South Carolina Code 5-21-410. Additional pledge of utility revenues
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The municipal council may, in its discretion, additionally secure bonds by a pledge of the net revenues which it may derive from any municipally owned public utility. In making a pledge of such revenues the municipality may reserve the right to place other bonds, general obligation or revenue, on a parity with the bonds additionally secured in the manner provided for by this section.
If the net revenues of any municipally owned utility shall be pledged and such utility shall be under the management of commissioners, the commissioners shall give their consent to the issuance of bonds and to the pledge and covenants securing them.
Terms Used In South Carolina Code 5-21-410
- municipality: shall mean an incorporated city or town, irrespective of its population;
(2) The term "municipal council" shall mean the governing body of any incorporated city or town;
(3) The term "corporate purpose" shall denote any public purpose, necessary or convenient to the welfare of the municipality and shall include the funding of existing indebtedness, evidenced otherwise than by bonds of the municipality; and
(4) The word "commissioners" shall mean the commissioners of public works or the board of public works or other body established by law and given the power of operating any waterworks system, electric light system, sewage system or other municipal utility. See South Carolina Code 5-21-220 - Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.