In order to make the maximum use of Volume Cap allocations, any bond enabling act which specifies particular projects or users must be construed to provide that any recovery zone property as defined in Section 1400U-3(b) of the Code will be deemed to qualify as a project. Accordingly, any person engaged in a qualified business as defined in Section 1400U-3(b)(2) of the Code will be permitted as beneficiary of any such bonds.
S.C. Code Ann. § 11-18-80
Maximum use of Volume Cap allocations
Known as the South Carolina Volume Cap Allocation Act
The act spans §§ 11–11 (9 sections).
2010 Act No. 290, SECTION 15.A, eff June 23, 2010.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.