This State pledges to and agrees with the holders of any bonds issued by the authority pursuant to this chapter that it shall not alter or limit the rights vested in the authority to fulfill the terms of any agreement made with or for the benefit of the holders of bonds or in any way impair the rights and remedies of bondholders until the bonds, together with the interest thereon, with interest on any unpaid installments of interest, and all costs and expenses in connection with any action or proceeding by or on behalf of such holders, are fully met and discharged or funds for the payment of such are fully provided. The authority may include this pledge and agreement of the State in any agreement with bondholders.
HISTORY: 1994 Act No. 525, Section 2.
Structure South Carolina Code of Laws
Chapter 40 - South Carolina Infrastructure Facilities Authority Act
Section 11-40-10. Short Title.
Section 11-40-20. South Carolina Infrastructure Facilities Authority; creation; membership; purpose.
Section 11-40-30. Definitions.
Section 11-40-40. Powers of authority.
Section 11-40-70. Receipt, distribution, and holding of funds by the authority.
Section 11-40-100. Authority to pledge revenues, funds, or loan obligations to secure bonds.
Section 11-40-120. Bonds to be authorized by resolution; requirements for bonds.
Section 11-40-140. Validity of pledge by authority; lien of pledge.
Section 11-40-150. Bonds made negotiable instruments.
Section 11-40-160. Bonds and income from bonds exempt from taxes and assessments.
Section 11-40-170. Bonds of authority made securities.
Section 11-40-190. Pledge of State not to impair rights and remedies of bondholders.
Section 11-40-200. Defaults by local governments; withholding of state funds; exceptions.
Section 11-40-210. Authority members, officers, or employees not subject to liability.
Section 11-40-230. Deposit of money of authority; investment of funds.
Section 11-40-240. Annual reports; audit of books and accounts.
Section 11-40-250. Division of Local Government to assist authority; duties of Division.