Terms Used In South Carolina Code 31-9-10

• Bonds: shall include notes, bonds, refunding notes or bonds and other obligations authorized to be issued by this chapter. See South Carolina Code 31-9-10
• City: shall mean any incorporated municipality of the State. See South Carolina Code 31-9-10
• Developer: shall mean any person, firm or partnership who enters into a loan agreement with the city whereby the developer agrees to construct, operate and maintain or procure the construction, operation and maintenance of buildings or other facilities or improvements upon land purchased with the proceeds of bonds. See South Carolina Code 31-9-10
• Governing board: shall mean the governing body of any city. See South Carolina Code 31-9-10
• Land: shall mean any real estate, whether improved or unimproved, located within any city which the governing board of such city proposes to acquire from the proceeds derived from the issuance of bonds after making a determination that the acquisition of such land is necessary in connection with any slum clearance or redevelopment work. See South Carolina Code 31-9-10
• 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}
• Loan agreement: shall mean any agreement, including without limitation, an agreement whereby the city shall lease land to a developer, made by and between a governing board and a developer by which the developer agrees to pay (and to secure if so required) the city or to any assignee thereof, the sums required to meet the payment of the principal, interest and redemption premium, if any, on any bonds. See South Carolina Code 31-9-10
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.