Terms Used In South Carolina Code > Title 1 > Chapter 11 - Department of Administration

• account: means an individual savings account established in accordance with the provisions of this article and pursuant to Section 529A of the federal Internal Revenue Code of 1986, as amended. See South Carolina Code 11-5-410
• Account owner: means the person who enters into a Palmetto ABLE account agreement pursuant to the provisions of this article. See South Carolina Code 11-5-410
• 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
• Actuarial accrued liability: means that portion, as determined by a particular actuarial cost method, of the actuarial present value of fund obligations and administrative expenses which is not provided for by future normal costs. See South Carolina Code 1-11-703
• Actuarial assumptions: means assumptions regarding the occurrence of future events affecting costs of the SCRHI Trust Fund or LTDI Trust Fund such as mortality, withdrawal, disability, and retirement; changes in compensation; aging effects and cost trends for post-employment benefits; benefit election rates; rates of investment earnings and asset appreciation or depreciation; procedures used to determine the actuarial value of assets; and other such relevant items. See South Carolina Code 1-11-703
• Actuarial cost method: means a method for determining the actuarial present value of the obligations and administrative expenses of the SCRHI Trust Fund or LTDI Trust Fund and for developing an actuarially equivalent allocation of such value to time periods, usually in the form of a normal cost and an actuarial-accrued liability. See South Carolina Code 1-11-703
• Actuarial equivalent: means a benefit of equal value when computed on the basis of the tables and regular interest rate last adopted by the board, as provided in § 9-11-30. See South Carolina Code 9-11-10
• Actuarial valuation: means the determination, as of a valuation date, of the normal cost, actuarial accrued liability, actuarial value of assets, and related actuarial present values for the SCRHI Trust Fund or LTDI Trust Fund. See South Carolina Code 1-11-703
• Actuarially sound: means that calculated contributions to the SCRHI Trust Fund or LTDI Trust Fund are sufficient to pay the full actuarial cost of these trust funds. See South Carolina Code 1-11-703
• Administrative expenses: means all expenses incurred in the operation of the SCRHI Trust Fund and LTDI Trust Fund, including all investment expenses. See South Carolina Code 1-11-703
• Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Affiliate: means a person who directly or indirectly owns or controls, is owned or controlled by, or is under common ownership or control with, another person. See South Carolina Code 11-47-20
• Aggregate additional contributions: means the sum of all the contributions made by a member pursuant to § 9-11-210 in effect before July 1, 1974, and any amounts transferred from another fund which are treated as additional contributions pursuant to § 9-11-210 in effect before July 1, 1974, or § 9-11-210(6) as amended as of that date. See South Carolina Code 9-11-10
• Aggregate 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 system, including any amounts transferred from another fund to the system as provided in § 9-11-210(6). See South Carolina Code 9-11-10
• Allocable share: means allocable share as that term is defined in the Master Settlement Agreement. See South Carolina Code 11-47-20
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• ANSI: means the American National Standards Institute. See South Carolina Code 10-5-220
• Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
• 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.
• Assets: means all funds, investments, and similar property of the retirement system. See South Carolina Code 9-16-10
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Authority: means the South Carolina Resources Authority. See South Carolina Code 11-37-20
• Authority: means the South Carolina Infrastructure Facilities Authority. See South Carolina Code 11-40-30
• Authority: means the Tobacco Settlement Revenue Management Authority, as established by this chapter. See South Carolina Code 11-49-20
• Authority: means the South Carolina Rural Infrastructure Authority. See South Carolina Code 11-50-40
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• 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 governing board of the Rural Infrastructure Authority. See South Carolina Code 11-42-30
• Board: means the governing body of the authority. See South Carolina Code 11-49-20
• Board: means the board of directors of the authority. See South Carolina Code 11-50-40
• 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
• Board: means the Board of Directors of the South Carolina Public Employee Benefit Authority acting as trustee of the retirement system. See South Carolina Code 9-16-10
• Board: means the Board of Directors of the South Carolina Public Employee Benefit Authority. See South Carolina Code 1-11-703
• Board: means the Accessibility Committee for the South Carolina Building Codes Council as established in this chapter. See South Carolina Code 10-5-220
