South Carolina Code 11-49-90. Power to incur debt
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In South Carolina Code 11-49-90
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
The authority and the board have no power to incur debt or obligations or in any way to encumber their assets except by the issuance of bonds, including the making of covenants in relation to the issuing of bonds and notes in anticipation of the issuance of the bonds, and the incurring of expenses and obligations as authorized in § 11-49-60.