South Carolina § 11-1-85 Covenant required.

South Carolina Statutes

§ 11-1-85 — Covenant required.

South Carolina § 11-1-85

Title 11PUBLIC FINANCE

Ch. 1GENERAL PROVISIONS

This text of South Carolina § 11-1-85 (Covenant required.) is published on Counsel Stack Legal Research, covering South Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.C. Code Ann. § 11-1-85 (2026).

Text

Notwithstanding any other provision of law, a tax-exempt bond issued by or on behalf of any public or private body or entity must include in the issuing indenture, ordinance, or resolution a covenant requiring the issuer to file with a central repository for availability in the secondary bond market when requested:

(1)an annual independent audit, within thirty days of the issuer's receipt of the audit, and (2) event specific information, within thirty days of an event adversely affecting more than five percent of revenue or its tax base.

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Notwithstanding any other provision of law, a tax-exempt bond issued by or on behalf of any public or private body or entity must include in the issuing indenture, ordinance, or resolution a covenant requiring the issuer to file with a central repository for availability in the secondary bond market when requested: (1) an annual independent audit, within thirty days of the issuer's receipt of the audit, and (2) event specific information, within thirty days of an event adversely affecting more than five percent of revenue or its tax base.

Legislative History

HISTORY: 1994 Act No. 442, SECTION 1. Editor's Note 1994 Act No. 442, SECTION 2, provides as follows: "This act takes effect on the first day of the second month following approval by the Governor [approved June 16, 1994] and applies with respect to tax-exempt bond indentures executed on or after that date."