South Carolina

The city of Florence expects to competitively issue $99 million of refunding and new-money bonds for its water and sewer system on April 20.

WASHINGTON — South Carolina this week will competitively sell $324 million of new-money and $336.5 million of refunding general obligation bonds, foregoing Build America Bonds partly because of a growing concern that federal lawmakers or regulators could lower the subsidy rate or actual payments.

WASHINGTON — The South Carolina-based issuer of $322.5 million of toll road revenue bonds that are in default appears to be preparing to file for bankruptcy, according to a disclosure ­document.

WASHINGTON — South Carolina lawmakers last Wednesday voted against legislation that would have paved the way for restructuring more than $200 million of tax-exempt bonds issued by the Southern Connector 2000 Association for a 16-mile toll road in Greenville, which went into default on Jan. 1.

WASHINGTON — More than $200 million of toll revenue bonds issued by the Connector 2000 Association Inc. for a 16-mile toll road in Greenville County, S.C., defaulted on Jan. 1, in what sources said is the first public-private partnership default in the state.

WASHINGTON — South Carolina Gov. Mark Sanford’s proposed fiscal 2011 budget, submitted Thursday to lawmakers, would cut general fund spending by 5.3% but not raise taxes.

South Carolina's budget and control board voted Tuesday to cut the budget by 5%, or about $238 million, the second round of spending cuts this fiscal year.

The Charleston County Airport District’s outstanding revenue bonds were upgraded last week to A1 from A2 by Moody’s Investors Service despite a negative outlook on the airport sector, which the agency expects to maintain through early 2010. The airport has $13.3 million of rated debt outstanding.

WASHINGTON — The South Carolina Public Service Authority, the state’s largest issuer in 2008, will begin selling $418.6 million of tax-exempt and taxable new-money and refunding bonds today as the power utility begins to shift toward nuclear energy and away from coal-generated electricity.

The Lexington County School District No. 4 expects to competitively sell $9.75 million of general obligation new-money debt today.

WASHINGTON — The trustee for millions of dollars of toll revenue bonds issued in 1998 to finance South Carolina’s first publicly owned and privately built toll road, the Southern Connector Project, is warning investors that the bonds will probably default on Jan. 1, 2010, because of insufficient revenue.

The South Carolina Transportation Infrastructure Bank expects to competitively sell today $93.6 million of revenue bonds to refund debt issued between 1998 and 2000.