§ 31-13-90 — Issuance of notes or bonds for multi-family housing; approval by State Fiscal Accountability Authority.

It is intended by the provisions of this section and SECTIONS 31-3-20(15) and (17) and 31-3-540 that the city, county, and regional housing authorities have the same powers presently granted to the State Housing Finance and Development Authority by the provisions of SECTIONS 31-13-160 through 31-13-330 with respect to multi-family housing only. The provisions of this section and SECTIONS 31-3-20(15) and (17) and 31-3-540 do not apply to the financing, acquisition, or construction of single family dwellings by the State Housing Finance and Development Authority. Following a determination made by an Authority that a series of notes or bonds must be sold and a finding that the revenues or other moneys estimated to thereafter be available for the repayment thereof will provide moneys required for the payment of the principal and interest on the notes and bonds outstanding and the notes or bonds then proposed to be issued, the Authority shall submit the following information to the State Fiscal Accountability Authority: (1) the principal amount of the notes or bonds proposed to be issued. (2) the purpose or purposes for which the proceeds of such notes or bonds are to be expended. (3) the maturity schedule of the notes or bonds proposed to be issued. (4) a schedule showing the annual debt service requirements on all outstanding notes or bonds of the Authority. (5) a schedule showing the amount and source of revenues available for the payment of the debt service requirements established by the schedule required in item (4). (6) the method to be employed in selling the proposed notes or bonds. (7) any other information which the State Fiscal Accountability Authority shall require. If the State Fiscal Accountability Authority shall determine that the funds estimated to thereafter be available for the repayment of the Authority's notes and bonds, including the proposed notes or bonds, will be sufficient to provide for the payment of the principal and interest on the Authority's notes and bonds thereafter to be outstanding as they become due, the State Fiscal Accountability Authority is authorized to give its approval to the issuance, in whole or in part, of the proposed notes or bonds, subject to such conditions, if any, as it may impose.

Legislative History

HISTORY: 1986 Act No. 369, SECTION 1; 1988 Act No. 538, SECTION 2; redesignated from SECTION 31-3-180 by 1992 Act No. 410, SECTION 3. Code Commissioner's Note At the direction of the Code Commissioner, references in this section to the offices of the former State Budget and Control Board, Office of the Governor, or other agencies, were changed to reflect the transfer of them to the Department of Administration or other entities, pursuant to the directive of the South Carolina Restructuring Act, 2014 Act No. 121, SECTION 5(D)(1), effective July 1, 2015. ARTICLE 3 Issuance of Bonds and Other Obligations