• Bond Resolution: means the resolution or resolutions of the authority, including the trust agreement or trust indenture, if any, authorizing the issuance of and providing for the terms and conditions applicable to bonds. See South Carolina Code 11-40-30
• Bonds: means any bonds, notes, debentures, interim certificates, bond, grant or revenue anticipation notes, or any other evidence of indebtedness of the authority. See South Carolina Code 11-37-20
• Bonds: means bonds, notes, or other evidences of obligation of the authority issued under this chapter, including bond, grant or revenue anticipation notes, notes in the nature of commercial paper, and refunding bonds. See South Carolina Code 11-40-30
• bonds: means general obligation bonds of this State issued under the authority of this chapter. See South Carolina Code 11-41-30
• Bonds: means special source bonds, notes, or other evidences of indebtedness of the authority payable solely from and secured solely by the State's tobacco receipts, issued pursuant to the authorizations contained in this chapter and in Section 13(9), Article X of the Constitution of this State. See South Carolina Code 11-49-20
• Brand family: means all styles of cigarettes sold under the same trademark and differentiated from one another by means of additional modifiers or descriptors including, but not limited to, menthol, lights, kings, and 100s and includes the use of a brand name alone or in conjunction with another word, trademark, logo, symbol, motto, selling message, recognizable pattern of colors, or any other indicia of product identification identical or similar to, or identifiable with, a previously known brand of cigarettes. See South Carolina Code 11-48-20
• Building Code: means the building code adopted by § 6-9-50(A). See South Carolina Code 10-5-220
• Capital reserve fund: means any reserve fund created and established by the authority pursuant to this chapter. See South Carolina Code 11-37-20
• Caucus: From the Algonquian Indian language, a caucus meant "to meet together." An informal organization of members of the legislature that exists to discuss issues of mutual concern and possibly to perform legislative research and policy planning for its members. There are regional, political or ideological, ethnic, and economic-based caucuses.
• Chambers: A judge's office.
• cigarette: includes "roll-your-own" (any tobacco which, because of its appearance, type, packaging, or labeling is suitable for use and likely to be offered to, or purchased by, consumers as tobacco for making cigarettes). See South Carolina Code 11-47-20
• Cigarette distributor: means a person required to pay the tax imposed by § 12-21-620 or authorized to affix a tax stamp to a cigarette package pursuant to Title 12. See South Carolina Code 11-48-20
• 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
• Class two service: means credited service after June 30, 1974, as a class two member, as defined in subsection (7) of § 9-11-40, and credited service before July 1, 1974, or date of membership, if later, with respect to which contributions have been made by a member, or on the member's behalf, under the supplemental allowance program or pursuant to subsection (2), (3), or (10) of § 9-11-210. See South Carolina Code 9-11-10
• Commission: means the Retirement System Investment Commission. See South Carolina Code 9-16-10
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• Communications: means public sector communications. See South Carolina Code 11-42-30
• 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
• Conference report: The compromise product negotiated by the conference committee. The "conference report" is submitted to each chamber for its consideration, such as approval or disapproval.
• Contingent beneficiary: Receiver of property or benefits if the first named beneficiary fails to receive any or all of the property or benefits in question before his (her) death.
• Conviction: A judgement of guilt against a criminal defendant.
• Council: means the Coordinating Council for Economic Development. See South Carolina Code 12-10-30
• County: means any county of this State. See South Carolina Code 11-42-30
• Credited service: means a member's earned service and purchased service. See South Carolina Code 9-11-10
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Date of establishment: means July 1, 1962. See South Carolina Code 9-11-10
• Decedent: A deceased person.
• Department: means the State Department of Commerce. See South Carolina Code 11-41-30
• Department: means the Department of Commerce. See South Carolina Code 11-56-20
• Department: means the South Carolina Department of Revenue. See South Carolina Code 12-10-30
• Dependent: A person dependent for support upon another.
• Designated beneficiary: means an eligible individual whose qualified disability expenses may be paid from the account. See South Carolina Code 11-5-410
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Dismissal: The dropping of a case by the judge without further consideration or hearing. ^Source:
• Division of Regional Development: is a division of the board. See South Carolina Code 11-42-30
• Earned service: means :
  
