In order to secure the payment of any obligations issued pursuant to the provisions of this chapter and such interest as may accrue thereon, the department may:

(1) Pledge all or any part of its revenues derived from the operation of said island or any facility or service furnished by it on said island; and

Terms Used In South Carolina Code 51-7-70

  • 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.

(2) Enter into any covenant and do any and all acts and things necessary or desirable to secure its obligations or which, in the discretion of the department, tend to make the obligations more marketable, notwithstanding that such covenant may restrict or interfere with the exercise of the powers herein granted, it being the intention hereof to give to the department power to do all things in the issuance of bonds for their security that a private business corporation could do under the general laws of this State.

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