Home/South Carolina/Statutes/Title 13: PLANNING, RESEARCH AND DEVELOPMENT/Ch. 12: TRIDENT ECONOMIC DEVELOPMENT FINANCE AUTHORITY/§ 13-12-180
South Carolina Statutes

§ 13-12-180 — Net earnings of authority not to inure to benefit of person other than authority.

South Carolina·Title 13 PLANNING, RESEARCH AND DEVELOPMENT·Ch. 12 TRIDENT ECONOMIC DEVELOPMENT FINANCE AUTHORITY
The net earnings of the authority, beyond that necessary for retirement of its bonds or other obligations or to implement the purposes of this chapter, may not inure to the benefit of any person other than the authority.

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South Carolina § 13-12-180 (Net earnings of authority not to inure to benefit of person other than authority.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

HISTORY: 1992 Act No. 515, SECTION 1, eff September 1, 1992; 1992 Act No. 518, SECTION 1, eff September 2, 1992.

Nearby Sections

15
§ 13-12-10
Authority created; jurisdictional area; governing body; selection and terms of members; filling of vacancies.
§ 13-12-100
Notice of governing bodies' actions; call for election.
§ 13-12-110
Right to challenge action taken by county governing bodies.
§ 13-12-120
Manner of election; majority vote required.
§ 13-12-130
Issuance of bonds following authorization.
§ 13-12-15
Referendum in nonparticipating county whether to participate in authority.
§ 13-12-150
Signature and attestation of bonds and interest coupons.
§ 13-12-160
Resolutions, covenants, and agreements pertaining to issuance of bonds are binding; enforceability.
§ 13-12-170
General obligation bonds secured by full faith and credit and taxing power; revenue bonds of limited obligation; security; trustee of security agreement or indenture.
§ 13-12-180
Net earnings of authority not to inure to benefit of person other than authority.
§ 13-12-190
Carryover of unexpended funds from year to year.
§ 13-12-20
Officers of governing board; committees; meetings; quorum.
§ 13-12-200
Determinations required to be made by authority prior to undertaking projects; determinations to be set forth in record of proceedings.
§ 13-12-210
Disposition of proceeds from sale of bonds; what constitutes cost of acquiring project.
§ 13-12-220
Implementation contingent upon vote of electors in two or more of affected counties.
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