South Carolina Code 31-9-20. Powers of cities
Current as of: 2023 | Check for updates
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Terms Used In South Carolina Code 31-9-20
- 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
- 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
Each city functioning through its governing board is empowered (1) to enter into agreements with any developer providing for the construction, operation and maintenance of buildings or other facilities or improvements on land; (2) to enter into a loan agreement with a developer prescribing the terms and conditions of the payments to be made by the developer to the city or its assignee, to meet the payments that shall become due on bonds; (3) to issue bonds for the purpose of defraying the cost of acquiring land and to secure the payment of such bonds as hereafter provided; and (4) to accept any State or Federal grants that might become available to defray any portion of the cost of any land or of the cost of the construction of any buildings or other facilities or improvements thereon.