South Carolina Statutes
§ 59-109-40 — Educational Facilities Authority for Private Nonprofit Institutions of Higher Learning.
South Carolina·Title 59 EDUCATION·Ch. 109 EDUCATIONAL FACILITIES AUTHORITY ACT FOR PRIVATE NONPROFIT INSTITUTIONS OF HIGHER LEARNING
There is hereby created a body politic and corporate to be known as the "Educational Facilities Authority for Private Nonprofit Institutions of Higher Learning," hereinafter in this chapter called the authority. The authority is constituted a public instrumentality and the exercise by the authority of the powers conferred by this chapter must be deemed and held to be the performance of an essential public function. The authority shall consist of the members from time to time of the State Fiscal Accountability Authority, ex officio; and all the functions and powers of the authority are hereby granted to the State Fiscal Accountability Authority, as an incident of its functions in connection with the public finances of the State.
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South Carolina § 59-109-40 (Educational Facilities Authority for Private Nonprofit Institutions of Higher Learning.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1962 Code SECTION 22-41.3; 1969 (56) 444; 1975 (59) 47; 2014 Act No. 121 (S.22), Pt VII, SECTION 20.N, eff July 1, 2015. Effect of Amendment 2014 Act No. 121, SECTION 20.N, twice substituted "Fiscal Accountability Authority" for "Budget and Control Board", and made other nonsubstantive changes.
Nearby Sections
15
§ 59-109-10
Short title.§ 59-109-100
Trust agreement to secure bonds.§ 59-109-130
Monies received deemed trust funds.§ 59-109-140
Enforcement of rights of bondholders.§ 59-109-150
Exemption from taxation.§ 59-109-160
Bonds as legal investments.§ 59-109-170
Annual reports.§ 59-109-30
Definitions.§ 59-109-50
Purpose of authority; powers enumerated.§ 59-109-60
Expenses.