South Carolina Code 48-5-90. Authority authorized to pledge its revenues or funds to payment of bonds; other security for payment of bonds
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Terms Used In South Carolina Code 48-5-90
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Authority: means the South Carolina Water Quality Revolving Fund Authority. See South Carolina Code 48-5-20
- Bonds: means bonds, notes, debentures, interim certificates, commercial paper, bond, grant, or revenue anticipation notes, or any other evidence of indebtedness of the authority. See South Carolina Code 48-5-20
- 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 a loan from the authority to a project sponsor for the purpose of financing all or a portion of the cost of a project. See South Carolina Code 48-5-20
- 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 authority may pledge its revenues or funds to the payment of its bonds, subject only to prior agreement with the holders of particular bonds which may have pledged specific money or revenue. Bonds may be secured by a pledge of a loan obligation owned by the authority, a grant, contribution, or guaranty from the United States, the State, or a corporation, association, institution or person, other property or assets of the authority, or a pledge of money, income, or revenue of the authority from any source.