S 499 Session 112 (1997-1998)
S 0499 General Bill, By Leatherman, Elliott, Glover, Leventis, McGill, Rankin,
Ravenel and Saleeby
A BILL TO AMEND TITLE 11, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO
PUBLIC FINANCE, BY ADDING CHAPTER 42 ENACTING THE SOUTH CAROLINA
TRANSPORTATION INFRASTRUCTURE BANK ACT SO AS TO ESTABLISH THE SOUTH CAROLINA
TRANSPORTATION INFRASTRUCTURE BANK, PROVIDE FOR ITS GOVERNANCE, POWERS, AND
DUTIES, AND SOURCES OF CAPITALIZATION INCLUDING GENERAL FUND TRANSFERS AND
AMOUNTS EQUAL TO ONE-HALF OF ANNUAL STATE HIGHWAY FUND GROWTH, AND TO PROVIDE
A SCHEDULE OF INITIAL PRIORITY PROJECTS FOR BANK FINANCING; TO AMEND SECTION
12-28-2720, AS AMENDED, RELATING TO THE DISTRIBUTION OF GAS TAX REVENUES, SO
AS TO DEDICATE ONE CENT A GALLON OF GASOLINE TAX REVENUES TO THE BANK
ESTABLISHED BY THIS ACT; TO AMEND SECTIONS 12-28-2740, 12-28-2910, AND
57-11-20, ALL AS AMENDED, RELATING TO "C" FUND ALLOCATIONS, THE ECONOMIC
DEVELOPMENT ACCOUNT, AND THE STATE HIGHWAY FUND, SO AS TO REQUIRE INTEREST
EARNINGS ON THE COUNTY TRANSPORTATION FUND AND THE OTHER NAMED FUNDS TO BE
CREDITED TO THE BANK ESTABLISHED BY THIS ACT; TO AMEND SECTION 57-3-615, AS
AMENDED, RELATING TO USE OF TOLL REVENUES, SO AS TO ALLOW TOLL REVENUES TO BE
USED FOR THE PEE DEE PROJECTS, TO AUTHORIZE AND SPECIFY THE PEE DEE PROJECTS
FOR FINANCING BY THE SOUTH CAROLINA TRANSPORTATION INFRASTRUCTURE BANK, TO
PROVIDE FOR BRIDGE IMPROVEMENTS ON I-95 AND THE IMPOSITION OF TOLLS ON
VEHICLES ENTERING THIS STATE ON I-95 TO PAY FOR THIS AND THE PEE DEE PROJECTS,
AND TO PROVIDE FOR A THIRTY-DOLLAR ANNUAL PASS AVAILABLE TO RESIDENTS OF THIS
STATE EXEMPTING THEM FROM THE TOLLS .
03/06/97 Senate Introduced and read first time SJ-10
03/06/97 Senate Referred to Committee on Transportation SJ-10
A BILL
TO AMEND TITLE 11, CODE OF LAWS OF SOUTH
CAROLINA, 1976, RELATING TO PUBLIC FINANCE, BY
ADDING CHAPTER 42 ENACTING THE SOUTH CAROLINA
TRANSPORTATION INFRASTRUCTURE BANK ACT SO AS TO
ESTABLISH THE SOUTH CAROLINA TRANSPORTATION
INFRASTRUCTURE BANK, PROVIDE FOR ITS
GOVERNANCE, POWERS, AND DUTIES, AND SOURCES OF
CAPITALIZATION INCLUDING GENERAL FUND TRANSFERS
AND AMOUNTS EQUAL TO ONE-HALF OF ANNUAL STATE
HIGHWAY FUND GROWTH, AND TO PROVIDE A SCHEDULE
OF INITIAL PRIORITY PROJECTS FOR BANK FINANCING; TO
AMEND SECTION 12-28-2720, AS AMENDED, RELATING TO
THE DISTRIBUTION OF GAS TAX REVENUES, SO AS TO
DEDICATE ONE CENT A GALLON OF GASOLINE TAX
REVENUES TO THE BANK ESTABLISHED BY THIS ACT; TO
AMEND SECTIONS 12-28-2740, 12-28-2910, AND 57-11-20, ALL
AS AMENDED, RELATING TO "C" FUND ALLOCATIONS,
THE ECONOMIC DEVELOPMENT ACCOUNT, AND THE
STATE HIGHWAY FUND, SO AS TO REQUIRE INTEREST
EARNINGS ON THE COUNTY TRANSPORTATION FUND AND
THE OTHER NAMED FUNDS TO BE CREDITED TO THE
BANK ESTABLISHED BY THIS ACT; TO AMEND SECTION
57-3-615, AS AMENDED, RELATING TO USE OF TOLL
REVENUES, SO AS TO ALLOW TOLL REVENUES TO BE
USED FOR THE PEE DEE PROJECTS, TO AUTHORIZE AND
SPECIFY THE PEE DEE PROJECTS FOR FINANCING BY THE
SOUTH CAROLINA TRANSPORTATION INFRASTRUCTURE
BANK, TO PROVIDE FOR BRIDGE IMPROVEMENTS ON I-95
AND THE IMPOSITION OF TOLLS ON VEHICLES ENTERING
THIS STATE ON I-95 TO PAY FOR THIS AND THE PEE DEE
