South Carolina · statute · S.C. Code tit. 57, ch. 11 · 19 active provisions
As used in this article: (1) "Accident claims" means all claims against the department as provided for by law, except contractual claims; (2) "Gasoline user fee" includes taxes for the privilege of selling, consigning, using, shipping, or distributing gasoline or any substitutes or combination of them, usable in intern…
(A)(1) All state revenues and state monies dedicated by statute to the operation of the department must be deposited into either the "State Highway Fund", the "State Non-Federal Aid Highway Fund", or the "Infrastructure Maintenance Trust Fund". All funds must be held and managed by the State Treasurer separate and dist…
The department shall adopt a budget in accordance with the provisions of Chapters 9 and 11 of Title 11.
The terms defined herein shall have the meanings hereinafter set forth: (1) "Fiscal year" means the fiscal year upon which the affairs of the State of South Carolina are then being conducted. As of the date of this enactment it is that which begins on July first and ends on June thirtieth of the succeeding calendar yea…
Whenever it shall become necessary that monies be raised for highway transportation purposes, or construction and equipment of headquarters administrative facilities, including monies to be used to refund any state highway bonds then outstanding, the commission may make a request to the State Fiscal Accountability Auth…
Following the receipt of any request pursuant to Section 57-11-220, the State Fiscal Accountability Authority or the Department of Administration, as applicable, shall review the same and to the extent that it shall approve such request, it shall be empowered, by resolution duly adopted, to effect the issuance of state…
The maximum annual debt service on general obligation bonds issued or outstanding as state highway bonds shall not exceed the debt service limits established in Article X, Section 13 of the South Carolina Constitution. Within such limitations, state highway bonds may be issued for state highway transportation purposes…
For the payment of the principal of and interest on all state highway bonds (whether now outstanding or hereafter issued), as the same shall come due, there shall be pledged the full faith, credit, and taxing power of the State of South Carolina and, in addition thereto, all of the monies derived from all sources of re…
The pledge of monies derived from the sources of revenue shall not preclude the General Assembly from revising the quantum of any tax included in the sources of revenue except that, so long as any state highway bonds shall be outstanding, the sources of revenue shall be not less than the amount needed to fund the gener…
The commission is authorized to request the State Fiscal Accountability Authority to issue state highway bonds. In order to effect the issuance of bonds pursuant to this article, the State Fiscal Accountability Authority may adopt a resolution providing for the issuance of state highway bonds, upon written request by t…
Following receipt of a certified copy of the resolution of the state board the Governor and State Treasurer shall issue state highway bonds in accordance with the provisions of the resolution of the State Fiscal Accountability Authority.
State highway bonds shall be issued in such form, in such denominations, and with such provisions as to time, place, or places and medium of payment as may be determined by the State Fiscal Accountability Authority, subject to the provisions of this article.
State highway bonds shall be issued as fully registered bonds with both principal and interest thereof made payable only to the registered holder. Such fully registered bonds shall be subject to transfer under such conditions as the State Fiscal Accountability Authority shall prescribe.
State highway bonds shall bear interest, payable on such occasions as shall be prescribed by the State Fiscal Accountability Authority. Each issue of state highway bonds shall mature in annual series or installments, which shall mature not more than twenty-five years after such date. Such installments or series may be…
All state highway bonds issued under this article, and the interest thereon, shall be exempt from all state, county, municipal, school district, and other taxes or assessments, direct or indirect, general or special, imposed by the State of South Carolina, whether imposed for the purpose of general revenue or otherwise…
State highway bonds shall be sold by the Governor and the State Treasurer upon sealed proposals, after publication of notice of such sale one or more times at least seven days before such sale, in a newspaper of general circulation in the State and also in a financial paper published in New York City which regularly pu…
It shall be lawful for all executors, administrators, guardians, and other fiduciaries and all sinking fund commissions, including the State Fiscal Accountability Authority of South Carolina as manager and administrator of other state sinking funds, to invest any monies in their hands in state highway bonds.
The proceeds of the sale of state highway bonds must be received by the State Treasurer and applied by the State Treasurer to the purposes for which issued, except that the accrued interest, if any, must be used to discharge in part the first interest to become due on the bonds, but the purchasers of the bonds are not…
The proceeds derived from the sale of state highway bonds shall be applied only to the purposes set forth in the resolution of the State Fiscal Accountability Authority pursuant to which the bonds are issued.