South Carolina Statutes
§ 59-109-110 — Bonds not considered debt or liability of State or any political subdivision.
South Carolina·Title 59 EDUCATION·Ch. 109 EDUCATIONAL FACILITIES AUTHORITY ACT FOR PRIVATE NONPROFIT INSTITUTIONS OF HIGHER LEARNING
Bonds issued under the provisions of this chapter shall not be considered to constitute a debt or liability of the State or of any political subdivision thereof or a pledge of the faith and credit of the State or of any such political subdivision, but shall be payable solely from the funds herein provided therefor. All such bonds shall contain on the face thereof a statement to the effect that neither the State of South Carolina nor the authority shall be obligated to pay the same or the interest thereon except from amounts to be paid by the participating institution for higher learning pursuant to the financing agreement relating to such bonds and that neither the faith and credit nor the taxing power of the State of South Carolina or of any political subdivision thereof is pledged to the
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South Carolina § 59-109-110 (Bonds not considered debt or liability of State or any political subdivision.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1962 Code SECTION 22-41.10; 1969 (56) 444; 1993 Act No. 167, SECTION 7.
Nearby Sections
15
§ 59-109-10
Short title.§ 59-109-100
Trust agreement to secure bonds.§ 59-109-130
Monies received deemed trust funds.§ 59-109-140
Enforcement of rights of bondholders.§ 59-109-150
Exemption from taxation.§ 59-109-160
Bonds as legal investments.§ 59-109-170
Annual reports.§ 59-109-30
Definitions.§ 59-109-50
Purpose of authority; powers enumerated.§ 59-109-60
Expenses.