South Carolina Code 11-43-160. Sources for capitalization and purposes of bank; use of state highway account revenues
(1) an annual contribution set by the board of an amount not to exceed revenues produced by one cent a gallon of the tax on gasoline imposed pursuant to § 12-28-310;
Terms Used In South Carolina Code 11-43-160
- Bank: means the South Carolina Transportation Infrastructure Bank. See South Carolina Code 11-43-130
- Board: means the board of directors of the bank. See South Carolina Code 11-43-130
- Bonds: means bonds, notes, or other evidence of indebtedness except as otherwise provided in Article 3 of this chapter. See South Carolina Code 11-43-130
- Contract: A legal written agreement that becomes binding when signed.
- Department of Transportation: means the South Carolina Department of Transportation and its successors. See South Carolina Code 11-43-130
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Other financial assistance: means , but is not limited to, grants, contributions, credit enhancement, capital or debt reserves for bonds or debt instrument financing, interest rate subsidies, provision of letters of credit and credit instruments, provision of bond or other debt financing instrument security, and other lawful forms of financing and methods of leveraging funds that are approved by the board, and in the case of federal funds, as allowed by federal law. See South Carolina Code 11-43-130
- Revenues: means , when used with respect to the bank, any receipts, fees, income, or other payments received or to be received by the bank including, without limitation, receipts and other payments deposited in the bank and investment earnings on its funds and accounts. See South Carolina Code 11-43-130
(2) federal funds made available to the State;
(3) federal funds made available to the State for the bank;
(4) contributions and donations from government units, private entities, and any other source as may become available to the bank including, but not limited to, appropriations from the General Assembly;
(5) all monies paid or credit to the bank, by contract or otherwise, payments of principal and interest on loans or other financial assistance made from the bank, and interest earnings which may accrue from the investment or reinvestment of the bank’s monies;
(6) proceeds from the issuance of bonds as provided in this chapter;
(7) other lawful sources as determined appropriate by the board; and
(8) loans from the Department of Transportation to the bank to be repaid from revenues committed to the bank for the following year.
(B) Beginning in fiscal year 1998-99, the revenues collected pursuant to §§ 56-3-660 and 56-3-670 and placed in the state highway account, as created by this chapter, must be used to provide capital for the bank.