South Carolina Code 6-21-330. Statutory lien of bondholders on system or project
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Terms Used In South Carolina Code 6-21-330
- borrower: as used in this chapter shall be construed to mean the municipality operating under this chapter. See South Carolina Code 6-21-10
- governing body: as used in this chapter shall be construed to mean, in the case of a county, the board of county commissioners or other like governing body thereof, in the case of a city or incorporated town, the board of commissioners, the mayor and council or other like governing body thereof and, in the case of a township, the board of county commissioners or other governing body of the county in which the township is located. See South Carolina Code 6-21-20
- Lien: A claim against real or personal property in satisfaction of a debt.
- system: as used in this chapter shall include all of the projects and undertakings referred to in § 6-21-50. See South Carolina Code 6-21-40
There shall be created in the authorizing ordinance a statutory lien upon any such system or project and the appurtenances and extensions thereto so to be purchased, constructed, improved, enlarged, extended or repaired to and in favor of the holders of the bonds and each of them and to and in favor of the holders of the coupons of the bonds and each of them; provided, however, that when a borrower purchases, constructs, improves, enlarges, extends or repairs any system or project named in § 6-21-50 such statutory lien may be created and declared to be upon the whole of such combined system or project with appurtenances and extensions thereto, if the governing body so determines.