South Carolina § 48-62-310 - Definitions.

§ 48-62-310. Definitions.

As used in this article:

(1) "Authority" means the South Carolina Disaster Recovery Office within the South Carolina Office of Resilience.

(2) "Conservation easement" means an interest in real property as defined in Chapter 8, Title 27, the South Carolina Conservation Easement Act of 1991.

(3) "Eligible fund recipient" means:

(a) the State of South Carolina and any agency, commission, or instrumentality of the State;

(b) local governments of the State and any agency, commission, or instrumentality of the local government; and

(c) land trusts operating within the State accredited by the Land Trust Accreditation Commission, an independent program of the Land Trust Alliance that provides independent verification that land trusts meet the high standards of land conservation, stewardship, and nonprofit management in the nationally recognized Land Trust Standards and Practices.

(4) "Floodplain restoration" means any activity undertaken to reestablish the hydrology and ecology of the floodplain to its natural state.

(5) "Fund" means the South Carolina Resilience Revolving Fund.

(6) "Loan" means a loan from the authority to an eligible fund recipient for the purpose of financing all or a portion of the cost of a project.

(7) "Loan agreement" means a written agreement between the authority and a project sponsor with respect to a loan.

(8) "Loan obligation" means a bond, note, or other evidence of obligation issued by a project sponsor to evidence its indebtedness under a loan agreement with respect to a loan.

(9) "Local government" means any county, city, town, municipal corporation, authority, district, commission, or political subdivision created by the General Assembly or established pursuant to the laws of this State.

(10) "Multifamily residence" means a building with multiple separate residential housing units.

(11) "Office" means the South Carolina Office of Resilience.

(12) "Primary single-family residence" means a single detached dwelling that is occupied as the main home by the owners for the majority of the year.

(13) "Proposed project" means a plan submitted to the authority by an eligible fund recipient for the use of loan funds.

(14) "Repetitive loss" means a residence that sustained two or more incidents of weather-related flooding causing damages over one thousand dollars each within a period of ten consecutive years.

(15) "Restrictive covenant" means a recorded covenant that imposes activity and use limitations on real property.

HISTORY: 2020 Act No. 163 (S.259), SECTION 1.A, eff September 29, 2020.