South Carolina Code 51-7-100. Revenue obligations are not debts of State
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Terms Used In South Carolina Code 51-7-100
- 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.
No bond, note, coupon or other obligation issued pursuant to the provisions of this chapter shall ever constitute a debt of the State within the meaning of any State constitutional or statutory provision and each bond shall recite on its face that it is payable solely from the revenues pledged to the payment thereof and that it does not constitute a debt of the State.