PROJECTS, AND TO PROVIDE FOR A THIRTY-DOLLAR
ANNUAL PASS AVAILABLE TO RESIDENTS OF THIS STATE
EXEMPTING THEM FROM THE TOLLS .
Be it enacted by the General Assembly of the State of South
Carolina:
SECTION 1. The General Assembly finds that:
(1) Adequate transportation facilities are an important element in
the ability of a community to provide for the health and welfare of its
citizens and the continuing economic growth and development that
will provide jobs for the citizens of South Carolina.
(2) Traditional transportation financing methods in South Carolina
cannot generate the resources necessary to fund the cost of
transportation facilities which are required for continued economic
viability and future economic expansion.
(3) The State of South Carolina has the ability to provide for
alternative methods of financing highway and transportation projects.
(4) Loans and other financial assistance to government units and
private entities can play an important part in meeting transportation
needs, and this assistance is in the public interest, for the public
benefit and good as a matter of legislative intent.
(5) This chapter provides an instrumentality to assist government
units and private entities in constructing and improving highway and
transportation facilities by providing loans and other financial
assistance.
SECTION 2. Title 11 of the 1976 Code is amended by adding:
"CHAPTER 42
South Carolina Transportation Infrastructure Bank
Act
Section 11-42-10. This chapter may be referred to as the 'South
Carolina Transportation Infrastructure Bank Act'.
Section 11-42-20. (A) There is created a body corporate and
politic and an instrumentality of the State to be known as the South
Carolina Transportation Infrastructure Bank.
(B) The bank is governed by a board of directors as provided in
this chapter.
(C) The corporate purpose of the bank is to provide loans and other
financial assistance to government units and private entities for
constructing and improving highway and transportation facilities
necessary for public purposes including economic development. The
exercise by the authority of a power conferred in this chapter is an
essential public function.
(D) The bank shall establish and maintain at least the four
following accounts: state highway account, state transit account,
federal highway account, and federal transit account.
(E) The board shall ensure that the bank maintains on a continuing
basis a sufficient investment grade rating on its debt issuances or has
a sufficient level of bond or debt instrument insurance to maintain the
viability of the bank.
(F) Nothing in this chapter limits the bank from assessing and
determining creditworthiness of applicants submitting applications
for projects. This determination of creditworthiness shall not
supplant those of bond rating agencies nor does it affect the bond
instruments associated with the bank.
Section 11-42-30. As used in this chapter:
(1) 'Bank' means the South Carolina Transportation Infrastructure
Bank established pursuant to this chapter.
(2) 'Board' means the board of directors of the bank.
(3) 'Bonds' means bonds, notes, or other evidence of indebtedness.
