S.C. Code Regs. § 19-104.02 - Review by Office of the Attorney General, by Office of State Auditor and by Office of Executive Director

Before the Board will grant final approval in whole or in part to a petition by the governing body of a local housing authority to issue bonds,

A. the petition, the resolution or ordinance, the documents providing for the issuance and securing of the bonds, and the proposed Board resolution must have been reviewed and found legally adequate by the Office of the Attorney General;

B. the financial statements of the entity obligated to pay the bonds (which are considered part of the Auditor's working papers) must have been reviewed and the financial condition of the entity must have been found to be such that the Office of State Auditor found no reason for the Board to disapprove the petition and the Board must have determined, upon the advice of the Office of State Auditor, that the funds estimated to be available for the repayment of the local housing authority's bonds, including the proposed bonds, will be sufficient to provide for the payment of the principal and interest on the local housing authority's bonds to be outstanding as they become due; and

C. the statements required to be submitted to the Board as described in 19-104.01. F., above; the documents providing for the issuance and securing of the bonds; and the results of the reviews required in 19-104.02. A. and 19-104.02. B., above, must have been reviewed by staff of the Board's Office of Executive Director and, on the basis of this review, staff of the Board's Office of Executive Director must have recommended to the Board that it (1) approve the petition; (2) approve the petition with conditions; or (3) disapprove the petition.

Notes

S.C. Code Regs. § 19-104.02