As tourism increasingly becomes one of the leading industries in the South, our lawyers have become more involved with bond financing for tourism related facilities. In 1987, Sam Howell successfully argued the test case in Hucks v. Riley, where the South Carolina Supreme Court held that hotels can be financed with conduit revenue bonds because they are facilities that are necessary for the promotion of tourism, a public purpose for local governments in the State. Since that time, tourism facilities in South Carolina of all types have been financed by using tax exempt bonds. Tourism facilities financings can provide funding for cultural institutions, public parks and playgrounds, or infrastructure necessary for tourism. Financings with which our bond attorneys have served as counsel include funding with general obligation bonds (often with voter approval in a bond referendum), revenue bonds secured by net revenues of the facilities, or annual appropriation lease financings backed by local option sales taxes.
Funding for tourism related facilities can often be time-consuming and difficult to obtain. Due to the autonomous nature of our firm, we can devote our time and resources in a very focused manner without having to answer to a firm management committee. In this way, the bond lawyers at Howell Linkous & Nettles will be available to help you formulate the right approach to the financing of your tourism project regardless how long it takes to develop, and our fees will be reasonable.