(4) 'Department of Transportation' means the South Carolina
Department of Transportation, an agency of the State, and its
successors.
(5) 'Eligible cost' means as applied to a qualified project to be
financed from the federal accounts, the costs that are permitted under
applicable federal laws, requirements, procedures, and guidelines in
regard to establishing, operating, and providing assistance from the
bank. As applied to a qualified project to be financed from the state
highway account, these costs include the costs of preliminary
engineering, traffic and revenue studies, environmental studies,
right-of-way, legal and financial services associated with the
development of the qualified project, construction, construction
management, facilities, and other costs necessary for the start up of
the qualified project. As applied to any qualified project to be
financed from the state transit account, eligible project costs are
limited to capital expenditures for transit equipment and facilities.
Notwithstanding any other provision of law, a county may construct
or improve an eligible project with monies borrowed from or
financial assistance provided by the bank.
(6) 'Eligible project' means a highway or transit project which
provides public benefits by either enhancing mobility and safety,
promoting economic development, or increasing the quality of life
and general welfare of the public.
(7) 'Federal accounts' means collectively, the separate account for
federal highway funds and federal transit funds.
(8) 'Financing agreement' means any agreement entered into
between the bank and a qualified borrower pertaining to a loan,
bonds, or other financial assistance. This agreement may contain, in
addition to financial terms, provisions relating to the regulation and
supervision of a qualified project, or other provisions as the board
may determine. The term 'financing agreement' includes, without
limitation, a loan agreement, trust agreement, trust indenture, security
agreement, reimbursement agreement, guarantee agreement, bond or
note, ordinance or resolution, or similar instrument.
(9) 'Government obligations or governmental obligations' means
bonds, notes, or other evidence of indebtedness issued by a
government unit to evidence a loan.
(10) 'Government unit' means a municipal corporation, county,
special purpose district, public service district, commissioners of
public works, or another public body, instrumentality or agency of
the State including combinations of two or more of these entities
acting jointly to construct, own, or operate a qualified project, and
any other state or local authority, board, or other political subdivision
created by the General Assembly or pursuant to the Constitution and
laws of this State which may construct, own, or operate a qualified
project.
(11) 'Loan' means an obligation subject to repayment which is
provided by the bank to a qualified borrower for all or a part of the
cost of a qualified project. A loan may be disbursed in anticipation
of reimbursement for or direct payment of costs of a qualified project.
(12) 'Loan obligation' means a bond, note, or other evidence of
obligation issued by a qualified borrower.
(13) 'Other financial assistance' means, but is not limited to, credit
enhancement, capital or debt reserves for bonds or debt instrument
financing, interest rate subsidies, letters of credit and credit
instruments, bonds, provisions of bond or other debt financing
instrument security, and other lawful forms of financing and methods
of leveraging funds that are approved by the board, and in the case of
federal funds, as shown by federal law and includes, but is not limited
to, instruments and methods for long-term financing, short-term
financing, fixed financing, variable financing, taxable and tax exempt
instruments, letters of credit, financial instruments whose value is
determined by the value of underlying assets, rates or indexes, and
other financial instruments not yet determined or created.
(14) 'Private entity' means a private person or entity that has
entered into a contract with a government unit to design, finance,
construct, and operate a highway bridge, tunnel, or approach that is
within the jurisdiction of the government unit that is responsible for
complying with applicable federal requirements.
(15) 'Project revenues' means all rates, rents, fees, assessments,
charges, and other receipts derived or to be derived by a qualified
borrower from a qualified project or made available from a special
source, and, if provided in the applicable financing agreement,
derived from any system of which the qualified project is a part of
from any other revenue-producing facility under the ownership or
control of the qualified borrower including, without limitation,
proceeds or grants, gifts, appropriations and loans, including the
proceeds of loans made by the bank, investment earnings, reserves
for capital and current expenses, proceeds of insurance or
condemnation and proceeds from the sale or other disposition of
property.
(16) 'Qualified borrower' means any government unit or private
entity which is authorized to construct, operate, or own a qualified
project.