  (a) the paid employment of a member of the system with an employer participating in the system where the member makes regular retirement contributions to the system;
  
  (b) service rendered while participating in the State Optional Retirement Program, the Optional Retirement Program for Teachers and School Administrators, or the Optional Retirement Program for Publicly Supported Four-Year and Postgraduate Institutions of Higher Education that has been purchased pursuant to § 9-11-50(F); or
  
  (c) service with a participating employer in the system, the South Carolina Retirement System, the Retirement System for Members of the General Assembly, or the Retirement System for Judges and Solicitors that is transferred to or purchased in the system. See South Carolina Code 9-11-10
• Educational service: means paid service as a classroom teacher in a public, private, or sectarian school providing elementary or secondary education, kindergarten through grade twelve. See South Carolina Code 9-11-10
• EIP: means the office of the South Carolina Public Employee Benefit Authority designated by the board to operate insurance programs pursuant to this article. See South Carolina Code 1-11-703
• Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) ^{Source: OCC}
• 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
• Employee: includes an individual who contracts with an agency for personal services. See South Carolina Code 1-6-10
• Employee: means an employee of the qualifying business who works full time at the project. See South Carolina Code 12-10-30
• 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
• environmental facilities: means any publicly-owned projects, structures, and other real or personal property acquired, rehabilitated, constructed, or planned for the purposes of water supply, treatment, storage and distribution; sewerage collection treatment and disposal; or solid waste collection, treatment and disposal. See South Carolina Code 11-40-30
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Escrow: means the escrow as that term is defined in the master settlement agreement. See South Carolina Code 11-49-20
• Escrow agent: means the escrow agent as that term is defined in the master settlement agreement. See South Carolina Code 11-49-20
• 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.
• Executive director: means the executive director of the board. See South Carolina Code 11-42-30
• Executive session: A portion of the Senate's daily session in which it considers executive business.
• Executor: A male person named in a will to carry out the decedent
• Facilities: means all building elements defined or specified by ANSI A117. See South Carolina Code 10-5-220
• Facilities and administration costs: means depreciation and use allowances, interest on debt associated with buildings, equipment and capital improvements, operation and maintenance expenses, library expenses, general administration expenses, departmental administration, sponsored projects administration, and student administration and services. See South Carolina Code 11-51-30
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Federal program: means any federal statutes or regulations pursuant to which federal grant funds are made available for environmental facilities and projects, and the rules and regulations promulgated thereunder. See South Carolina Code 11-40-30
• 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}
• Fiduciary: A trustee, executor, or administrator.
• Fiduciary: means a person who:
  
  (a) exercises any authority to invest or manage assets of a system;
  
  (b) provides investment advice for a fee or other direct or indirect compensation with respect to assets of a system or has any authority or responsibility to do so;
  
  (c) is a member of the commission;
  
  (d) is the commission's chief investment officer; or
  
  (e) is the commission's chief executive officer. See South Carolina Code 9-16-10
• Financial organization: means an organization authorized to do business in this State and is:
  
  (a) licensed or chartered by the Director of Insurance;
  
  (b) licensed or chartered by the State Commissioner of Banking;
  
