Educational Facilities Authority Act
South Carolina · Education · §§ 59-109-10 to 59-109-90 · 18 sections
Overview
This act authorizes a state-level authority to help private, nonprofit institutions of higher education finance educational facilities without pledging the state's own credit. The authority reviews an institution's declared need, then issues tax-exempt revenue bonds and lends the proceeds to the institution under a loan agreement, with the institution's repayments flowing into a sinking fund that services the debt. Supporting provisions govern bond sales, refunding, the rights of bondholders, the handling of bond proceeds and other monies as trust funds, and the acceptance of grants and other contributions.
Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.
Sections covered
- S.C. Code Ann. § 59-109-10Short title
- S.C. Code Ann. § 59-109-100Trust agreement to secure bonds
- S.C. Code Ann. § 59-109-110Bonds not considered debt or liability of State or any political subdivision
- S.C. Code Ann. § 59-109-120Institutions to complete projects if bond proceeds insufficient; payments required; disposition of monies received
- S.C. Code Ann. § 59-109-130Monies received deemed trust funds
- S.C. Code Ann. § 59-109-140Enforcement of rights of bondholders
- S.C. Code Ann. § 59-109-150Exemption from taxation
- S.C. Code Ann. § 59-109-160Bonds as legal investments
- S.C. Code Ann. § 59-109-170Annual reports
- S.C. Code Ann. § 59-109-180Chapter as supplemental; authority not subject to regulation, approval, or consent of other agencies or the like
- S.C. Code Ann. § 59-109-20Legislative declaration of policy and purpose
- S.C. Code Ann. § 59-109-30Definitions
- S.C. Code Ann. § 59-109-40Educational Facilities Authority for Private Nonprofit Institutions of Higher Learning
- S.C. Code Ann. § 59-109-50Purpose of authority; powers enumerated
- S.C. Code Ann. § 59-109-60Expenses
- S.C. Code Ann. § 59-109-70Acquisition of property by authority
- S.C. Code Ann. § 59-109-80Transfer of property to participating institution after payment of bonds; option to renew lease or purchase project prior to retirement of bonds
- S.C. Code Ann. § 59-109-90Bond anticipation notes; issuance, terms, form, and execution of bonds and notes
Enacted in other states
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