South Carolina Statutes
§ 6-25-120 — Repayment of notes, obligations, or bonds.
South Carolina·Title 6 LOCAL GOVERNMENT—PROVISIONS APPLICABLE TO SPECIAL PURPOSE DISTRICTS AND OTHER POLITICAL SUBDIVISIONS·Ch. 25 JOINT AUTHORITY WATER AND SEWER SYSTEMS ACT
A joint system may not pledge the full faith, credit, or taxing power of its members when borrowing money or issuing a bond, note, or other obligation. Only revenues and other funds available to the joint system may be used to pay or pledged to the repayment of any notes, obligations, or bonds.
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South Carolina § 6-25-120 (Repayment of notes, obligations, or bonds.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1983 Act No. 82, SECTION 2; 1997 Act No. 74, SECTION 7; 1999 Act No. 113, SECTION 15; 2007 Act No. 59, SECTION 1, eff June 6, 2007. Effect of Amendment The 2007 amendment rewrote this section.
Nearby Sections
15
§ 6-25-10
Short title.§ 6-25-100
Powers of joint system.§ 6-25-114
Issuance of refunding bonds.§ 6-25-115
Financing pools and construction notes.§ 6-25-125
Charges for services; pledges.