South Carolina Statutes
§ 6-24-210 — Bonds as special obligations; revenues pledged to payment.
South Carolina·Title 6 LOCAL GOVERNMENT—PROVISIONS APPLICABLE TO SPECIAL PURPOSE DISTRICTS AND OTHER POLITICAL SUBDIVISIONS·Ch. 24 JOINT AGENCY ACT
The bonds issued pursuant to this chapter are special obligations of the joint agency issuing them. The principal and interest and any premium on the bonds are not payable from the general fund of the joint agency, nor are they a legal or equitable pledge, charge, lien, or encumbrance upon any of its property, income, receipts, or revenues, except the funds which are pledged pursuant to the resolution authorizing the bonds or the trust agreement securing the bonds. A bond must recite in substance that the principal of and interest on the bond is payable only from the revenues pledged to its payment and that the joint agency is not obligated to pay the principal or interest except from those revenues.
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South Carolina § 6-24-210 (Bonds as special obligations; revenues pledged to payment.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 2003 Act No. 8, SECTION 2, eff April 21, 2003.
Nearby Sections
15
§ 6-24-10
Title.§ 6-24-100
Rights and powers of joint agency.§ 6-24-140
Issuance of bonds; use of proceeds.§ 6-24-150
Trust agreements for issuance of bonds.§ 6-24-170
Investment of monies from bond.§ 6-24-180
Enforcement of bonds.§ 6-24-190
Bonds as investment securities.§ 6-24-20
Definitions.§ 6-24-220
Issuance of refunding bonds.