§ 48-5-50 — Continuation of existing fund; deposits to fund; use of funds.

South Carolina § 48-5-50

• Jurisdiction: South Carolina
• Title 48: ENVIRONMENTAL PROTECTION AND CONSERVATION
• Ch. 5: SOUTH CAROLINA WATER QUALITY REVOLVING FUND AUTHORITY ACT

Text

(A) The clean water fund established pursuant to the former provisions of Chapter 6 of Title 48 is continued in existence and held and administered by the authority in accordance with the provisions of this chapter and policies, rules, regulations, directives, and agreements as may be promulgated or entered into by the authority pursuant to this chapter. Earnings on balances in the clean water fund must be credited to the clean water fund. Amounts remaining in the clean water fund at the end of a fiscal year accrue only to the credit of the clean water fund. Amounts in the clean water fund must be available in perpetuity for the purpose of providing financial assistance in accordance with the provisions of this chapter and the Clean Water Act. (B) There must be deposited in the clean water fund: (1) federal capitalization grants and awards or other federal assistance received by the department under authority of the Clean Water Act for purposes of the clean water fund; (2) funds appropriated by the General Assembly for deposit to the clean water fund; (3) payments received from a project sponsor in repayment of a loan, including amounts withheld by the State Treasurer and paid to the authority pursuant to Section 48-5-170; (4) net proceeds of bonds issued by the authority; (5) interest or other income earned on the investment of monies in the clean water fund; and (6) additional monies made available from public or private sources for the purposes for which the clean water fund has been established. (C) Amounts in the clean water fund may be used only: (1) to make loans to project sponsors in accordance with provisions of this chapter and the Clean Water Act; (2) to buy or refinance debt obligations of project sponsors at or below market rates, if the debt obligations were incurred after March 7, 1985; (3) to guarantee or purchase insurance for bonds, notes, or other evidences of obligation issued by a project sponsor for the purpose of financing all or a portion of the cost of a project, if the action improves credit market access or reduces interest rates; (4) as a source of revenue or security for the payment of principal and interest on bonds issued by the authority if the proceeds of the sale of the bonds are deposited in the clean water fund; (5) to earn interest on clean water fund accounts; (6) for the reasonable costs of administering the clean water fund and conducting activities under the Clean Water Act; and (7) for any other purpose authorized by the Clean Water Act or any other federal law governing or appropriating funds for the clean water fund. (D) The authority may establish accounts and subaccounts within the clean water fund as considered desirable to effectuate the purposes of this chapter, to comply with the provisions of a bond resolution, or to meet a requirement of the Clean Water Act.

Legislative History

HISTORY: 1992 Act No. 513, SECTION 3; 1997 Act No. 41, SECTION 6; 2010 Act No. 185, SECTION 1, eff May 28, 2010. Effect of Amendment The 2010 amendment in subsection (C)(7) added the text following the reference to the Safe Drinking Water Act.