2017 South Carolina Code of Laws
Title 11 - Public Finance
CHAPTER 37 - SOUTH CAROLINA RESOURCES AUTHORITY ACT
Section 11-37-260. State Treasurer may withhold monies from defaulting local governments.
If at any time any local government fails to effect the punctual payment of the principal of or interest on its local obligations, the State Treasurer shall withhold from the local government sufficient monies from any state appropriation to the local government and apply so much as is necessary to the payment of the principal of and interest on the local obligation of the government. All appropriations of local governments of the State are subject to the provisions of this section. If the local government does not receive state aid in an amount necessary to repay the obligation, the Comptroller General may levy and require the applicable county treasurer to collect and remit to the authority an ad valorem tax sufficient to meet the obligation.
HISTORY: 1988 Act No. 682, Section 2.
