S.C. Code § 6-23-210
Bonds to be special obligations; payment thereof
South Carolina · South Carolina Code Title 6, Chapter 23 — Joint Municipal Electric Power and Energy Act · Status: effective
Cite this
- Citation
- S.C. Code § 6-23-210, Bonds to be special obligations; payment thereof, South Carolina, version 1 as recorded 2026-09-28, yourstate.us, https://yourstate.us/provision/1566492
- Permanent ID
ys:prov:1566492@1- SHA-256
c72198786e7aadea2d3d7208e677bf6d318dbdccd58ad9739052b26e0ac1e18e
The hash is SHA-256 of this version's text, with every run of whitespace collapsed to a single space and the ends trimmed. The ID always leads back here, and checking it says whether the text you cited is still the current version.
Full text
The bonds shall be special obligations of the joint agency issuing them. The principal of, premium, if any, and interest on the bonds shall not be payable from the general funds of the joint agency, nor shall they constitute a legal or equitable pledge, charge, lien, or encumbrance upon any of its property or upon any of its income, receipts, or revenues, except the funds which are pledged under the resolution authorizing the bonds or the trust agreement securing the bonds. Neither the faith and credit nor the taxing power of the State or any municipality is, or may be, pledged for the payment of the principal of or interest on the bonds, and no holder of the bonds shall have the right to compel the exercise of the taxing power by the State or any municipality or the forfeiture of any of its property in connection with any default thereon. Every bond shall recite in substance that the principal of and interest on the bond is payable solely from the revenues pledged to its payment and that the joint agency is not obligated to pay the principal or interest except from such revenues.