Title 57, Highways, Bridges and Ferries

Following the receipt of any request pursuant to Section 57-11-220, the State Fiscal Accountability Authority or the Department of Administration, as applicable, shall review the same and to the extent that it shall approve such request, it shall be empowered, by resolution duly …

The maximum annual debt service on general obligation bonds issued or outstanding as state highway bonds shall not exceed the debt service limits established in Article X, Section 13 of the South Carolina Constitution. Within such limitations, state highway bonds may be issued fo…

For the payment of the principal of and interest on all state highway bonds (whether now outstanding or hereafter issued), as the same shall come due, there shall be pledged the full faith, credit, and taxing power of the State of South Carolina and, in addition thereto, all of t…

The pledge of monies derived from the sources of revenue shall not preclude the General Assembly from revising the quantum of any tax included in the sources of revenue except that, so long as any state highway bonds shall be outstanding, the sources of revenue shall be not less …

The commission is authorized to request the State Fiscal Accountability Authority to issue state highway bonds. In order to effect the issuance of bonds pursuant to this article, the State Fiscal Accountability Authority may adopt a resolution providing for the issuance of state …

Following receipt of a certified copy of the resolution of the state board the Governor and State Treasurer shall issue state highway bonds in accordance with the provisions of the resolution of the State Fiscal Accountability Authority.

State highway bonds shall be issued in such form, in such denominations, and with such provisions as to time, place, or places and medium of payment as may be determined by the State Fiscal Accountability Authority, subject to the provisions of this article.

State highway bonds shall be issued as fully registered bonds with both principal and interest thereof made payable only to the registered holder. Such fully registered bonds shall be subject to transfer under such conditions as the State Fiscal Accountability Authority shall pre…

State highway bonds shall bear interest, payable on such occasions as shall be prescribed by the State Fiscal Accountability Authority. Each issue of state highway bonds shall mature in annual series or installments, which shall mature not more than twenty-five years after such d…

All state highway bonds issued under this article, and the interest thereon, shall be exempt from all state, county, municipal, school district, and other taxes or assessments, direct or indirect, general or special, imposed by the State of South Carolina, whether imposed for the…

State highway bonds shall be sold by the Governor and the State Treasurer upon sealed proposals, after publication of notice of such sale one or more times at least seven days before such sale, in a newspaper of general circulation in the State and also in a financial paper publi…

It shall be lawful for all executors, administrators, guardians, and other fiduciaries and all sinking fund commissions, including the State Fiscal Accountability Authority of South Carolina as manager and administrator of other state sinking funds, to invest any monies in their …

The proceeds of the sale of state highway bonds must be received by the State Treasurer and applied by the State Treasurer to the purposes for which issued, except that the accrued interest, if any, must be used to discharge in part the first interest to become due on the bonds, …

The proceeds derived from the sale of state highway bonds shall be applied only to the purposes set forth in the resolution of the State Fiscal Accountability Authority pursuant to which the bonds are issued.

The department shall adopt a budget in accordance with the provisions of Chapters 9 and 11 of Title 11.