Are there any regulations related to public financing, including borrowing?

Yes, South Carolina has regulations related to public financing, including borrowing. These regulations are prescribed by the South Carolina Local Government Public Finance Act of 1986. This Act provides guidance on when a local government may borrow money, how much money can be borrowed, and the type of funding sources that can be used. The Act states that local governments may borrow money to finance projects and programs only if the proposed use of the money is authorized by the General Assembly or by local law. Local governments may not borrow more than a certain amount of money as prescribed in the Act. The limits vary according to the type of funds used and the type of project funded. The Act also lists the sources from which a local government can borrow money, including the sale of bonds, commercial loans, federal loans, grant programs, and special assessments. Depending on the type of project, it may also be possible to receive funds through private or public financial institutions. When borrowing funds, local governments must follow certain rules and regulations such as proper record-keeping, a competitive bidding process, and a declaration of public necessity. The Act also outlines the procedures for repaying the loan or bond and the penalties for failing to do so. Repayment of loans must be done on time and according to the terms of the loan agreement.

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Are there any regulations related to public financing, including borrowing?

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