(17) 'Qualified project' means an eligible project which has been
selected by the bank to receive a loan or other financial assistance
from the bank to defray an eligible cost.
(18) 'Regional government unit' means a government unit which is
authorized to construct, own, or operate an eligible project on behalf
of two or more government units or designated parts of it.
(19) 'Revenues' means when used with respect to the bank, any
receipts, fees, income, or other payments received or to be received
by the bank including, without limitation, receipts and other
payments deposited in the bank and investment earnings on its funds
and accounts.
(20) 'State accounts' means, collectively, the separate account for
state highway funds and state transit funds.
Section 11-42-40. The board of directors is the governing board of
the bank and consists of six members as follows:
(1) the chairman of the Department of Transportation
Commission, ex officio;
(2) the director of the Department of Commerce, ex officio;
(3) the State Treasurer, ex officio;
(4) one member appointed by the Speaker of the House of
Representatives who may be a member of the House of
Representatives and, if so, shall serve ex officio;
(5) one member appointed by the President Pro Tempore of the
Senate who may be a member of the Senate and, if so, shall serve ex
officio;
(6) one member appointed by the Governor.
Appointed members shall serve for terms of two years and until
their successors are appointed and qualify, terminable at the will of
the appointing authority. The Governor shall designate a member
who shall serve as chairman of the board of directors. Vacancies
must be filled in the manner of original appointment for the
unexpired portion of the term. Members shall not receive
compensation, but are allowed the mileage and subsistence provided
by law for members of state boards, committees, and commissions.
Section 11-42-50. (A) In addition to the powers contained
elsewhere in this chapter, the bank has all power necessary, useful,
or appropriate to fund, operate and administer the bank, and to
perform its other functions including, but not limited to, the power to:
(1) have perpetual succession;
(2) adopt, promulgate, amend, and repeal bylaws, subject to the
approval of the board not inconsistent with this chapter for the
administration of its affairs and the implementation of its functions;
(3) sue and be sued in its own name;
(4) have a seal and alter it at its pleasure, although the failure to
affix the seal does not affect the validity of an instrument executed on
behalf of the bank;
(5) make loans to qualified borrowers to finance the eligible
costs of qualified projects and to acquire, hold, and sell loan
obligations at prices and in a manner as the board determines
advisable;
(6) provide qualified borrowers with other financial assistance
necessary to defray eligible costs of a qualified project;
(7) to issue bonds as defined in Section 11-42-30(3);
(8) enter into contracts, arrangements, and agreements with
qualified borrowers and other persons and to execute and deliver all
financing agreements and other instruments necessary or convenient
to the exercise of the powers granted in this chapter;
(9) enter into agreements with a department, agency, or
instrumentality of the United States or of this State or another state
for the purpose of planning and providing for the financing of
qualified projects;
(10) establish:
(a) policies and procedures for the making and administering
of loans and other financial assistance; and
(b) fiscal controls and accounting procedures to ensure proper
accounting and reporting by the bank, government units, and private
entities.
(11) acquire by purchase, lease, donation, or other lawful means
and to sell, convey, pledge, lease, exchange, transfer, and dispose of
all or any part of its properties and assets of every kind and character
or any interest in it, to further the public purpose of the bank;
(12) expend funds to obtain accounting, management, legal,
financial consulting, and other professional services necessary to the
operations of the bank;
(13) establish advisory committees as the board determines
appropriate, which may include individuals from the private sector
with banking and financial expertise;
(14) procure insurance against losses in connection with its
property, assets, or activities including insurance against liability for
its acts or the acts of its employees or agents or the employees or
agents of the Department of Transportation, or to establish cash
reserves to enable it to act as a self-insurer against any and all such
losses;
(15) collect fees and charges in connection with its loans or other
financial assistance;
(16) apply for, receive, and accept from any source, aid, grants,
and contributions of money, property, labor, or other things of value
to be used to carry out the purposes of this chapter subject to the
conditions upon which the aid, grants, or contributions are made;
(17) enter into contracts or agreements for the servicing and
processing of financing agreements;
(18) do all other things necessary or convenient to exercise
powers granted or reasonably implied by this chapter.
