South Carolina § 6-24-160 Payment of bonds, expenses and other obligations; pledge and resulting lien.

South Carolina Statutes

§ 6-24-160 — Payment of bonds, expenses and other obligations; pledge and resulting lien.

South Carolina § 6-24-160

Title 6LOCAL GOVERNMENT—PROVISIONS APPLICABLE TO SPECIAL PURPOSE DISTRICTS AND OTHER POLITICAL SUBDIVISIONS

Ch. 24JOINT AGENCY ACT

This text of South Carolina § 6-24-160 (Payment of bonds, expenses and other obligations; pledge and resulting lien.) 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. § 6-24-160 (2026).

Text

(A)The joint agency may fix, charge, and collect rents, rates, fees, and charges for services provided by the agency or the use of a project so as to provide revenues, for so long as the bonds are outstanding and unpaid, at least sufficient together with other available funds to:

(1)pay all costs of and charges and expenses in connection with the proper operation and maintenance of its projects and for all necessary repairs, replacements, or renewals;

(2)pay when due the principal and interest and any premiums on all bonds payable from the revenues;

(3)create and maintain reserves and comply with covenants required by a resolution or trust agreement authorizing and securing bonds; and (4) pay amounts which the joint agency may be obligated by law or contract to pay from the revenues. (

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(A) The joint agency may fix, charge, and collect rents, rates, fees, and charges for services provided by the agency or the use of a project so as to provide revenues, for so long as the bonds are outstanding and unpaid, at least sufficient together with other available funds to: (1) pay all costs of and charges and expenses in connection with the proper operation and maintenance of its projects and for all necessary repairs, replacements, or renewals; (2) pay when due the principal and interest and any premiums on all bonds payable from the revenues; (3) create and maintain reserves and comply with covenants required by a resolution or trust agreement authorizing and securing bonds; and (4) pay amounts which the joint agency may be obligated by law or contract to pay from the revenues. (B) A pledge made by a joint agency pursuant to this chapter is valid and binding from the date the pledge is made. The revenues, securities, and other monies pledged and held or received afterwards by the joint agency or fiduciary are subject immediately to the lien of the pledge without physical delivery of it or other act, and the lien of the pledge is valid and binding as against all parties having claims in tort, contract, or otherwise against the governmental entity or joint agency without regard to whether the parties have notice of it.