South Carolina Code of Regulations
Chapter 19 - STATE BUDGET AND CONTROL BOARD
Article 1 - OFFICE OF EXECUTIVE DIRECTOR
Section 19-102.01 - Securing Approval of Proposal
Current through Register Vol. 48, No. 9, September 27, 2024
To secure approval of a proposal to issue industrial revenue bonds (Sections 4-29-10, et seq), pollution control bonds (Sections 48-3-10, et seq), or hospital revenue bonds (Sections 44-7-1410, et seq), the following must be submitted as a package to the Budget and Control Board (the Board):
A. An executed original and two copies of the petition to the Board which may include a request for the allocation of a portion of the State Ceiling on the issuance of private activity bonds and the no consideration certificate required by the Internal Revenue Service in connection with such allocations.
B. An executed copy of the resolution or ordinance of the governing body authorizing a petition to the Board.
C. An executed copy of the inducement resolution or comparable preliminary approval of the proposed undertaking, if any.
D. Audited financial statements of the entity obligated to pay the bonds covering at least three prior fiscal years except that, in any case where the bonds are to be sold privately, a representation from the person or institution purchasing the bonds that satisfactory financial information has been provided by that entity and that the bonds are being purchased for investment rather than resale purposes may be submitted in lieu of audited financial statements. Use of the Board's Standard Form Investment Letter for that representation is urged.
E. The required certifications by the Department of Health and Environmental Control must accompany petitions for the issuance of pollution control and hospital revenue bonds.
F. An original and as many copies as bond counsel may need of the resolution proposed for adoption by the Board, which must include the proposed public notice, to be certified by the Board Secretary.
G. A check for the processing fee in accord with the following schedule:
|
$1,000,000 or less |
$2,000 |
|
Over $1,000,000 through $25,000,000 |
$3,000 |
|
Over $25,000,000 through $50,000,000 |
$4,000 |
|
Over $50,000,000 |
$5,000 |
If a request is only for an allocation of a portion of the State Ceiling on the issuance of private activity bonds, only the documents described in A and C, above, are required.
