South Carolina § 55-11-505 - Economic development projects functionally related to certain air carrier hub terminal facilities.

§ 55-11-505. Economic development projects functionally related to certain air carrier hub terminal facilities.

The term "air carrier hub terminal facility" includes an economic development project as defined in Section 11-41-30(2) that is functionally related to a facility satisfying one of the criteria in Section 55-11-500(a).

HISTORY: 2005 Act No. 33, SECTION 1, eff April 5, 2005; 2012 Act No. 270, SECTION 5, eff June 18, 2012.

Effect of Amendment

The 2012 amendment made no apparent changes.

SECTION 55-11-510. Authorized payments by State in connection with air carrier hub terminal facilities.

(A) A special purpose district or political subdivision of the State may petition the State for assistance hereunder. Upon receipt of such a petition, the State, from the proceeds of the sale of bonds authorized by Section 55-11-520, is authorized to pay a portion or all of the costs of any insurance required to guarantee the payment of, or any credit enhancement facility utilized in connection with, obligations issued or to be issued by a special purpose district or other political subdivision of this State, for the purposes of acquiring land for and constructing and equipping air carrier hub terminal facilities; except that the amount of fees paid by the State to purchase this insurance or other credit enhancement facility must not exceed one and one-half percent of the principal plus all interest payable on obligations issued by a special purpose district or other political subdivision of this State. The cost of this insurance or other credit enhancement facility may be paid by the State directly to the provider of it, or by way of reimbursement to the special purpose district or political subdivision.

(B) In addition, after review by the Joint Bond Review Committee, the State Fiscal Accountability Authority may allocate bond proceeds for the purposes authorized in Section 55-11-520 to match on a dollar-for-dollar basis, local funds expended for the purposes authorized in Section 55-11-520 by any special purpose district or other political subdivision of this State. Local funds may include user fees and other monies made available by the special purpose district or political subdivision, but may not include federal grants made available to the special purpose district or other political subdivision for runway construction.

HISTORY: 1989 Act No. 183, SECTION 2; 2004 Act No. 227, SECTION 3.B, eff May 11, 2004; 2005 Act No. 33, SECTION 1, eff April 5, 2005; 2012 Act No. 270, SECTION 5, eff June 18, 2012.

Effect of Amendment

The 2004 amendment designated subsection (A), adding the first sentence and the introductory clause of the second sentence, and added subsection (B) pertaining to matching funds.

The 2005 amendment reprinted this section with a nonsubstantive language change.

The 2012 amendment made no apparent changes.