South Carolina Code 11-43-520. Request for issuance of transportation infrastructure bonds; contents
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Whenever it shall become necessary that monies be raised for qualified projects, including monies to be used to refund any transportation infrastructure bonds then outstanding, the board may make a request to the state board for the issuance of transportation infrastructure bonds pursuant to this article. This request may be in the form of a resolution adopted at any regular or special meeting of the board. The request shall set forth on the face thereof or by schedules attached thereto:
(1) the amount then required for qualified projects;
Terms Used In South Carolina Code 11-43-520
- Board: means the Board of Directors of the South Carolina Transportation Infrastructure Bank. See South Carolina Code 11-43-510
- 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
- State board: means the governing board of the State Fiscal Accountability Authority. See South Carolina Code 11-43-510
- Transportation infrastructure bonds: means all general obligation bonds of this State designated as transportation infrastructure bonds, which are now outstanding and which may hereafter be issued pursuant to the authorizations of this article. See South Carolina Code 11-43-510
(2) a tentative time schedule setting forth the period of time during which the sum requested will be expended; and
(3) a debt service table showing the annual principal and interest requirements for all the transportation infrastructure bonds then outstanding.