South Carolina Code 11-40-100. Authority to pledge revenues, funds, or loan obligations to secure bonds
Current as of: 2023 | Check for updates
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Terms Used In South Carolina Code 11-40-100
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Authority: means the South Carolina Infrastructure Facilities Authority. See South Carolina Code 11-40-30
- Bonds: means bonds, notes, or other evidences of obligation of the authority issued under this chapter, including bond, grant or revenue anticipation notes, notes in the nature of commercial paper, and refunding bonds. See South Carolina Code 11-40-30
- 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.
- Loan: means a loan from the authority to a local government for the purpose of financing all or a portion of the cost of a project. See South Carolina Code 11-40-30
The authority may pledge any of its revenues or funds to the payment of its bonds, subject only to prior agreement with the holders of particular bonds which may have pledged specific money or revenue. Bonds may be secured by a pledge of any loan obligation owned by the authority, any grant, contribution, or guaranty from the United States, the State, or a corporation, association, institution or person, other property or assets of the authority, or a pledge of any money, income, or revenue of the authority from any source.