South Carolina Code 11-43-320. Pledges of revenue or funds to bond payment; bonds secured by pledge
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Terms Used In South Carolina Code 11-43-320
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Bank: means the South Carolina Transportation Infrastructure Bank. See South Carolina Code 11-43-310
- Bonds: means any bonds, notes, debentures, interim certificates, grant or revenue anticipation notes, or any other evidence of indebtedness of the bank incurred pursuant to this article. See South Carolina Code 11-43-310
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Loan: means an obligation subject to repayment which is provided by the bank to a qualified borrower for all or a part of the eligible cost of a qualified project. See South Carolina Code 11-43-130
- 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 bank may pledge any of its revenue or funds to the payment of its bonds, subject only to any prior agreements with the holders of particular bonds which may have pledged specific money or revenue. Bonds may be secured by a pledge of any loan obligation owned by the bank, any grant, contribution, or guaranty from the United States, the State, or any corporation, association, institution, or person, any other property or assets of the bank, or a pledge of any money, income, or revenue of the bank from any source.