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2017 South Carolina Code of Laws
Title 6 - Local Government - Provisions Applicable to Special Purpose Districts and Other Political Subdivisions
CHAPTER 25 - JOINT AUTHORITY WATER AND SEWER SYSTEMS ACT
Section 6-25-120. Repayment of notes, obligations, or bonds.
Universal Citation: SC Code § 6-25-120 (2017)
A joint system may not pledge the full faith, credit, or taxing power of its members when borrowing money or issuing a bond, note, or other obligation. Only revenues and other funds available to the joint system may be used to pay or pledged to the repayment of any notes, obligations, or bonds.
HISTORY: 1983 Act No. 82, Section 2; 1997 Act No. 74, Section 7; 1999 Act No. 113, Section 15; 2007 Act No. 59, Section 1, eff June 6, 2007.
Effect of Amendment
The 2007 amendment rewrote this section.
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