(B) The bank is not authorized or empowered to be or to constitute
a bank or trust company within the jurisdiction or under the control
of the State or an agency of it or the Comptroller of the Currency or
the Treasury Department of the United States, or a bank, banker, or
dealer in securities within the meaning of, or subject to the provisions
of, any securities, securities exchange or securities dealers' law of the
United States or of this State.
Section 11-42-60. Bonds issued by the bank do not constitute a
debt or liability of the State or any political subdivision of the State
and the issuing of bonds does not pledge to their repayment the full
faith and credit of the State or any subdivisions of this State.
Section 11-42-70. (A) The following sources may be used to
capitalize the bank:
(1) federal funds made available to the State;
(2) contributions and donations from public authorities,
government units, and private entities;
(3) 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 monies;
and
(4) other lawful sources as determined appropriate by the board.
(B) The following sources of revenue are dedicated to the
capitalization of the bank:
(1) an annual transfer from the general fund of the State as
provided in Section 11-42-180;
(2) one cent a gallon of gasoline tax revenues as provided in
Section 12-28-2720;
(3) interest earnings on the State Highway Fund, the County
Transportation Fund, and the Economic Development Account;
(4) one-half of estimated annual growth in revenues of the State
Highway Fund as provided for in Section 11-42-180.
Section 11-42-80. (A) Earnings on balances in the federal
accounts must be credited and invested according to federal law.
Earnings on state accounts must be credited to the state highway
account or state transit account that generates the earnings. The bank
may establish accounts and subaccounts within the state accounts and
federal accounts as considered desirable to effectuate the purposes of
this chapter or to meet the requirements of any state or federal
programs. All accounts must be held in trust by the State Treasurer.
(B) For necessary and convenient administration of the bank, the
board shall direct the State Treasurer to establish federal and state
accounts and subaccounts within the bank necessary to meet any
applicable federal law requirements or as the bank determines
necessary or desirable in order to implement the provisions of this
chapter.
(C) The bank shall comply with all applicable federal laws and
regulations prohibiting the commingling of certain federal funds
deposited in the bank.
Section 11-42-90. (A) The bank may provide loans and other
financial assistance to a government unit or private entity to pay for
all or part of the eligible cost of a qualified project. The term of the
loan or other financial assistance shall not exceed forty years. The
bank may require the government unit or private entity to enter into
a financing agreement in connection with its loan obligation. The
board shall determine the form and content of loan applications,
financing agreements and loan obligations including, the term and
rate or rates of interest on a financing agreement. The term and
conditions of a loan or other financial assistance from federal account
shall comply with applicable federal requirements.
(B) The board shall determine which projects are eligible projects
and then select from among these projects those qualified to receive
a loan or other financial assistance from the bank. In determining
qualified projects, the board shall establish review criteria which
must include, but are not limited to:
(1) maximum economic benefit, enhancement of mobility,
enhancement of public safety, and acceleration of project completion;
(2) local support for the project expressed by resolutions by the
governing bodies in the area in which the project will be located and
the degree of local matching support as determined by the board,
including all forms of cash, credit, in-kind contributions, and
instruments determined as match by the board;
(3) the ability of the applicant to repay a loan according to the
terms and conditions established pursuant to this chapter,
consideration of which may include, at the option of the board, the
existence of current investment grade rating on existing debt of the
applicant secured by the same revenues to be pledged to secure
repayment under the loan repayment agreement; and
(4) the financial or in-kind contributions to the project.
Section 11-42-100. (A) Qualified borrowers are authorized to
obtain loans or other financial assistance from the bank through
financing agreements. Qualified borrowers entering into financing
agreements and issuing loan obligations to the bank may perform any
acts, take any action, adopt any proceedings, and make and carry out
any contracts or agreements with the bank as may be agreed to by the
bank and any qualified borrower for the carrying out of the purposes
contemplated by this chapter.
