Notwithstanding any other provision of law, a tax-exempt bond issued by or on behalf of any public or private body or entity must include in the issuing indenture, ordinance, or resolution a covenant requiring the issuer to file with a central repository for availability in the secondary bond market when requested:
(1) an annual independent audit, within thirty days of the issuer's receipt of the audit, and
(2) event specific information, within thirty days of an event adversely affecting more than five percent of revenue or its tax base.
HISTORY: 1994 Act No. 442, Section 1.
Editor's Note
1994 Act No. 442, Section 2, provides as follows:
"This act takes effect on the first day of the second month following approval by the Governor [approved June 16, 1994] and applies with respect to tax-exempt bond indentures executed on or after that date."
Structure South Carolina Code of Laws
Chapter 1 - General Provisions
Section 11-1-10. Official receipts for monies collected.
Section 11-1-20. Interest on deposits of public funds.
Section 11-1-25. Report by State Treasurer on investment earnings.
Section 11-1-30. Issuance of negotiable notes in anticipation of taxes.
Section 11-1-40. Contracts in excess of tax or appropriation; diverting public funds.
Section 11-1-85. Covenant required.
Section 11-1-100. Starting date of projects funded with capital improvement bonds regulated.