  (c) chartered by an agency of the federal government; or
  
  (d) subject to the jurisdiction and regulation of the federal Securities and Exchange Commission. See South Carolina Code 11-5-410
• 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
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Fraud: Intentional deception resulting in injury to another.
• Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. ^{Source: OCC}
• Fund: means the South Carolina Infrastructure Revolving Loan Fund established pursuant to § 11-40-50, including the various accounts established thereunder. See South Carolina Code 11-40-30
• Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
• General obligation debt: means any indebtedness of the State which must be secured in whole or in part by a pledge of the full faith, credit and taxing power of the State, including, but not limited to, bonds, notes, and other evidences of indebtedness, and issued pursuant to the provisions of this chapter. See South Carolina Code 11-51-30
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• governing body: shall mean , in the case of incorporated cities or towns, the city council or town council and in other instances the commission, group, board or body to whom is delegated the administrative duties of the issuer. See South Carolina Code 11-15-430
• Grantor: The person who establishes a trust and places property into it.
• Gross wages: means wages subject to withholding. See South Carolina Code 12-10-30
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• IBNR: means unpaid health claims incurred but not reported. See South Carolina Code 1-11-703
• Independent auditor: means the independent auditor as that term is defined in the master settlement agreement. See South Carolina Code 11-49-20
• Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
• individual: means a human being. See South Carolina Code 12-2-20
• Infrastructure: means the basic facilities, services, and installations needed for the functioning of government including, but not limited to, water, sewer, and public sector communications. See South Carolina Code 11-42-30
• Infrastructure Development Plans: means any written proposal by the State, county, municipality, special purpose district or regional council of government that involves development of infrastructure as defined in this chapter. See South Carolina Code 11-42-30
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• 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}
• 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
• issuer: as used in this article , shall mean any incorporated city or town, school district, county, or other political division or subdivision of the State which shall have outstanding and unpaid, whether matured or unmatured, bonds for whose payment the full faith, credit, taxing power and resources of such political division or subdivision have been pledged, whether or not such general obligation bonds be additionally secured by pledge of other revenues. See South Carolina Code 11-15-430
• Job development credit: means the amount a qualifying business may claim as a credit against employee withholding pursuant to §§ 12-10-80 and 12-10-81 and a revitalization agreement. See South Carolina Code 12-10-30
• Joint committee: Committees including membership from both houses of teh legislature. Joint committees are usually established with narrow jurisdictions and normally lack authority to report legislation.
• Judgement: The official decision of a court finally determining the respective rights and claims of the parties to a suit.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Lien: A claim against real or personal property in satisfaction of a debt.
• Loan: means a loan from the authority to a local government for the purpose of financing all or a portion of the cost of a project. See South Carolina Code 11-40-30
• 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
• Loan agreement: means a written agreement entered into between the authority and a local government to evidence its indebtedness with respect to a loan. See South Carolina Code 11-40-30
• Loan obligation: means a bond, note, or other evidence of obligation issued by a local government to evidence its indebtedness under a loan agreement or otherwise with respect to a loan. See South Carolina Code 11-40-30
• Local government: means any county, municipality, special purpose or special service district, or Commission of Public Works of the State and any private eleemosynary water companies, private eleemosynary sewer companies, and private eleemosynary companies which provide both water and sewer services. See South Carolina Code 11-37-20
• Local obligations: means any bonds, notes, debentures, interim certificates, bond, grant, or revenue anticipation notes, or any other evidences of indebtedness of a local government. See South Carolina Code 11-37-20
• LTDI Trust Fund: means the Long Term Disability Insurance Trust Fund established pursuant to § 1-11-707 to fund benefits under the state's Basic Long Term Disability (BLTD) Income Benefit Plan. See South Carolina Code 1-11-703
