Moving South Carolina Forward
With the beginning of a new decade, the State of South Carolina and its citizens will be challenged by the financial realities of 2010. The South Carolina Jobs-Economic Development Authority will continue to provide the Palmetto State with the initiatives required to retain existing jobs and will assist in creating new ones.
During the past year, JEDA issued 16 bonds for $534 million to help finance projects around the State. JEDA has facilitated the issuance of 400 bonds since 1983, which totals over $6 billion and has led to the creation of more than 25,000 jobs. Some of the activities made possible by these bonds include manufacturing, pollution control, health care, education, community centers, and many non-profit organizations.
South Carolina businesses, much like those across the rest of the country, have had to face the realities brought about by the economic downturn. Despite these challenges, the Palmetto State continues to attract new businesses and foster growth in its existing ones which need the innovative, affordable financing options provided through JEDA.
Through the use of taxable and tax-exempt bonds, JEDA assists in the financing of eligible projects by serving as a conduit issuer of special obligation revenue bonds. Entities borrow money through, not from, JEDA. This is done without cost to the taxpayers since JEDA is completely self supporting, operating solely on revenues generated by bond issuing activities.
This formula has worked well and JEDA now looks forward to building on that quarter century of progress as we all work to keep “Moving South Carolina Forward.”