South Carolina Code 11-43-540. Limitations; review by Joint Bond Review Committee; payment of principal and interest
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Terms Used In South Carolina Code 11-43-540
- Board: means the Board of Directors of the South Carolina Transportation Infrastructure Bank. See South Carolina Code 11-43-510
- Bonds: means bonds, notes, or other evidence of indebtedness except as otherwise provided in Article 3 of this chapter. See South Carolina Code 11-43-130
- Revenues: means , when used with respect to the bank, any receipts, fees, income, or other payments received or to be received by the bank including, without limitation, receipts and other payments deposited in the bank and investment earnings on its funds and accounts. See South Carolina Code 11-43-130
- Transportation infrastructure bonds: means all general obligation bonds of this State designated as transportation infrastructure bonds, which are now outstanding and which may hereafter be issued pursuant to the authorizations of this article. See South Carolina Code 11-43-510
The issuance of transportation infrastructure bonds is subject to the limitations contained in Section 13(6)(c), Article X of the Constitution of this State. Within such limitations, transportation infrastructure bonds may be issued for qualified projects or to refund transportation infrastructure bonds from time to time under the conditions prescribed by this article. The review and approval of the Joint Bond Review Committee must be obtained prior to the issuance of any transportation infrastructure bonds. No transportation infrastructure bonds may be issued unless the board has a source of revenues to pay the principal and interest on the bonds.