• Majority leader: see Floor Leaders
• Management contract: means a contract executed by the State Treasurer and a program manager selected to act as a depository or manager of the program, or both. See South Carolina Code 11-5-410
• Management services: means technical, administrative, instructional, or informational services provided to any current or potential loan recipient in, but not limited to, the areas of service charge structure; accounting, capital improvements budgeting or financing; financial reporting, treasury management, debt structure or administration or related fields of financial management; contract or grant administration; management of water, sewer, or solid waste systems; and economic development administration strategies. See South Carolina Code 11-40-30
• Master Settlement Agreement: means the settlement agreement and related documents entered into on November 23, 1998, by the State and leading United States tobacco product manufacturers. See South Carolina Code 11-47-20
• Master settlement agreement: means the settlement agreement and related documents entered into on November 23, 1998, by the State and the four principal United States tobacco product manufacturers, as amended and supplemented. See South Carolina Code 11-49-20
• Medical board: means the board provided for in § 9-11-30(2). See South Carolina Code 9-11-10
• Member: means a person included in the membership of the system, as provided in this chapter. See South Carolina Code 9-11-10
• Member of the family: has the meaning defined in Section 529A of the federal Internal Revenue Code of 1986, as amended. See South Carolina Code 11-5-410
• Microenterprise: means any business, whether new or existing, with five or fewer employees, including startup, home-based, and self-employed businesses. See South Carolina Code 11-56-20
• Microloan: means any business loan up to twenty-five thousand dollars. See South Carolina Code 11-56-20
• Microloan delivery organization: means a community-based or nonprofit program that has developed a viable plan for providing training, access to financing, and technical assistance for microenterprises. See South Carolina Code 11-56-20
• 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
• Minority leader: See Floor Leaders
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• 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
• net income: as used in this chapter , means taxable income as determined for a regular corporation in Chapter 6 of this title after deducting all earnings accrued, paid, credited, or set aside for the benefit of holders of savings or investment accounts, any additions to reserves which are required by law, regulation, or direction of appropriate supervisory agencies, and a bad debt deduction. See South Carolina Code 12-13-20
• Nonparticipating manufacturer: means a tobacco product manufacturer that is not a participating manufacturer. See South Carolina Code 11-48-20
• 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
• Oath: A promise to tell the truth.
• Obligation: means any bond, revenue bond, note, lease, contract, evidence of indebtedness, debt, or other obligation of the authority, the State, or local governments which are authorized to be issued under this chapter or under the Constitution or other laws of this State, including refunding bonds. See South Carolina Code 11-40-30
• Operating account: means the health insurance program's business operating activities account maintained by the State Treasurer in which are deposited all premiums for enrollees in self-funded health plans authorized in this article, along with employer contributions for active employees covered by such self-funded health plans, and from which claims and administrative expenses of the self-funded health and dental plans administered by the employee insurance program are paid. See South Carolina Code 1-11-703
• Operating costs: means the costs associated with administering a loan or a loan guaranty, administering a revolving loan program, or providing for business training and technical assistance to a microloan recipient. See South Carolina Code 11-56-20
• 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
• 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
• Oversight: Committee review of the activities of a Federal agency or program.
• Participant: means an individual who is or has been an employee enrolled in a retirement program and who is or may become eligible to receive or is currently receiving a benefit under the program. See South Carolina Code 9-16-10
• Participating manufacturer: has the meaning given that term in Section 11(jj) of the Master Settlement Agreement and all amendments to it. See South Carolina Code 11-48-20
• Participating manufacturers: means the participating manufacturers as that term is defined in the master settlement agreement. See South Carolina Code 11-49-20
• 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.
• 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
• Person: means :
  
