South Carolina § 13-12-200 Determinations required to be made by authority prior to undertaking projects; determinations to be set forth in record of proceedings.

South Carolina Statutes

§ 13-12-200 — Determinations required to be made by authority prior to undertaking projects; determinations to be set forth in record of proceedings.

South Carolina·Title 13 PLANNING, RESEARCH AND DEVELOPMENT·Ch. 12 TRIDENT ECONOMIC DEVELOPMENT FINANCE AUTHORITY

Before undertaking a project in connection with issuing bonds authorized by Section 13-12-40, the board of the authority shall make a determination:

(1)that the project will serve the purposes of this chapter;

(2)that the project is anticipated to benefit the general public welfare of the area by providing services, employment, recreation, or other public benefits;

(3)as to the amount of bonds required to finance the project;

(4)as to the amount necessary in each year to pay the principal of and the interest on the bonds proposed to be issued to finance the project;

(5)as to the amount necessary to be paid each year into any reserve funds which the board may consider advisable to establish in connection with the retirement of the proposed bonds and the maintenance of the project. The

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Before undertaking a project in connection with issuing bonds authorized by Section 13-12-40, the board of the authority shall make a determination: (1) that the project will serve the purposes of this chapter; (2) that the project is anticipated to benefit the general public welfare of the area by providing services, employment, recreation, or other public benefits; (3) as to the amount of bonds required to finance the project; (4) as to the amount necessary in each year to pay the principal of and the interest on the bonds proposed to be issued to finance the project; (5) as to the amount necessary to be paid each year into any reserve funds which the board may consider advisable to establish in connection with the retirement of the proposed bonds and the maintenance of the project. The determinations of the board must be set forth in the proceedings as required by Section 11-15-10 under which the proposed bonds are to be issued.

South Carolina § 13-12-200 (Determinations required to be made by authority prior to undertaking projects; determinations to be set forth in record of proceedings.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.