(B) In addition to the authorizations contained in this chapter, all
other statutes or provisions permitting qualified borrowers to borrow
money and issue obligations may be utilized by any qualified
borrower in obtaining a loan or other financial assistance from the
bank to the extent determined necessary or useful by the qualified
borrower in connection with any financing agreement and the
issuance, securing, or sale of loan obligations to the bank.
Notwithstanding the foregoing, obligations secured by ad valorem
taxes may be issued by a government unit and purchased by the bank
without regard to any public bidding requirement.
(C) A qualified borrower may receive, apply, pledge, assign, and
grant security interest in project revenues, and, in the case of a
governmental unit, its project revenues, revenues derived from a
special source or ad valorem taxes, to secure its obligations as
provided in this chapter, and may fix, revise, charge, and collect fees,
rates, rent, assessments, and other charges of general or special
application for the operation or services of a qualified project, the
system of which it is a part, and any other revenue-producing
facilities from which the qualified borrower derives project revenues,
to meet its obligations under a financing agreement or to provide for
the construction and improving of a qualified project.
Section 11-42-110. The bank is performing an essential
governmental function in the exercise of the powers conferred upon
it and is not required to pay taxes or assessments upon property or
upon its operations or the income from them, or taxes or assessments
upon property of other loan obligations acquired or used by the bank
or upon the income from them.
Section 11-42-120. (A) If a government unit fails to collect and
remit in full all amounts due to the bank on the date these amounts
are due under the terms of any note or other obligation of the
government unit or private entity, the bank shall notify the State
Treasurer who, subject to the withholding of amounts under Article
X, Section 14 of the State Constitution, shall withhold all or a portion
of the funds of the State and all funds administered by the State, its
agencies, boards, and instrumentalities allotted or appropriated to the
government unit and apply an amount necessary to the payment of
this amount.
(B) Nothing contained in this section mandates the withholding of
funds allocated to a government unit or private entity which would
violate contracts to which the State is a party, the requirements of
federal law imposed on the State, or judgments of a court binding on
the State.
Section 11-42-130. Neither the board nor any officer, employee,
or committee of the bank acting in behalf of it, nor an officer or
employee of this State, while acting within the scope of this
authority, is subject to any liability resulting from carrying out any
of the powers given in this chapter.
Section 11-42-140. Notice, proceeding, or publication except
those required in this chapter are not necessary to the performance of
any act authorized in this chapter, nor is any act of the bank subject
to referendum.
Section 11-42-150. All money of the bank, except as authorized
by law or provided in this chapter, must be deposited with and
invested by the State Treasurer. Funds of the bank not needed for
immediate use or disbursement may be invested by the State
Treasurer in obligations or securities which are declared to be legal
obligations by the provisions of Section 11-9-660. All federal funds
must be invested as required by applicable federal law.
Section 11-42-160. Following the close of each state fiscal year,
the bank shall submit an annual report of its activities for the
preceding year to the Governor and to the General Assembly. The
bank shall also submit an annual report to the appropriate federal
agency in accordance with requirements of any federal program. An
independent certified public accountant shall perform an audit of the
books and accounts of the bank at least once in each state fiscal year.
Section 11-42-170. State agencies shall provide staff and assist
the bank in the administration of the program and the performance of
the bank under this chapter. These agencies include, but are not
limited to, the State Budget and Control Board, Department of
Transportation, Department of Commerce, Office of the Attorney
General, Office of the State Treasurer, and Office of the Comptroller
General. In order to provide that assistance, such staff may:
(1) assist in the formulation, establishment, and structuring of
programs undertaken by the bank pursuant to this chapter;
(2) provide government units or private entities information as to
the bank and the procedures for obtaining the assistance intended by
the chapter;
(3) assist government units and private entities in making
application to state and federal agencies including the bank as may be
necessary or helpful in order to avail themselves of these programs;
(4) assist the bank in analyzing and evaluating government unit or
private entity requests for assistance pursuant to this chapter;
(5) assist in the structuring and negotiation of financing
agreements;
(6) administer the fund, including any accounts in it;
(7) administer the bank's accounts, loans, and other financial
assistance, including monitoring compliance by government units or
private entities with any rules, regulations, or other requirements of
the bank with respect to the programs and compliance with covenants
and agreements made by government units or private entities with
respect to a financing agreement; and
(8) provide other assistance and perform other duties as may be
requested or directed by the bank.
