South Carolina Code 31-11-90. Bonds or other obligations of authorities as security or investment
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In South Carolina Code 31-11-90
- Persons of low income: shall mean persons or families who lack the amount of income which is necessary (as determined by the housing authority undertaking the housing project) to enable them, without financial assistance, to live in decent, safe and sanitary dwellings, without overcrowding;
(3) "Development" shall mean any and all undertakings necessary for the planning, land acquisition, demolition, financing, construction or equipment in connection with a project, including the negotiation or award of contracts therefor, and shall include the acquisition of any project, in whole or in part, from the Federal Government;
(4) "Administration" shall mean any and all undertakings necessary for management, operation or maintenance in connection with any project and shall include the leasing of any project, in whole or in part, from the Federal Government;
(5) "Federal Government" shall mean the United States of America or any agency or instrumentality, corporate or otherwise, of the United States of America;
(6) The development of such projects shall be deemed to be "initiated" if a housing authority has issued bonds, notes or other obligations with respect to the financing of such project of the housing authority or has contracted with the Federal Government with respect to the exercise of powers hereunder in the development of such project of the Federal Government for which an allocation of funds has been made or approved during a period of war or national emergency declared by the President or Congress of the United States; and
(7) "Housing authority" shall mean any housing authority established or hereafter established pursuant to this chapter and Chapter 3. See South Carolina Code 31-11-10
Bonds or other obligations issued by a housing authority for a project developed or administered pursuant to this chapter shall be security for public deposits and legal investments to the same extent and for the same persons, institutions, associations, corporations, bodies and officers as bonds or other obligations issued pursuant to Chapter 3 for the development of a slum clearance or housing project for persons of low income.