A bill

to amend the South Carolina Code of Laws by amending Section 11-50-30, relating to the South Carolina Rural Infrastructure Authority, so as to revise the corporate purposes of the authority.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION 1.   Section 11-50-30 of the S.C. Code is amended to read:

   Section 11-50-30.   (A) There is created a body corporate and politic and an instrumentality of the State to be known as the South Carolina Rural Infrastructure Authority.

   (B) The authority is governed by a board of directors as provided in this chapter.

   (C) The corporate purpose purposes of the authority is are: (1) to select and assist in financing qualified rural infrastructure by providing loans and other financial assistance to municipalities, counties, special purpose and public service districts, and public works commissions for constructing and improving rural infrastructure facilities; and (2) to coordinate state programs and resources that impact or affect infrastructure development and provide other types of assistance in support of regional and local infrastructure development. The exercise by the authority of a power conferred in this chapter is an essential public function.

   (D) The authority shall establish and maintain the South Carolina Rural Infrastructure Fund into which monies for the purposes of the authority must be deposited.

SECTION 2.   This act takes effect upon approval by the Governor.

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