A review of the South Carolina Transportation Infrastructure Bank

Abstract

Members of the General Assembly asked the Legislative Audit Council to review the operations of the South Carolina Transportation Infrastructure Bank, a state agency that awards grants and loans to local and state agencies primarily for large transportation construction projects. The primary audit objectives were to review compliance with state law and policies regarding: The awarding of grants and loans for transportation construction projects ; The use of project revenues and whether funds dedicated to specific projects have been comingled with funds dedicated to other projects ;• Proper accounting and reporting procedures ; The process for repayment of revenue bonds ; Hiring of consultants, attorneys, and bond credit rating agencies ; Ethics.