South Carolina Statutes
§ 11-37-260 — State Treasurer may withhold monies from defaulting local governments.
If at any time any local government fails to effect the punctual payment of the principal of or interest on its local obligations, the State Treasurer shall withhold from the local government sufficient monies from any state appropriation to the local government and apply so much as is necessary to the payment of the principal of and interest on the local obligation of the government. All appropriations of local governments of the State are subject to the provisions of this section. If the local government does not receive state aid in an amount necessary to repay the obligation, the Comptroller General may levy and require the applicable county treasurer to collect and remit to the authority an ad valorem tax sufficient to meet the obligation.
Free access — add to your briefcase to read the full text and ask questions with AI
South Carolina § 11-37-260 (State Treasurer may withhold monies from defaulting local governments.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1988 Act No. 682, SECTION 2.
Nearby Sections
15
§ 11-37-10
Citation of chapter.§ 11-37-110
Trust indenture.§ 11-37-130
Purchase of outstanding bonds.§ 11-37-170
Capital reserve funds.§ 11-37-180
Purchase of local obligations.§ 11-37-190
State grants.§ 11-37-20
Definitions.§ 11-37-210
Tax exempt status of authority.