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H. 4992
STATUS INFORMATION
General Bill
Sponsors: Rep. Edge
Document Path: l:\council\bills\bbm\9388htc06.doc
Introduced in the House on April 13, 2006
Currently residing in the House Committee on Ways and Means
Summary: Transportation Infrastructure Bank
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 4/13/2006 House Introduced and read first time HJ-6 4/13/2006 House Referred to Committee on Ways and Means HJ-6
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
TO AMEND SECTIONS 11-43-120 AND 11-43-130, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE ESTABLISHMENT OF THE SOUTH CAROLINA TRANSPORTATION INFRASTRUCTURE BANK AND THE DEFINITIONS APPLICABLE TO THE ESTABLISHMENT, POWERS, AND DUTIES OF THE BANK, SO AS TO RENAME THE BANK AS THE SOUTH CAROLINA TRANSPORTATION INFRASTRUCTURE BANK AND TURNPIKE AUTHORITY AND PROVIDE ADDITIONAL FUNCTIONS OF THE BANK; AND TO AMEND SECTION 11-43-160, AS AMENDED, RELATING TO CAPITALIZATION OF THE SOUTH CAROLINA TRANSPORTATION INFRASTRUCTURE BANK AND TURNPIKE AUTHORITY, SO AS TO AUTHORIZE THE BANK TO IMPLEMENT TOLLS AND USE TOLL REVENUES FOR QUALIFIED PROJECTS FINANCED BY THE BANK.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 11-43-120 of the 1976 Code, as added by Act 148 of 1997, is amended to read:
"Section 11-43-120. (A) There is created a body corporate and politic and an instrumentality of the State to be known as the South Carolina Transportation Infrastructure Bank and Turnpike Authority.
(B) The bank is governed by a board of directors as provided in this chapter.
(C) The corporate purpose of the bank is to select and assist in financing major qualified projects by providing loans and other financial assistance to government units and private entities for constructing and improving highway and transportation facilities necessary for public purposes including economic development. The exercise by the bank of a power conferred in this chapter is an essential public function. The bank also may impose tolls as provided in Section 11-43-160(C) to provide revenue for the purposes of the bank.
(D) The bank shall establish and maintain at least the four following accounts: state highway account, state transit account, federal highway account, and federal transit account."
SECTION 2. Section 11-43-130(1) of the 1976 Code, as added by Act 148 of 1997, is amended to read:
"(1) 'Bank' means the South Carolina Transportation Infrastructure Bank and Turnpike Authority."
SECTION 3. Section 11-43-160 of the 1976 Code, as last amended by Act 100 of 1999, is further amended by adding a new subsection at the end to read:
"(C) Notwithstanding the provisions of Section 57-3-615, Chapter 37 of Title 4, or any other provision of law and consistent with applicable federal law, the board of directors may impose tolls on existing highways or require tolls for qualified projects, the revenue of which must be credited to the appropriate account and used in financing qualified projects."
SECTION 4. This act takes effect upon approval by the Governor.
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