South Carolina Code 4-29-140. Fiscal Accountability Authority shall approve proposal of governing board; petition shall be filed; investigation; notice of approval; challenging validity of approval
(1) a brief description of the project proposed to be undertaken and its anticipated effect upon the economy of the county or incorporated municipality in which the project is to be located and of the areas adjacent to it;
Terms Used In South Carolina Code 4-29-140
- Bonds: shall include notes, bonds, refunding bonds, and other obligations authorized to be issued by this chapter. See South Carolina Code 4-29-10
- Financing Agreement: shall mean any agreement, including without limitation an agreement whereby a county or incorporated municipality shall lease or sell a project to an industry, made by and between the governing board and any one or more industries by which the industry or industries agree to pay to (and to secure if so required) the county or the incorporated municipality, as the case may be, 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 4-29-10
- Governing Board: shall mean any one of the governing bodies of the several counties and incorporated municipalities of the State as now or hereafter constituted; and in the event that any project shall be located in more than one county, the term "governing board" shall also relate to the governing bodies of the several counties wherein such project shall be located. See South Carolina Code 4-29-10
- Project: means any land and any buildings and other improvements on the land including, without limiting the generality of the foregoing, water, sewage treatment and disposal facilities, air pollution control facilities, and all other machinery, apparatus, equipment, office facilities, and furnishings which are considered necessary, suitable, or useful by the following investors or any combination of them:
(a) any enterprise for the manufacturing, processing, or assembling of any agricultural or manufactured products;
(b) any commercial enterprise engaged in storing, warehousing, distributing, transporting, or selling products of agriculture, mining, or industry, or engaged in providing laundry services to hospitals, to convalescent homes, or to medical treatment facilities of any type, public or private, within or outside of the issuing county or incorporated municipality and within or outside of the State;
(c) any enterprise for research in connection with any of the foregoing or for the purpose of developing new products or new processes or improving existing products or processes;
(d) any enterprise engaged in commercial business including, but not limited to, wholesale, retail, or other mercantile establishments; residential and mixed use developments of two thousand five hundred acres or more; office buildings; computer centers; tourism, sports, and recreational facilities; convention and trade show facilities; and public lodging and restaurant facilities if the primary purpose is to provide service in connection with another facility qualifying under this subitem; and
(e) any enlargement, improvement, or expansion of any existing facility in subitems (a), (b), (c), and (d) of this item. See South Carolina Code 4-29-10 - Security Agreement: shall mean any trust agreement, mortgage, security agreement or assignment by which any bond or bonds issued pursuant to this chapter may be secured. See South Carolina Code 4-29-10
(2) a reasonable estimate of the cost of the project;
(3) a general summary of the terms and conditions of the financing agreement and security agreement to be made, including a statement establishing the basis for the payment of sums in lieu of taxes as required by § 4-29-60; and
(4) such other information as the State Fiscal Accountability Authority requires.
Upon the filing of the petition the State Fiscal Accountability Authority, as soon as practicable, shall conduct such review as it considers advisable, and if it finds that the proposal of the governing board is intended to promote the purposes of this chapter, it is authorized to approve the proposal. At any time following the approval, the governing board may proceed with the acquisition and financing of the project in accordance with the proposal as approved by the State Fiscal Accountability Authority. Notice of the approval of a proposal by the State Fiscal Accountability Authority must be published at least once by the State Fiscal Accountability Authority in a newspaper having general circulation in the county where the project is to be located.
(B) Any interested party, within twenty days after the date of the publication of the notice, but not afterwards, may challenge the validity of the approval by action de novo in the court of common pleas in the county where the project is to be located.