State of South Carolina
Office of the Governor
David M. Beasley
Governor
FOR IMMEDIATE RELEASE | Contact: Gary Karr |
June 26, 1997 | 803/734-9840 |
(Myrtle Beach) -- Governor David M. Beasley today signed legislation designed to break the logjam on major road needs in South Carolina, calling it a "landmark day in the life of our state."
The South Carolina Infrastructure Bank Act of 1997 creates an entity designed to provide loans and other financial assistance for the building of large-scale road and bridge projects. Money for the bank, coming from various state sources, will be used to leverage hundreds of millions of dollars in road and bridge projects annually.
The Governor proposed the bank in his State of the State address in January and made its creation a priority in his 1997 legislative agenda.
The Governor decided to sign the legislation in Myrtle Beach in part because the Horry County area is expected to be one of the first beneficiaries of the bank's creation. County leaders have already marshaled local support for major road projects such as the Conway Bypass, the Carolina Bays Parkway and other improvements.
"Years from now, when the Grand Strand is lit up from one end to the other with visitors from around the globe and the best attractions the world has ever seen, we'll be able to look back and say, 'I was a part of that,'" the Governor said today.
Governor Beasley emphasized that the Infrastructure Bank Act will have a major impact throughout South Carolina. "This is just the very first step. There's still a long list of mega-projects waiting in the wings," the Governor said. "But we're going to keep working with the Legislature to get additional funds into this Infrastructure Bank so we can get to each and every one of those projects, from Greeenville-Spartanburg all the way to Beaufort."
Rural areas will benefit as well, because the financial resources of the Bank will make it easier for the Department of Transportation to concentrate on smaller projects that once were passed over, the Governor said.
The Infrastructure Bank Act is one part of Governor Beasley's plans for road construction in South Carolina. Accompanied with that is a push on Capitol Hill to make sure that South Carolina gets a better return on federal gas tax dollars. The state has received as little as 50 cents on the dollar.
"Infrastructure is clearly a front-burner issue in South Carolina today,'' the Governor said. "After all, the needs out there are pressing down on us and they can't wait. But we're coming at the problem from all sides."