Section 11-42-180. (A) For purposes of providing capital for the
bank and in addition to other sources that are available, there is
annually transferred from the general fund of the State to the state
highway account the following amounts:
Fiscal Year Amount Transferred
1998-99 $ 50,000,000
1999-00 57,000,000
00-01 57,000,000
01-02 76,000,000
02-03 94,000,000
03-04 104,000,000
04-05 112,000,000
05-06 128,000,000
Years after 05-06 $128,000,000
Increased cumulatively by a
percentage equal to estimated
general fund growth over prior
year general fund revenues.
(B) There is annually transferred from the State Highway Fund
to the state highway account of the fund an amount equal to one-half
of estimated growth in the revenues of the State Highway Fund over
such revenue in the prior fiscal year.
Section 11-42-190. (A) Notwithstanding any other provisions of
this chapter, the following projects are deemed qualified projects and
given the first priority in financing by the bank.
(1) Aiken-Bobby Jones Expressway
Phase 1 Savannah River to US 1
Phase 2 US 1 to I-20 $ 70,000,000
(2) Beaufort-SC-170 from US 278 to
SC 280 - 13 miles 83,000,000
(3) Charleston -Cooper River Bridge 1-26
To Mount Pleasant 400,000,000
(4) Greenville Projects 200,000,000
(5) Horry County Projects recommended by the
RIDE Committee as approved by the
Department of Transportation450,000,000
Projects identified in this subsection are also authorized for the
issue of State Highway Bonds pursuant to Article 3, Chapter 11 of
Title 57;
(B) After funding has been provided for the projects authorized in
subsection (A), the following projects are deemed qualified projects
and given priority in funding ahead of any other projects financed by
the bank:
(1) Abbeville/Laurens - SC 72
From Georgia to Abbeville
and from U.S. 221 at Lake
Greenwood to S-46 near Clinton
-31.9 miles $ 105,000,000
(2) Anderson - SC.81 from Starr to Iva
7.4 miles 15,000,000
(3) Berkeley-US 17A multilaning
From Carnes Crossroads to
Moncks Corner-10.93 miles 30,000,000
(4) Dillon/Marlboro-SC 38 from S-299
To S-54- 9.1 miles 24,000,000
(5) Georgetown, Williamsburg, Clarendon-
Multilaning US.521 from Nine Mile
Curve to I-95 - 56.2 miles211,500,000
(6) Sumter-US 521 from SC 441
Near Hillcrest to I-20 South of Camden48,000,000
(7) York-SC 161 from S-195 west of
Newport to SC 5 east of York-5.4 miles9,000,000
(C) The listing of projects in subsections (A) and (B) of this
section is alphabetical and may not be construed to assign priority to
a particular project within the subsection.
Section 11-42-200. This chapter, being for the welfare of this
State and its inhabitants, must be liberally construed to effect the
purposes specified in this chapter. However, nothing in this chapter
must be construed as affecting any proceeding, notice, or approval
required by law for the issuance by a government unit or private
entity of the loan obligations, instruments, or security for loan
obligations.
Section 11-42-210. If any provision of this chapter is held or
determined to be unconstitutional, invalid, or otherwise
unenforceable by a court of competent jurisdiction, it is the intention
of the General Assembly that the provision is, or is determined to be,
severable from the remaining provisions of the chapter and that the
holding does not invalidate or render unenforceable another provision
of the chapter."
