There is hereby created a body politic and corporate to be known as the "Educational Facilities Authority for Private Nonprofit Institutions of Higher Learning," hereinafter in this chapter called the authority. The authority is constituted a public instrumentality and the exercise by the authority of the powers conferred by this chapter must be deemed and held to be the performance of an essential public function. The authority shall consist of the members from time to time of the State Fiscal Accountability Authority, ex officio; and all the functions and powers of the authority are hereby granted to the State Fiscal Accountability Authority, as an incident of its functions in connection with the public finances of the State.
HISTORY: 1962 Code Section 22-41.3; 1969 (56) 444; 1975 (59) 47; 2014 Act No. 121 (S.22), Pt VII, Section 20.N, eff July 1, 2015.
Effect of Amendment
2014 Act No. 121, Section 20.N, twice substituted "Fiscal Accountability Authority" for "Budget and Control Board", and made other nonsubstantive changes.
Structure South Carolina Code of Laws
Section 59-109-10. Short title.
Section 59-109-20. Legislative declaration of policy and purpose.
Section 59-109-30. Definitions.
Section 59-109-50. Purpose of authority; powers enumerated.
Section 59-109-70. Acquisition of property by authority.
Section 59-109-90. Bond anticipation notes; issuance, terms, form, and execution of bonds and notes.
Section 59-109-100. Trust agreement to secure bonds.
Section 59-109-110. Bonds not considered debt or liability of State or any political subdivision.
Section 59-109-130. Monies received deemed trust funds.
Section 59-109-140. Enforcement of rights of bondholders.
Section 59-109-150. Exemption from taxation.
Section 59-109-160. Bonds as legal investments.