S.C. Code Ann. § 57-5-1450: Resolution to issue bonds; terms and conditions.

(A) The State Fiscal Accountability Authority, by bond resolution duly adopted, may make provision for the issuance of bonds. In the bond resolution, the State Fiscal Accountability Authority may prescribe:

(1) the amount, denomination, and numbering of bonds to be issued;

(2) the method or manner of dating the bonds;

(3) the estimated maturity schedule for the retirement of the bonds and a pro forma table of anticipated principal and interest payments for such bonds;

(4) the form or forms of the bonds of the particular issue;

(5) the redemption provisions or manner of determining the same, if any, applicable to the bonds;

(6) the maximum rate or rates of interest the bonds shall bear;

(7) the specific purposes for which the bonds must be issued;

(8) the purposes for which the proceeds of the bonds must be expended, in the discretion of the State Fiscal Accountability Authority, a portion of the proceeds may be used as capitalized interest during the period of construction and initial operation and for the creation of appropriate debt service reserves and other funds and accounts as the State Fiscal Accountability Authority deems necessary or expedient from the bonds and the proper operation and functioning of the choice lane facilities;

(9) the extent to which and the conditions under which additional parity bonds may be issued;

(10) any covenant considered necessary protecting the choice lane facility so financed from possible future competition from other highways or comparable facilities;

(11) the authorized method or methods by which the bonds must be sold and such other matters as may be considered necessary in order to effect the sale, issuance, and delivery of the bonds;

(12) the conditions under which refunding bonds may be issued.

(B) The bond resolution shall set forth further a finding on the part of the State Fiscal Accountability Authority that the estimate of choice lane facility revenues made by the department and approved by the State Fiscal Accountability Authority indicates that collection from choice lane facility revenues for applicable fiscal years is expected to be not less than that required for annual debt service requirements of the requested bonds. In making such finding, the department and the authority may rely in whole or in part on the work product of third-party professionals engaged to provide financial, feasibility, or practicability studies related to the choice lane facilities or the financing thereof through bonds.

(C) The authority, by bond resolution duly adopted, may ratify and approve, in whole or in part, or modify in any way, the designation of choice lane facilities proposed pursuant to Section 57-5-1350.

(D) The authority, by bond resolution duly adopted, may ratify and approve, in whole or in part, the combining of any choice lane facilities then existing or proposed pursuant to Section 57-5-1350; provided, however, that prior to ratifying and approving such a combination from time to time the authority shall make a finding that it is in the best interest of the State after taking into account factors including, but not limited to, geographic connection, regional transportation planning, operational efficiencies, revenue stability, bonding capacity, and such other factors as it finds relevant.