Terms Used In South Carolina Code > Title 13 > Chapter 12 - Trident Economic Development Finance Authority

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Benefit period: means a fifteen-year period commencing on the first day of the first month after the date on which the department approves the certification application. See South Carolina Code 12-21-6520
• Certification application: means an application submitted by a county or municipality to the department requesting that the department approve a major tourism or recreation facility or a major tourism or recreation area for the benefits available under §§ 12-21-6530 and 12-21-6540. See South Carolina Code 12-21-6520
• Contract: A legal written agreement that becomes binding when signed.
• Controlled substance: means a drug or substance, whether real or counterfeit, as defined in § 44-53-110, that is held, possessed, transported, transferred, sold, or offered to be sold in violation of the laws of this State. See South Carolina Code 12-21-5020
• Conviction: A judgement of guilt against a criminal defendant.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Council: means the Advisory Coordinating Council for Economic Development. See South Carolina Code 12-21-6520
• Dealer: means a person who in violation of the laws of this State manufactures, produces, ships, transports, or imports into South Carolina or in any manner acquires or possesses more than forty-two and one-half grams of marijuana, or seven or more grams of a controlled substance, or ten or more dosage units of a controlled substance which is not sold by weight. See South Carolina Code 12-21-5020
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Department: means the South Carolina Department of Revenue. See South Carolina Code 12-21-6520
• Department: means the South Carolina Department of Revenue. See South Carolina Code 12-21-5020
• Designated development area: means a contiguous area set aside by municipal or county ordinance in which one or more tourism or recreation facilities will be located. See South Carolina Code 12-21-6520
• Establishment: means either a major tourism or recreation facility or a tourism or recreation facility located within a major tourism or recreation area. See South Carolina Code 12-21-6520
• 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.
• Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
• 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.
• Fund: means the special tourism infrastructure development fund. See South Carolina Code 12-21-6520
• Grant application: means the application submitted to the council whereby a local government may apply to receive a grant from the fund. See South Carolina Code 12-21-6520
• individual: means a human being. See South Carolina Code 12-2-20
• Investment period: means any consecutive sixty-month period, however, the same investment may not be counted more than once in determining whether the appropriate amount of investment has been made within any consecutive sixty-month period. See South Carolina Code 12-21-6520
• 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}
• Lien: A claim against real or personal property in satisfaction of a debt.
• Major tourism or recreation area: means a designated development area with one or more tourism or recreation facilities located therein in which an aggregate investment in land and capital assets of at least twenty million dollars is made in the designated development area for tourism or recreation facilities, or as otherwise provided in § 12-21-6560, within the investment period. See South Carolina Code 12-21-6520
• Major tourism or recreation facility: means a tourism or recreation facility in which an aggregate investment in land and capital assets of at least twenty million dollars is made at the facility, or as otherwise provided in § 12-21-6560, within the investment period. See South Carolina Code 12-21-6520
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• 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.
• partnership: includes a limited liability company taxed for South Carolina income tax purposes as a partnership;
  
  (2) "partner" includes a member of a limited liability company taxed for South Carolina income tax purposes as a partnership;
  
  (3) "corporation" includes a limited liability company or professional or other association taxed for South Carolina income tax purposes as a corporation; and
  
  (4) "shareholder" includes a member of a limited liability company taxed for South Carolina income tax purposes as a corporation. See South Carolina Code 12-2-25
• 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.
• person: includes any individual, trust, estate, partnership, receiver, association, company, limited liability company, corporation, or other entity or group; and
  
  (2) "individual" means a human being. See South Carolina Code 12-2-20
• Personal property: All property that is not real property.
• Quorum: The number of legislators that must be present to do business.
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Statute: A law passed by a legislature.
• Tourism or recreation facility: means a theme park, amusement park, historical, educational or trade museum, botanical or zoological garden, aquarium, cultural center, theater, motion picture production studio, convention center, arena, coliseum, auditorium, golf course, spectator or participatory sports facility or any other facility which is subject to collecting and remitting the tax on admissions. See South Carolina Code 12-21-6520
• Trustee: A person or institution holding and administering property in trust.