The authority and the board have no power to incur debt or obligations or in any way to encumber their assets except by the issuance of bonds, including the making of covenants in relation to the issuing of bonds and notes in anticipation of the issuance of the bonds, and the incurring of expenses and obligations as authorized in Section 11-49-60.
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.