South Carolina Code 11-51-40. Issuance of general obligation debt authorized; limitations
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Terms Used In South Carolina Code 11-51-40
- General obligation debt: means any indebtedness of the State which must be secured in whole or in part by a pledge of the full faith, credit and taxing power of the State, including, but not limited to, bonds, notes, and other evidences of indebtedness, and issued pursuant to the provisions of this chapter. See South Carolina Code 11-51-30
- 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.
- Research universities: means Clemson University, The Medical University of South Carolina, and the University of South Carolina-Columbia. See South Carolina Code 11-51-30
To obtain funds for allocation to the research universities for the financing of research infrastructure projects, and for the other purposes set forth in § 11-51-125, there may be issued general obligation debt pursuant to the conditions prescribed by this chapter; provided, however, that the amount of the general obligation debt issued pursuant to this chapter that may be outstanding at any one time shall not exceed two hundred fifty million dollars.