South Carolina § 6-24-130 Assurance of payment of principal or interest on bonds.

South Carolina Statutes

§ 6-24-130 — Assurance of payment of principal or interest on bonds.

South Carolina·Title 6 LOCAL GOVERNMENT—PROVISIONS APPLICABLE TO SPECIAL PURPOSE DISTRICTS AND OTHER POLITICAL SUBDIVISIONS·Ch. 24 JOINT AGENCY ACT

If a joint agency undertakes a project requiring financing, in whole or in part, with the proceeds of bonds, and the payment of principal or interest on the bonds is assured directly or indirectly by a contract with one or more members, the project must not be undertaken without the approval of the governing body of each member which provides assurance. For these purposes, a member has not assured payment on bonds unless its obligation pursuant to the contract is absolute and without regard to the completion or operation of the project.

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If a joint agency undertakes a project requiring financing, in whole or in part, with the proceeds of bonds, and the payment of principal or interest on the bonds is assured directly or indirectly by a contract with one or more members, the project must not be undertaken without the approval of the governing body of each member which provides assurance. For these purposes, a member has not assured payment on bonds unless its obligation pursuant to the contract is absolute and without regard to the completion or operation of the project.

South Carolina § 6-24-130 (Assurance of payment of principal or interest on bonds.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.