Download This Version in Microsoft Word format
TO AMEND SECTION 57-5-340, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE DEPARTMENT OF TRANSPORTATION'S SALE OR DISPOSAL OF REAL PROPERTY, SO AS TO PROVIDE THAT FUNDS DERIVED FROM THE SALE OF RIGHTS OF WAY IN EXCESS OF THE DEPARTMENT'S COST SHALL FIRST PAY ANY OUTSTANDING DEBT ON THE HIGHWAY PROJECT WITH ANY REMAINING BALANCES DISTRIBUTED AMONG THE COUNTIES AS "C" FUNDS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 57-5-340 of the 1976 Code is amended to read:
"Section 57-5-340. The department shall continuously inventory all of its real property. When, in the judgement judgment of the department any real estate acquired as provided in this chapter is no longer necessary for the proper operation of the department or highway systems, the department shall vigorously attempt to sell the property by advertising for competitive bids in local newspapers or by direct negotiations, but in every case of the sale or transfer of any real estate by the commission or the department, the sale or transfer shall be made public by publishing notice of it in the minutes of the next succeeding meeting of the commission. The commission and the department shall convey by deed, signed by the Secretary of the Department of Transportation and the Deputy Director of the Division of Finance and Administration, any real estate disposed of under this section. Any funds derived from the sale of surplus property by authority of this section shall be credited to the funding category from which funds were drawn to finance the department's acquisition of the property. However, any funds derived from the sale of right-of-way rights of way, which the department has purchased, in excess of the department's cost costs, shall be first pay any outstanding debt on that highway project, with any remaining balance distributed among the counties as C 'C' funds pursuant to Section 12-28-2740. Department costs are any direct costs associated with the sale of the real property, including the costs of appraisals and closing fees."
SECTION 2. This act takes effect upon approval by the Governor.
This web page was last updated on December 15, 2009 at 2:18 PM