  (a) an individual, labor union and organization, joint apprenticeship committee, partnership, association, corporation, legal representative, mutual company, joint-stock company, trust, unincorporated organization, trustee, trustee in bankruptcy, receiver, or other legal or commercial entity located in part or in whole in the State or doing business in the State;
  
  (b) the State and any agency or local subdivision of an agency; or
  
  (c) a political subdivision. See South Carolina Code 1-6-10
• 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
• person: means an individual, partnership, committee, association, corporation, or any other organizations or group of persons. See South Carolina Code 11-47-20
• Plaintiff: The person who files the complaint in a civil lawsuit.
• 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
• Political subdivision: includes a county, city, municipality, town, village, township, district, authority, special purpose district, school district, other local government entity, or other public corporation or entity whether organized and existing under charter or general law. See South Carolina Code 1-6-10
• Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}
• Preliminary revitalization agreement: means the application by the qualifying business for benefits pursuant to § 12-10-80 or 12-10-81 if the council approves the application and agrees in writing at the time of approval to allow the approved application to serve as the preliminary revitalization agreement. See South Carolina Code 12-10-30
• Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
• Probate: Proving a will
• Program: means the Microenterprise Partnership Program. See South Carolina Code 11-56-20
• Program: means the Palmetto ABLE Savings Program established pursuant to this article. See South Carolina Code 11-5-410
• Program manager: means a financial organization or an agency or department of another state that has been designated to administer a qualified ABLE Program selected by the State Treasurer to act as a depository or manager of the program, or both. See South Carolina Code 11-5-410
• Project: means any water supply, sewer system, sewage, wastewater treatment facility, or any other project hereafter committed to the authority by subsequent enactment of the General Assembly. See South Carolina Code 11-37-20
• 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
• project: means a project that would advance economic development and create a knowledge based economy, thereby increasing job opportunities, or facilitate and increase externally funded research at the research universities, including, but not limited to, land acquisition, acquisition or construction of buildings, equipment, furnishings, site preparation, road and highway improvements, water and sewer infrastructure, and other things necessary or convenient to advance economic development or to facilitate and increase research at the research universities. See South Carolina Code 11-51-30
• Project: means an investment for one or more purposes pursuant to this chapter needed for a qualifying business to locate, remain, or expand in this State and otherwise fulfill the requirements of this chapter. See South Carolina Code 12-10-30
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• Public buildings: means all buildings, structures, and facilities used by the public that are constructed, purchased, leased, or rented by the use of private funds, including rental apartment complexes of twenty units or more and temporary lodging facilities of twenty units or more, except that the provisions of this article apply to only five percent of those units or a minimum of one unit, whichever is the greater, and provided, further, that the provisions of this article do not apply to a private residence. See South Carolina Code 10-5-220
• Public debt: Cumulative amounts borrowed by the Treasury Department or the Federal Financing Bank from the public or from another fund or account. The public debt does not include agency debt (amounts borrowed by other agencies of the Federal Government). The total public debt is subject to a statutory limit.
• Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
• Public service: means service as an employee of the government of the United States, any state or political subdivision of the United States, or any agency or instrumentality of any of these. See South Carolina Code 9-11-10
• Purchased service: means service credit purchased by an active member while an employee of an employer participating in the system. See South Carolina Code 9-11-10
• 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 disability expense: means any qualified disability expense included in Section 529A of the federal Internal Revenue Code of 1986, as amended. See South Carolina Code 11-5-410
• 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
• Qualified withdrawal: means a withdrawal from an account to pay the qualified disability expenses of the designated beneficiary of the account. See South Carolina Code 11-5-410
• Qualifying business: means a business that meets the requirements of § 12-10-50 and other applicable requirements of this chapter. See South Carolina Code 12-10-30
• Qualifying expenditures: means those expenditures that meet the requirements of § 12-10-80(C) or 12-10-81(D). See South Carolina Code 12-10-30
• 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.
• Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. ^{Source: FDIC}
• 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
• Related person: includes any entity or person that bears a relationship to a business as provided in Internal Revenue Code Section 267 or 707(b). See South Carolina Code 12-10-30
• Released claims: means released claims as that term is defined in the Master Settlement Agreement. See South Carolina Code 11-47-20
• Releasing parties: means releasing parties as that term is defined in the Master Settlement Agreement. See South Carolina Code 11-47-20
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Remand: When an appellate court sends a case back to a lower court for further proceedings.
• Research Centers of Excellence Review Board: means the board created pursuant to § 2-75-10. See South Carolina Code 11-51-30
• Research universities: means Clemson University, The Medical University of South Carolina, and the University of South Carolina-Columbia. See South Carolina Code 11-51-30
• Reserve fund requirement: means , as of any particular date of computation, the amount of money designated as the minimum capital reserve fund requirement as established by the resolution of the authority authorizing the issuance of or by the trust indenture securing any issue of bonds. See South Carolina Code 11-37-20
• Retirement allowance: means monthly payments for life under the system payable as provided in § 9-11-160. See South Carolina Code 9-11-10
• Retirement program: means a program of rights and obligations which a retirement system establishes or maintains and which, by its express terms or as a result of surrounding circumstances:
  
