South Carolina § 51-7-70 Payment of revenue obligations.

South Carolina Statutes

§ 51-7-70 — Payment of revenue obligations.

South Carolina·Title 51 PARKS, RECREATION, AND TOURISM·Ch. 7 HUNTING ISLAND, BEAUFORT COUNTY

In order to secure the payment of any obligations issued pursuant to the provisions of this chapter and such interest as may accrue thereon, the department may:

(1)Pledge all or any part of its revenues derived from the operation of said island or any facility or service furnished by it on said island; and (2) Enter into any covenant and do any and all acts and things necessary or desirable to secure its obligations or which, in the discretion of the department, tend to make the obligations more marketable, notwithstanding that such covenant may restrict or interfere with the exercise of the powers herein granted, it being the intention hereof to give to the department power to do all things in the issuance of bonds for their security that a private business corporation could do under the

Free access — add to your briefcase to read the full text and ask questions with AI

In order to secure the payment of any obligations issued pursuant to the provisions of this chapter and such interest as may accrue thereon, the department may: (1) Pledge all or any part of its revenues derived from the operation of said island or any facility or service furnished by it on said island; and (2) Enter into any covenant and do any and all acts and things necessary or desirable to secure its obligations or which, in the discretion of the department, tend to make the obligations more marketable, notwithstanding that such covenant may restrict or interfere with the exercise of the powers herein granted, it being the intention hereof to give to the department power to do all things in the issuance of bonds for their security that a private business corporation could do under the general laws of this State.

South Carolina § 51-7-70 (Payment of revenue obligations.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

HISTORY: 1962 Code SECTION 51-247; 1952 Code SECTION 51-247; 1942 Code SECTION 3284-5; 1940 (41) 1785; 2021 Act No. 73 (H.3545), SECTION 2, eff May 17, 2021. Effect of Amendment 2021 Act No. 73, SECTION 2, deleted (2) to (4), which related to certain actions the department might have undertaken to secure payment of obligations, redesignated (5) as (2), and made nonsubstantive changes throughout.