South Carolina Code 48-62-380. Construction of article
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Terms Used In South Carolina Code 48-62-380
- Loan: means a loan from the authority to an eligible fund recipient for the purpose of financing all or a portion of the cost of a project. See South Carolina Code 48-62-310
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
The provisions of this article must be liberally construed to the end that its beneficial purposes may be effectuated. No proceeding, notice, or approval is required for loan obligations by a project sponsor or instruments or the security for the loan obligation, except as provided in this article. If the provisions of this article are inconsistent with the provisions of any other law, whether general, special, or local, then the provisions of this article are controlling.