SECTION 3. A. Section 12-28-2720 of the 1976 Code, as last
amended by Act 458 of 1996, is further amended to read:
"Section 12-28-2720. The proceeds from ten and thirty-four
hundredths cents a gallon of the tax on gasoline only as levied and
provided for in this chapter must be distributed as follows:
nine and thirty-four hundredths cents on each gallon must be
turned over to the Department of Transportation for the purpose of
that department, and one cent on each gallon must be
deposited by the State Treasurer to the credit of the state highway
account of the South Carolina Transportation Infrastructure
Bank."
B. The last paragraph of Section 12-28-2740(A) of the 1976 Code,
as last amended by Act 145 of 1995, is further amended to read:
"All interest earnings on the County Transportation Fund in the
State Treasury must be credited to the state highway account of
the State Highway South Carolina Transportation
Infrastructure Bank Fund."
C. The second paragraph of Section 12-28-2910 of the 1976 Code,
as last amended by Act 145 of 1995, is further amended to read:
"All interest earnings on the Economic Development Account must
be credited to the State Highway state highway account
of the South Carolina Transportation Infrastructure Bank
Fund."
D. Section 57-11-20(A) of the 1976 Code, as last amended by Act
461 of 1996, is further amended to read:
"(A) All state revenues and state monies dedicated by statute to
the operation of the department must be deposited into one fund to be
known as the 'state highway fund' and all federal revenues and
federal monies must be deposited into the 'federal aid highway fund'.
These funds must be held and managed by the State Treasurer
separate and distinct from the general fund, except as to monies
utilized by the State Treasurer for the payment of principal or interest
on state highway bonds as provided by law. Interest income from the
state highway fund must be deposited to the credit of the State
Highway state highway account of the South Carolina
Transportation Infrastructure Bank Fund. The
commission may commit up to the maximum annual debt service
provided in Article X, Section 13 of the South Carolina Constitution
into a special fund to be used for the sole purpose of paying the
principal and interest, as it comes due, on bonds issued for the
construction and/or maintenance of state highways. This special
account will be designated as the State Highway Construction Debt
Service Fund."
SECTION 4. A. In addition to those highway infrastructure
projects authorized for funding by the South Carolina Transportation
Bank pursuant to Section 11-42-190 of the 1976 Code, as added by
this act, the following highway widening and improvement projects,
which may be cited as the "Pee Dee Projects", are deemed qualified
projects for purposes of funding by the bank:
Highway
U.S. 15 Hartsville to Bennettsville$ 115
Hwy. 38 Bennettsville to I-95 34
Hwy. 9 Bennettsville to Green Sea 176.6
U.S. 76 Timmonsville to Nichols 31.5
U.S. 52 Darlington to N.C. Line 107.0
Hwy. 151 Hartsville to Pageland 12.0
U.S. 378 Turbeville to Lake City 46.3
U.S. 521 Sumter to I-95 52
Millions $574.4
B. The Department of Transportation shall act promptly to let
contracts for the widening and improvement of bridges on Interstate
95 in this State beginning first with those bridges on that highway
nearest the boundaries of this State with North Carolina and Georgia.
To finance debt service on these bridge improvements and the
projects authorized for financing pursuant to subsection A. of this
Section 4, there must be imposed tolls on all motor vehicles entering
this State on I-95 at the point on the highway as near to the state
boundaries as is convenient. Residents of South Carolina are not
subject to these tolls upon acquiring an annual pass from the
Department of Transportation for a fee of thirty dollars. Net toll
revenues must be credited to the state highway account of the South
Carolina Transportation Infrastructure Bank and first must be used
for debt service or for other financing methods associated with the
projects authorized in subsection A. of this Section 4.
C. Section 57-3-615 of the 1976 Code, as last amended by Act 52
of 1995, is further amended to read:
"Section 57-3-615. If a toll is administered on a project by the
Department of Transportation, the toll must be used to pay for the
construction, maintenance costs, and other expenses for that project
only and the 'Pee Dee Projects'. A toll project that
is in excess of one hundred fifty million dollars may only be initiated
as provided in Chapter 37 of Title 4."
SECTION 5. This act takes effect July 1, 1997.
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