South Carolina Code 6-24-120. Power to incur debt and enter into supply and financial management agreements
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Terms Used In South Carolina Code 6-24-120
- cost: includes all costs of the undertaking or funding of the undertaking. See South Carolina Code 6-24-20
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Joint agency: means a public body and body corporate and politic organized in accordance with the provisions of this chapter. See South Carolina Code 6-24-20
A joint agency may incur debt for its purposes, which includes defraying the cost of a project, and may issue bonds pledging the revenues derived from all or any of its projects and additions and betterments or extensions or contributions or advances from its members to the payment of both principal and interest and other obligations. A joint agency may enter into, amend, and terminate agreements in the nature of forward supply agreements, agreements for the management of interest rate risks or risks posed by the fluctuation of the cost of gas supplies, agreements for the management of cash flow, and other similar agreements.