South Carolina Code 58-31-240. Joint Bond Review Committee; annual reporting of real property transactions
(A) "JBRC" means the Joint Bond Review Committee.
Terms Used In South Carolina Code 58-31-240
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(1) Prior to issuing any (1) bonds, (2) notes, or (3) other indebtedness, including any refinancing that does not achieve a savings in total debt service, the JBRC must approve, reject, or modify the issuance by the Authority. This section does not apply to the issuance of short-term or revolving-credit debt for the management of day-to-day operations and financing needs.
(2) If the JBRC does not take action on the issuance within sixty days, the issuance is considered approved.
(3) Issuance approved by the JBRC need not be issued immediately, and the debt may be issued across multiple series and over a three-year term.
(B)(1) By September first of each year, the Authority shall provide an annual report regarding every transaction involving an interest in real property and executed during the preceding twelve months, including:
(a) a summary of the key terms of all contracts effectuating or related to such transactions; and
(b) parties involved in the transaction, including all entities or persons with any type of ownership interest or authority to control.
(2) A transfer of any interest in real property by the Authority, regardless of the value of the transaction, requires approval, rejection, or modification by the JBRC.
(3) The reporting and other requirements of this item do not apply to encroachment agreements, rights of way, or lease agreements made by the Authority for property within the Federal Energy Regulatory Project boundary.
(C) The JBRC may adopt instructions which must be followed by the Authority for any submission pursuant to this section.
(D) The requirements imposed on the Authority pursuant to this section are in addition to any other requirements of law. If any provision of this section conflicts with another provision of law, the provisions of this section shall control to the extent of the conflict.