2013 South Carolina Code of Laws
Title 59 - Education
CHAPTER 53 - TECHNICAL AND VOCATIONAL EDUCATION AND TRAINING
SECTION 59-53-1785. Issuance of bonds; liability for payment of obligations; information to appear on face of bonds.
(A) The authority may issue bonds in the same manner and for the same purposes, including the purposes of the authority, pursuant to the provisions of the Higher Education Revenue Bond Act, as provided in Chapter 147, Title 59.
(B) The issuance by the authority of any bonds, notes, or other obligations or indebtedness is subject to the approval of them by resolution of the State Budget and Control Board.
(C) Bonds, notes, or other obligations or indebtedness of the authority do not constitute a debt or a pledge of the faith and credit of the State of South Carolina, the commission, or any of the state's political subdivisions other than the authority, but are payable only from the revenue, money, or property of the authority as provided in this subarticle. The bonds, notes, or other obligations or indebtedness of the authority do not constitute an indebtedness of the State within the meaning of any state constitutional or statutory limitation. A member of the board or a person executing bonds, notes, or other obligations or indebtedness of the authority is not liable personally on the bonds, notes, or other obligations or indebtedness by reason of their issuance or execution. Each bond, note, or other obligation or indebtedness must contain on its face a statement to the effect that:
(1) neither the State, the commission, nor any of the state's political subdivisions, nor the authority is obligated to pay the principal of or interest on the bond or other costs incident to the bond except from the revenue, money, or property of the authority pledged;
(2) neither the full faith and credit, nor the taxing power of the State, nor any of its political subdivisions, is pledged to the payment of the principal of or interest on the bond, note, or other obligation or indebtedness; and
(3) the authority does not have taxing power.
HISTORY: 2004 Act No. 200, Section 4, eff April 26, 2004.
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