  (a) provides retirement benefits to qualifying employees and beneficiaries; or
  
  (b) results in a deferral of income by employees for periods extending to the termination of covered employment or beyond. See South Carolina Code 9-16-10
• Retirement system: means the South Carolina Retirement System, Retirement System for Judges and Solicitors, Retirement System for Members of the General Assembly, National Guard Retirement System, and Police Officers Retirement System established pursuant to Chapters 1, 8, 9, 10 and 11 of this title. See South Carolina Code 9-16-10
• Retraining agreement: means an agreement entered into between a business and the council in which a qualifying business is entitled to retraining credit pursuant to § 12-10-95. See South Carolina Code 12-10-30
• Retraining credit: means the amount that a business may claim as a credit against withholding pursuant to § 12-10-95 and the retraining agreement. See South Carolina Code 12-10-30
• 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
• Revitalization agreement: means an executed agreement entered into between the council and a qualifying business that describes the project and the negotiated terms and conditions for a business to qualify for a job development credit pursuant to § 12-10-80 or 12-10-81. See South Carolina Code 12-10-30
• Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
• Rollover distribution: means a rollover distribution as defined in Section 529A of the federal Internal Revenue Code of 1986, as amended. See South Carolina Code 11-5-410
• 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
• SCRHI Trust Fund: means the South Carolina Retiree Health Insurance Trust Fund established pursuant to § 1-11-705 to fund the employer cost for health benefits for retired state employees and retired public school district employees. See South Carolina Code 1-11-703
• Secretary: means the Secretary of the United States Treasury. See South Carolina Code 11-5-410
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Significant business: means a qualifying business making a significant capital investment as defined in § 12-44-30(7). See South Carolina Code 12-10-30
• 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
• State board: means the governing board of the State Fiscal Accountability Authority. See South Carolina Code 11-51-30
• State health and dental plans: means any insurance program administered by the employee insurance program pursuant to this article. See South Carolina Code 1-11-703
• State Retirement Systems: means all retirement systems established pursuant to Title 9 except for the National Guard Retirement System. See South Carolina Code 1-11-703
• State-covered entity: means state agencies and institutions, however described, and school districts. See South Carolina Code 1-11-703
• Statewide microlending support organization: means a community-based or nonprofit organization that has a demonstrated capacity and a plan for providing and administering grants or loans to microloan delivery organizations. See South Carolina Code 11-56-20
• Statute: A law passed by a legislature.
• Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
• 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
• Technology intensive activities: means the design, development, and introduction of new products or innovative manufacturing processes, or both, through the systematic application of scientific and technical knowledge at a technology intensive facility as defined in § 12-6-3360(M). See South Carolina Code 12-10-30
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• this State: means the State of South Carolina. See South Carolina Code 11-49-20
• Tobacco product manufacturer: means an entity that after the date of enactment of this act (and not exclusively through any affiliate):
  
  (1) manufactures cigarettes anywhere that such manufacturer intends to be sold in the United States, including cigarettes intended to be sold in the United States through an importer (except where such importer is an original participating manufacturer (as that term is defined in the Master Settlement Agreement) that will be responsible for the payments under the Master Settlement Agreement with respect to such cigarettes as a result of the provisions of subsection II(mm) of the Master Settlement Agreement and that pays the taxes specified in subsection II(z) of the Master Settlement Agreement, and provided that the manufacturer of such cigarettes does not market or advertise such cigarettes in the United States);
  
  (2) is the first purchaser anywhere for resale in the United States of cigarettes manufactured anywhere that the manufacturer does not intend to be sold in the United States; or
  
  (3) becomes a successor of an entity described in subitem (1) or (2). See South Carolina Code 11-47-20
• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• Trust fund paid premiums: means the employer premium for state health and dental plans coverage paid by the SCRHI Trust Fund on behalf of a retiree. See South Carolina Code 1-11-703
• Trustee: A person or institution holding and administering property in trust.
• Trustee: means the Board of Directors of the South Carolina Public Employee Benefit Authority. See South Carolina Code 9-16-10
• Unfunded actuarial accrued liability: means for any actuarial valuation the excess of the actuarial accrued liability over the actuarial value of the assets of the fund under an actuarial cost method utilized by the fund for funding purposes. See South Carolina Code 1-11-703
• Units sold: means the number of individual cigarettes sold in the State by the applicable tobacco product manufacturer (whether directly or through a distributor, retailer, or similar intermediary or intermediaries) during the year in question, as measured by excise taxes collected by the State on packs (or "roll-your-own" tobacco containers). See South Carolina Code 11-47-20
• User fees: Fees charged to users of goods or services provided by the government. In levying or authorizing these fees, the legislature determines whether the revenue should go into the treasury or should be available to the agency providing the goods or services.
• Venue: The geographical location in which a case is tried.
• Withholding: means employee withholding pursuant to Chapter 8 of this title. See South Carolina Code 12-10-30