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Results Chart for Delivery Method and Financing
From Public (Government) Sources to Producers
Direct Cash Support
From Public Sponsor of Project - Direct Expenditure of Appropriated Public Funds
Borrowed from Capital Markets: $334.5 million dollars in proceeds from sale of tax exempt bonds issued by the South Carolina Transportation Infrasructure Bank (SCTIB) and the South Carolina Dept of Transportation. $215 million in additional bonds. On July 6, 2004, the SCTIB terminated the TIFIA loan agreement without drawing down any of the TIFIA funds, and issued new tax-exempt bonds backed. The bonds are secured by: (i) payments from the South Carolina Department of Transportation ($8 million per year for 25 years) and (ii) certain revenues from hospitality fees levied by Horry County as well as an intercept of state funds collected by the County, if needed. (The hospitality fee comprises a 1.5 percent tax on sales of lodging, admissions, and restaurants.)
From Other Public Entities - Direct Grant of Appropriated Public Funds: $127.5 million in federal grants.
Credit Enhancements: $215.0 million dollars in available credit from a TIFIA direct loan to the SC Transportation Infrastructure Bank. On July 6, 2004, the USDOT and the SCTIB terminated the loan agreement so the SCTIB could issue new tax-exempt bonds backed by the revenues pledged to the TIFIA loan. The new bonds carry a lower interest rate than the TIFIA loan, the proceeds of which the SCTIB had yet to draw.