South Carolina Statutes
§ 59-122-50 — Security for payment of bonds.
The Citadel may pledge any part or all of the revenues or net revenues derived or to be derived from any or all of the facilities as security for the payment of any bonds. In addition, The Citadel may pledge any gifts, donations, and funds, other than appropriated state funds, and the income from those sources to which The Citadel is entitled, as security for the payment of any bonds. As additional security, The Citadel may establish a reserve fund, which may be funded from the proceeds of the bonds, to provide for payment on the bonds.
Free access — add to your briefcase to read the full text and ask questions with AI
South Carolina § 59-122-50 (Security for payment of bonds.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1989 Act No. 102, SECTION 2.
Nearby Sections
13
§ 59-122-10
Definitions.§ 59-122-100
Investment in bonds by fiduciaries permitted.§ 59-122-110
Sale of bonds by board; notice.§ 59-122-120
Authority of board.§ 59-122-130
Time limitation for issuance of bonds.§ 59-122-30
Disposition of proceeds from sale of bonds.§ 59-122-40
Requirements for issuance of bonds.§ 59-122-50
Security for payment of bonds.§ 59-122-70
Issuance of bonds.§ 59-122-80
Bonds may be registered; debt by book-entry only system permitted; verification of bonds.§ 59-122-90
Bonds and interest exempt from taxation.