Whenever it shall become necessary that monies be raised for highway transportation purposes, or construction and equipment of headquarters administrative facilities, including monies to be used to refund any state highway bonds then outstanding, the commission may make a request to the State Fiscal Accountability Authority for the issuance of state highway bonds pursuant to this article. Such request may be in the form of a resolution adopted at any regular or special meeting of the commission. Such request shall set forth on the face thereof or by schedules attached thereto:

1. (1) the amount then required for highway transportation purposes;
2. (2) a tentative time schedule setting forth the period of time during which the sum requested will be expended;
3. (3) a debt service table showing the annual principal and interest requirements for all state highway bonds then outstanding;
4. (4) the amount of revenues derived from each of the sources of revenue during the preceding fiscal year; and
5. (5) the amount as estimated by the commission which will be derived from the sources of revenue during the then current and the next ensuing fiscal years during which it is expected that the state highway bonds then sought to be issued will be outstanding, but in estimating the amount to be derived from the sources of revenue the commission shall not assume that the revenues for the then current fiscal year or any future fiscal year will be more than five percent in excess of the actual sums derived from the sources of revenue in the preceding fiscal year, nor that in the sixth or subsequent years there will be any increase over the estimated revenues for the fifth fiscal year following the last completed fiscal year.

HISTORY: 1962 Code Section 33-272; 1972 (57) 3088; 1973 (58) 36; 1974 (58) 2273; 1993 Act No. 181, Section 15; 1995 Act No. 33, Section 4.

Code Commissioner's Note

At the direction of the Code Commissioner, references in this section to the offices of the former State Budget and Control Board, Office of the Governor, or other agencies, were changed to reflect the transfer of them to the Department of Administration or other entities, pursuant to the directive of the South Carolina Restructuring Act, 2014 Act No. 121, Section 5(D)(1), effective July 1, 2015.