(A) To assist the authority and the Joint Bond Review Committee in carrying out their respective responsibilities, any agency or institution requesting or receiving funds from any source for use in the financing of any permanent improvement project, as a minimum, shall provide to the authority, in such form and at such times as the authority, after review by the committee, may prescribe: (1) a complete description of the proposed project; (2) a statement of justification for the proposed project; (3) a statement of the purposes and intended uses of the proposed project; (4) the estimated total cost of the proposed project; (5) an estimate of the additional future annual operating costs associated with the proposed project; (6) a statement of the expected impact of the proposed project on the five-year operating plan of the agency or institution proposing the project; (7) a proposed plan of funding for the project, specifically identifying funds proposed from sources other than capital improvement bond authorizations; and (8) the specification of the priority of each project among those proposed. r the project, specifically identifying funds proposed from sources other than capital improvement bond authorizations; and (8) the specification of the priority of each project among those proposed. (B) The authority shall forward a copy of each project proposal and justification statement and supporting documentation received together with the authority's recommendations on such projects to the committee for its review and action. (C) No provision in this section or elsewhere in this chapter, shall be construed to limit in any manner the prerogatives of the committee and the General Assembly with regard to recommending or authorizing permanent improvement projects and the funding such projects may require. HISTORY: 1980 Act No. 518, Section 11; 2014 Act No. 121 (S.22), Pt VII, Section 18.B, eff July 1, 2015; 2024 Act No. 214 (S.314), Section 1, eff July 2, 2024.
South Carolina Legal Code