South Carolina § 11-43-120 Creation of South Carolina Transportation Infrastructure Bank; board of directors; corporate purpose; accounts.

South Carolina Statutes

§ 11-43-120 — Creation of South Carolina Transportation Infrastructure Bank; board of directors; corporate purpose; accounts.

South Carolina § 11-43-120

Title 11PUBLIC FINANCE

Ch. 43SOUTH CAROLINA TRANSPORTATION INFRASTRUCTURE BANK ACT

This text of South Carolina § 11-43-120 (Creation of South Carolina Transportation Infrastructure Bank; board of directors; corporate purpose; accounts.) is published on Counsel Stack Legal Research, covering South Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.C. Code Ann. § 11-43-120 (2026).

Text

(A)There is created a body corporate and politic and an instrumentality of the State to be known as the South Carolina Transportation Infrastructure Bank.

(B)The bank is governed by a board of directors as provided in this chapter.

(C)The corporate purpose of the bank is to select and assist in financing major qualified projects by providing loans and other financial assistance to government units and private entities for constructing and improving highway and transportation facilities necessary for public purposes including economic development. The exercise by the bank of a power conferred in this chapter is an essential public function.

(D)The bank shall establish and maintain at least the four following accounts: state highway account, state transit account, federal highway account

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(A) There is created a body corporate and politic and an instrumentality of the State to be known as the South Carolina Transportation Infrastructure Bank. (B) The bank is governed by a board of directors as provided in this chapter. (C) The corporate purpose of the bank is to select and assist in financing major qualified projects by providing loans and other financial assistance to government units and private entities for constructing and improving highway and transportation facilities necessary for public purposes including economic development. The exercise by the bank of a power conferred in this chapter is an essential public function. (D) The bank shall establish and maintain at least the four following accounts: state highway account, state transit account, federal highway account, and federal transit account.