§ 11-43-160 — Sources for capitalization and purposes of bank; use of state highway account revenues.

South Carolina § 11-43-160

• Jurisdiction: South Carolina
• Title 11: PUBLIC FINANCE
• Ch. 43: SOUTH CAROLINA TRANSPORTATION INFRASTRUCTURE BANK ACT

Text

(A) The following sources may be used to capitalize the bank and for the bank to carry out its purposes: (1) an annual contribution set by the board of an amount not to exceed revenues produced by one cent a gallon of the tax on gasoline imposed pursuant to Section 12-28-310; (2) federal funds made available to the State; (3) federal funds made available to the State for the bank; (4) contributions and donations from government units, private entities, and any other source as may become available to the bank including, but not limited to, appropriations from the General Assembly; (5) all monies paid or credit to the bank, by contract or otherwise, payments of principal and interest on loans or other financial assistance made from the bank, and interest earnings which may accrue from the investment or reinvestment of the bank's monies; (6) proceeds from the issuance of bonds as provided in this chapter; (7) other lawful sources as determined appropriate by the board; and (8) loans from the Department of Transportation to the bank to be repaid from revenues committed to the bank for the following year. (B) Beginning in fiscal year 1998-99, the revenues collected pursuant to Sections 56-3-660 and 56-3-670 and placed in the state highway account, as created by this chapter, must be used to provide capital for the bank.

Legislative History

HISTORY: 1997 Act No. 148, SECTION 2; 1999 Act No. 100, Part II, SECTION 22.