Terms Used In South Carolina Code > Title 11 > Chapter 41 - State General Obligation Economic Development Bond Act

• Accumulated additional contributions: means a member's aggregate additional contributions, together with regular interest on the contributions. See South Carolina Code 9-11-10
• Accumulated contributions: means the sum of all the amounts deducted from the compensation of a member and credited to the member's individual account in the employee annuity savings fund, together with regular interest on the account, as provided in this chapter. See South Carolina Code 9-11-10
• Active member: means a member who is compensated by an employer participating in the system and who is making regular retirement contributions to the system. See South Carolina Code 9-11-10
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Beneficiary: means a person in receipt of a retirement allowance or other benefit provided by the system. See South Carolina Code 9-11-10
• Board: means the Board of Directors of the South Carolina Public Employee Benefit Authority acting through its Division of Retirement Systems. See South Carolina Code 9-11-10
• bonds: means general obligation bonds of this State issued under the authority of this chapter. See South Carolina Code 11-41-30
• Class Three member: means an employee member of the system with an effective date of membership after June 30, 2012. See South Carolina Code 9-11-10
• Compensation: means the total remuneration paid to a police officer for service rendered to an employer for his full normal working time; when compensation includes maintenance, fees and other things of value, the board shall fix the value of that part of the compensation not paid in money directly by the employer. See South Carolina Code 9-11-10
• Conviction: A judgement of guilt against a criminal defendant.
• Credited service: means a member's earned service and purchased service. See South Carolina Code 9-11-10
• Department: means the State Department of Commerce. See South Carolina Code 11-41-30
• Employer: means :
  
  (a) the State;
  
  (b) a political subdivision, agency, or department of the State which employs police officers and which has been admitted to the system as provided in § 9-11-40; and
  
  (c) a service organization, the membership of which is composed solely of persons eligible to be members as defined by this section, if the compensation received by the employees of the service organization is provided from monies paid by the members as dues, or otherwise, or from funds derived from public sources and if the contributions prescribed by this chapter are to be paid from the funds of the service organization. See South Carolina Code 9-11-10
• enhanced project: means an economic development project for which the sponsor satisfies the jobs and investment criteria set forth in subsubitem (i), and, further, (A) the total investment in the project by the sponsor is not less than 1. See South Carolina Code 11-41-30
• Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
• Investment: means money expended by the sponsor on capital assets directly related to the economic development project and does not include amounts expended in aid of the project by the State pursuant to this chapter or otherwise, or amounts expended in aid of the project by a county, municipality, or a special purpose district, however financed. See South Carolina Code 11-41-30
• Member: means a person included in the membership of the system, as provided in this chapter. See South Carolina Code 9-11-10
• Military service: means :
  
  (a) service in the United States Army, United States Navy, United States Marine Corps, United States Air Force, or United States Coast Guard;
  
  (b) service in the select reserve of the Army Reserve, Naval Reserve, Marine Corps Reserve, Air Force Reserve, or the Coast Guard Reserve; and
  
  (c) service as a member of the Army National Guard or Air National Guard of this or any other state. See South Carolina Code 9-11-10
• national and international convention and trade show center: means a not less than two hundred thousand square foot facility consisting of meeting and exhibit space at which are held major conventions, trade shows, and special events that bring delegates into the State and community including, but not limited to, consumer shows, sporting events, and other meetings. See South Carolina Code 11-41-30
• Nonqualified service: means purchased service other than public service, educational service, military service, leave of absence, and reestablishment of withdrawals. See South Carolina Code 9-11-10
• Other fund: means :
  
  (a) the South Carolina Retirement System; or
  
  (b) the Police Insurance and Annuity Fund of the State of South Carolina. See South Carolina Code 9-11-10
• 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.
• Police officer: means a person who receives his salary from an employer and who is:
  
  (a) required by the terms of his employment, either by election or appointment, to give his time to the preservation of public order, the protection of life and property, and the detection of crimes in this State; or
  
  (b) an employee after January 1, 2000, of the South Carolina Department of Corrections, the South Carolina Department of Juvenile Justice, or the South Carolina Department of Mental Health who, by the terms of his employment, is a peace officer as defined by § 24-1-280. See South Carolina Code 9-11-10
• project: means either (A) a project in this State as defined in § 12-44-30(16) in which a total of at least four hundred million dollars is invested in the project by the sponsor and at least four hundred new jobs are created at the project by the sponsor, or (B) an expansion of an existing economic development project for which economic development bonds have previously been issued, if in connection with the expansion, in addition to and not including the investment made and new jobs created in connection with the existing project for which economic development bonds have previously been issued, a total of at least four hundred million dollars is invested in the project by the sponsor and at least four hundred new jobs are created at the project by the sponsor. See South Carolina Code 11-41-30
• Regular interest: means interest compounded annually at the rate or rates determined for a particular purpose by the board in accordance with § 9-11-30. See South Carolina Code 9-11-10
• Retirement allowance: means monthly payments for life under the system payable as provided in § 9-11-160. See South Carolina Code 9-11-10
• Sponsor: means a sole proprietor, partnership, corporation of any classification, limited liability company, or association taxable as a business entity or any combination of these entities. See South Carolina Code 11-41-30
• State: means the State of South Carolina. See South Carolina Code 9-11-10
• Supplemental allowance program: means the supplemental allowance program established under the system as of July 1, 1966, and as in effect on June 30, 1974. See South Carolina Code 9-11-10
• System: means the South Carolina Police Officers Retirement System. See South Carolina Code 9-11-10