's exercise of eminent domain. The right of first refusal must provide that the landowner may repurchase his land at the same price for which the authority purchased it from him. Each contract for the sale of a parcel located in the transportation corridor on Thomas Island must contain a covenant creating an easement over the parcel. The easement must permit the authority, and any successor in interest to the authority, reasonable ingress and egress to the real property on Daniel Island owned by the authority as of the effective date of this section. The easement must contain express language that the easement runs with the land.
(C)(1) With regard to the sale of real property pursuant to subsection (A), the State Fiscal Accountability Authority is vested with all of the board's fiduciary duties to the authority and the authority's bondholders if the property is transferred to the State Fiscal Accountability Authority for sale. The acceptance of any sales price by either the board or the State Fiscal Accountability Authority must be exercised with due regard to the fiduciary duty owed to the authority and for the protection of the interests of the authority's bondholders as set forth in its bond covenants, and otherwise according to law, including the conversion of a nonperforming asset into revenues in the most expeditious manner.
(2) The State Fiscal Accountability Authority may deduct from the proceeds of the sale an amount equal to the actual costs incurred in conjunction with the sale of the property. The balance of the proceeds must be transmitted to the authority.
HISTORY: 2009 Act No. 73, Section 18, eff June 16, 2009.
Code Commissioner's Note
At the direction of the Code Commissioner, references in this section to the offices of the former State Budget and Control Board, Office of the Governor, or other agencies, were changed to reflect the transfer of them to the Department of Administration or other entities, pursuant to the directive of the South Carolina Restructuring Act, 2014 Act No. 121, Section 5(D)(1), effective July 1, 2015.
Structure South Carolina Code of Laws
Title 54 - Ports and Maritime Matters
Chapter 3 - South Carolina State Ports Authority
Section 54-3-10. Creation and membership of State Ports Authority.
Section 54-3-20. Appointment and terms of members; vacancies.
Section 54-3-30. Organization; officers; meetings.
Section 54-3-50. Removal by Governor.
Section 54-3-60. Board member qualifications.
Section 54-3-70. Performance review of executive director.
Section 54-3-80. Discharge of duties by members of board of directors.
Section 54-3-101. Executive Director of Port Operations.
Section 54-3-102. Duties of executive director; appointment of division directors and staff.
Section 54-3-103. Approval of compensation of executive and division directors.
Section 54-3-104. Director of Port Operations for port of Georgetown.
Section 54-3-105. Affirmative duty of Director of Port Operations for port of Georgetown.
Section 54-3-110. Improvement of certain harbors or seaports.
Section 54-3-115. Development of port in Jasper County.
Section 54-3-117. North Charleston container terminal.
Section 54-3-118. Public-private partnerships to increase capital investments in port facilities.
Section 54-3-120. Jurisdiction of Authority.
Section 54-3-130. Purposes of Authority.
Section 54-3-140. Powers of Authority.
Section 54-3-150. Acquisition of property.
Section 54-3-155. Sale of real property, building, terminals, or other permanent structures.
Section 54-3-160. Powers with respect to certain property.
Section 54-3-170. Use of certain State property.
Section 54-3-180. Exchange of property; removal of structures.
Section 54-3-200. Acquisition and operation of terminal railroads.
Section 54-3-210. Contracts with railroad employees.
Section 54-3-220. Connecting with or crossing other railroads.
Section 54-3-230. Foreign-trade zones.
Section 54-3-240. Inland ports.
Section 54-3-245. Seafood industrial port in Beaufort County.
Section 54-3-250. Inspection of motor vehicles prior to exportation.
Section 54-3-260. Construction of terminal or railroad on Daniel Island.
Section 54-3-420. Examination of facilities.
Section 54-3-430. Requiring repair or improvement of facilities.
Section 54-3-440. Authority may order improvements to facilities on petition.
Section 54-3-450. Unsafe or unsuitable facilities.
Section 54-3-460. Penalties for violations of rules and regulations.
Section 54-3-480. Article inapplicable to portions of Charleston County.
Section 54-3-620. Permit for construction of wharf or other obstruction.
Section 54-3-640. Duties of Authority as to repair of docks; owners liable for neglect.
Section 54-3-650. Authority shall prosecute for fines and penalties.
Section 54-3-700. Sale of property; conditions and requirements of sale.
Section 54-3-810. Jurisdiction and powers of Authority over harbor and bay of Charleston.
Section 54-3-820. Deposit of excavated material.
Section 54-3-830. Harbor master and port wardens.
Section 54-3-840. Fees and harbor or port charges.
Section 54-3-850. Payment and disbursement of fees, harbor or port charges, fines and penalties.
Section 54-3-860. Authority shall report annually to General Assembly.
Section 54-3-1010. Issuance of bonds.
Section 54-3-1020. Disbursement of funds; surplus.
Section 54-3-1030. State port construction fund.
Section 54-3-1040. Annual financial statement.
Section 54-3-1050. Property of Authority exempt from taxation.
Section 54-3-1060. Transaction register.
Section 54-3-1310. Powers and duties.
Section 54-3-1320. Waiver of qualifications for board candidate.
Section 54-3-1330. Cooperation by state agencies.
Section 54-3-1340. Oversight report; performance review surveys.
Section 54-3-1350. Documents relating to sale of real property owned by commission; confidentiality.
Section 54-3-1360. Mileage, subsistence, and per diem; reimbursement of certain expenses.