Terms Used In South Carolina Code > Title 11 > Chapter 50 - South Carolina Rural Infrastructure Act

• Arrest: Taking physical custody of a person by lawful authority.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Authority: means the South Carolina Rural Infrastructure Authority. See South Carolina Code 11-50-40
• Board: means the board of directors of the authority. See South Carolina Code 11-50-40
• Chambers: A judge's office.
• Contract: A legal written agreement that becomes binding when signed.
• Conviction: A judgement of guilt against a criminal defendant.
• Eligible cost: means as applied to a qualified project to be financed from the Rural Infrastructure Fund, the costs that are permitted under applicable laws, requirements, procedures, and guidelines in regard to establishing, operating, and providing assistance from the authority. See South Carolina Code 11-50-40
• Eligible entity: means a municipality, county, special purpose or public service district, and public works commission. See South Carolina Code 11-50-40
• Eligible project: means rural infrastructure as defined in item (13). See South Carolina Code 11-50-40
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Ex officio: Literally, by virtue of one's office.
• financing agreement: includes , without limitation, a loan agreement, trust indenture, security agreement, reimbursement agreement, guarantee agreement, bond or note, ordinance or resolution, or similar instrument. See South Carolina Code 11-50-40
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• 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: means an obligation subject to repayment which is provided by the authority to a qualified borrower for all or a part of the eligible cost of a qualified project. See South Carolina Code 11-50-40
• Other financial assistance: means , but is not limited to, grants, contributions, credit enhancement, capital or debt reserves for bonds or debt instrument financing, interest rate subsidies, provision of letters of credit and credit instruments, provision of bond or other debt financing instrument security, and other lawful forms of financing and methods of leveraging funds that are approved by the board. See South Carolina Code 11-50-40
• Personal property: All property that is not real property.
• Qualified borrower: means any eligible entity which is authorized to construct, operate, or own a qualified project. See South Carolina Code 11-50-40
• Qualified project: means an eligible project which has been selected by the authority to receive a loan or other financial assistance from the authority to defray an eligible cost. See South Carolina Code 11-50-40
• Revenues: means , when used with respect to the authority, any receipts, fees, income, or other payments received or to be received by the authority including, without limitation, receipts and other payments deposited in the Rural Infrastructure Fund and investment earnings on the Rural Infrastructure Fund. See South Carolina Code 11-50-40
• Rural infrastructure project: means the acquisition, construction, installation, modification, renovation, repair, extension, renewal, replacement, or rehabilitation of land, interest in land, buildings, structures, facilities, or other improvements and the acquisition, installation, modification, renovation, repair, extension, renewal, replacement, rehabilitation, or furnishing of fixtures, machinery, equipment, furniture, or other property of any nature whatsoever used on, in, or in connection with any such land, interest in land, building, structure, facility, or other improvement, for the essential public purpose of providing environmental facilities and services to meet public health and environmental standards and to aid the development of trade, commerce, industry, agriculture, aquaculture, and employment opportunities, all of which must be primarily located in a county designated as distressed or least developed pursuant to § 12-6-3360 for 2009 or located in a county with a project that otherwise meets the requirements of this item. See South Carolina Code 11-50-40
• Trustee: A person or institution holding and administering property in trust.