The State pledges and agrees with the authority, and the holders of the bonds in which the authority has included such pledge and agreement, that the State shall not limit or alter the rights of the authority to fulfill the terms of its agreements with such holders, and shall not in any way impair the rights and remedies of such holders or the security for such bonds until the bonds, together with the interest on them and all costs and expenses in connection with any action or proceeding by or on behalf of such holders, are fully paid and discharged.
HISTORY: 2000 Act No. 387, Part II, Section 69A.2.
Structure South Carolina Code of Laws
Chapter 49 - Tobacco Settlement Revenue Management Authority Act
Section 11-49-10. Short title.
Section 11-49-20. Definitions.
Section 11-49-30. Tobacco Settlement Revenue Management Authority created; purpose; termination.
Section 11-49-40. Board; members; compensation; ethics; administrative assistance; personnel.
Section 11-49-50. Tobacco receipts; assignment to authority.
Section 11-49-55. State-grown crops; marketing, branding, and natural disaster relief assistance.
Section 11-49-60. Powers of board to operate and administer authority.
Section 11-49-80. Board and authority assets limited to tobacco receipts.
Section 11-49-90. Power to incur debt.
Section 11-49-100. Accounts to be maintained separately; annual report.
Section 11-49-130. Excess tobacco receipts.
Section 11-49-140. Exemption from provisions of Chapter 23, Title 1.
Section 11-49-150. Consent to and approval of master settlement agreement; modification.
Section 11-49-160. Right of authority to fulfill agreements with bond holders protected.