South Carolina Code 11-23-30. Authority to apply revenues to payment of bonds
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Terms Used In South Carolina Code 11-23-30
- 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.
The governing body of any political subdivision or public body of this State including, but not limited to, those set forth in § 11-23-10, which has issued or may hereafter issue general obligation bonds, the proceeds of which have been or may be used to finance the construction of projects which are or will be revenue producing, may apply the revenues derived from such projects, and not otherwise pledged, to the payment of principal and interest to become due on such bonds.