Terms Used In South Carolina Code 11-49-130

  • Authority: means the Tobacco Settlement Revenue Management Authority, as established by this chapter. See South Carolina Code 11-49-20
  • Board: means the governing body of the authority. See South Carolina Code 11-49-20
  • Bonds: means special source bonds, notes, or other evidences of indebtedness of the authority payable solely from and secured solely by the State's tobacco receipts, issued pursuant to the authorizations contained in this chapter and in Section 13(9), Article X of the Constitution of this State. See South Carolina Code 11-49-20
All of the state’s tobacco receipts not needed to pay (1) expenses of the authority during the next twelve months, or (2) debt service on bonds during the next twelve months, or fully to fund reserve accounts established by the board with respect to bonds, not less frequently than annually and at a time determined by the board in its resolutions authorizing the issuance of bonds, must be transferred to the funds as identified in § 11-11-170. The determination by the board of the amount to be transferred is final and is not reviewable by any court or other body.
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