South Carolina § 48-3-140 - Approval required before issuance of bonds; application for and granting of approval.

§ 48-3-140. Approval required before issuance of bonds; application for and granting of approval.

(A) No bonds may be issued pursuant to the provisions of this chapter until the proposal of the governing board to issue the bonds receives the approval of the State Fiscal Accountability Authority. Whenever a governing board proposes to issue bonds pursuant to the provisions of this chapter, it shall file its petition with the State Fiscal Accountability Authority or the Department of Administration, as applicable, setting forth:

(1) a brief description of the pollution control facilities proposed to be undertaken;

(2) a statement setting forth the action taken by the Department of Health and Environmental Control in connection with the pollution control facilities;

(3) a reasonable estimate of the cost of the pollution control facilities;

(4) a general summary of the terms and conditions of the loan agreement; and

(5) such other information as the State Fiscal Accountability Authority or the Department of Administration, as applicable, requires.

(B) Upon the filing of the petition the State Fiscal Accountability Authority or the Department of Administration, as applicable, as soon as practicable, shall conduct the review as it considers advisable, and if it finds that the proposal of the governing board is intended to promote the purposes of this chapter, it is authorized to approve the proposal. Any time following the approval, the governing board may proceed with the issuance of bonds for the pollution control facilities in accordance with the proposal approved by the State Fiscal Accountability Authority or the Department of Administration, as applicable. Notice of the approval of the proposal by the State Fiscal Accountability Authority or the Department of Administration, as applicable, must be published at least once by the state board in a newspaper having general circulation in the county where the pollution control facilities are to be located.

(C) Any interested party, within twenty days after the date of the publication of the notice, but not afterwards, may challenge the validity of the approval by action de novo in the court of common pleas in the county where the pollution control facilities are to be located.

HISTORY: 1962 Code SECTION 63-195.63; 1971 (57) 134; 1994 Act No. 426, SECTION 3.

Code Commissioner's Note

At the direction of the Code Commissioner, references in this section to the offices of the former State Budget and Control Board, Office of the Governor, or other agencies, were changed to reflect the transfer of them to the Department of Administration or other entities, pursuant to the directive of the South Carolina Restructuring Act, 2014 Act No. 121, SECTION 5(D)(1), effective July 1, 2015.