South Carolina Code 11-37-80. Bonds may be secured by pledge
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Terms Used In South Carolina Code 11-37-80
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Authority: means the South Carolina Resources Authority. See South Carolina Code 11-37-20
- Bonds: means any bonds, notes, debentures, interim certificates, bond, grant or revenue anticipation notes, or any other evidence of indebtedness of the authority. See South Carolina Code 11-37-20
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
The authority may pledge any of its revenue or funds to the payment of its bonds, subject only to any prior agreements with the holders of particular bonds which may have pledged specific money or revenue. Bonds may be secured by a pledge of any local obligation owned by the authority, any grant, contribution, or guaranty from the United States, the State, or any corporation, association, institution, or person, any other property or assets of the authority, or a pledge of any money, income, or revenue of the authority from any source.