The bonds authorized by the article are limited obligations of the division. The principal and interest are payable solely out of the revenues derived by the division, including any revenues that may be derived by the division pursuant to the financing agreement with respect to the project which the bonds are issued to finance. The bonds are an indebtedness payable solely from a revenue producing source or from a special source which does not include revenues from any tax or license. The bonds do not constitute nor give rise to a pecuniary liability of the division, the department, the State, or any political subdivision of the State, or to a charge against the general credit of the division, the department, the State, or any political subdivision of the State or taxing powers of the State, or any political subdivision of the State, and this fact must be plainly stated on the face of each bond. The principal of and interest on any bonds issued under this article must be secured by a pledge of the revenues from which the bonds are payable, may be secured by a security agreement, including a mortgage or any property given as security pursuant to a financing agreement, and may be additionally secured by a pledge of the financing agreement with respect to the project. In making any agreements or provisions, the division does not have the power to obligate itself or the department with respect to any project for which the proceeds of bonds issued under this article have been loaned to a company, except with respect to the project and the application of the revenues from the financing agreement, and does not have the power to incur a pecuniary liability or a charge upon its general credit or upon the general credit of the department. The trustee under any security agreement or indenture, or any depository specified by the security agreement or indenture, may be any person or corporation as the division designates, notwithstanding that the trustee may be a nonresident of this State or incorporated under the laws of the United States or the laws of other states.
HISTORY: 1993 Act No. 181, Section 245, eff July 1, 1993.
Structure South Carolina Code of Laws
Title 13 - Planning, Research and Development
Chapter 1 - General Provisions
Section 13-1-10. Department of Commerce established.
Section 13-1-20. Purposes of department.
Section 13-1-40. Advisory councils.
Section 13-1-50. Annual audit of department.
Section 13-1-60. Severability.
Section 13-1-310. Definitions.
Section 13-1-320. Objectives of division.
Section 13-1-330. Division made up of bureaus.
Section 13-1-340. Director of division; duties, powers and responsibilities.
Section 13-1-350. Director to assume duties of certain former boards, commissions, and councils.
Section 13-1-360. Confidentiality of information.
Section 13-1-370. Advisory committee of the Division of State Development.
Section 13-1-380. Recycling Market Development Advisory Council.
Section 13-1-610. Definitions.
Section 13-1-620. Rights and powers of director.
Section 13-1-630. Area of director's powers.
Section 13-1-640. Issuance of revenue bonds to fund projects.
Section 13-1-660. Specifics of revenue bonds and their issuance.
Section 13-1-670. Principal and interest on bonds exempt from taxation.
Section 13-1-690. Signature on bonds.
Section 13-1-700. Manner of sale of bonds.
Section 13-1-710. Report to State Treasurer following issuance of bonds.
Section 13-1-720. Enforceability of orders, covenants, and agreements related to bonds.
Section 13-1-730. Bonds to constitute limited obligations of division; payment on bonds.
Section 13-1-740. Investment of funds.
Section 13-1-750. Carryover of funds to subsequent fiscal years.
Section 13-1-780. Promulgation of regulations.
Section 13-1-790. Establishment of corporations by director.
Section 13-1-800. Payment in lieu of property taxes on property of division.
Section 13-1-810. Division's status as "agency".
Section 13-1-1000. Definitions.
Section 13-1-1010. Commission created; purpose; purchase and sale of aeronautics assets.
Section 13-1-1020. Commission districts; election and appointment of members.
Section 13-1-1060. Oath of office.
Section 13-1-1080. Appointment of executive director.
Section 13-1-1090. Qualifications for commission chairman and members.
Section 13-1-1110. Organization and objectives of division.
Section 13-1-1310. Division of Public Railways created.
Section 13-1-1320. Definitions.
Section 13-1-1330. Powers and duties of director of division.
Section 13-1-1340. Transfer of certain common carrier switching operations to division.
Section 13-1-1350. Power of director to extend division's operations.
Section 13-1-1355. Transfer of certain railroad equipment.
Section 13-1-1360. Bonds of division to be limited obligations.
Section 13-1-1370. Bonds to be secured by pledge of division revenues.
Section 13-1-1380. Contract terms for construction and equipment.
Section 13-1-1400. Power of director over disbursement of bond proceeds.
Section 13-1-1410. Books of additional acquisitions to be kept separately.
Section 13-1-1420. Application of proceeds from sale of bonds.
Section 13-1-1430. Refunding of bonds.
Section 13-1-1440. Bonds to be lawful investments.
Section 13-1-1450. Bonds, revenue, and property of division to be tax exempt.
Section 13-1-1470. Director not subject to other limitations.
Section 13-1-1710. Coordinating Council for Economic Development.
Section 13-1-1720. Purpose and duties of council.
Section 13-1-1740. Recommendations by council; review of agency requests for appropriations.
Section 13-1-1750. Funding; technical advisory committees; data sources.
Section 13-1-1760. Council not to infringe on autonomy of other agencies.
Section 13-1-1780. Agricultural businesses considered for economic development awards.
Section 13-1-1810. Transfer of powers relating to regional education centers.
Section 13-1-1820. Department to provide oversight to regional education centers.
Section 13-1-2030. Coordinating Council for Workforce Development created; membership; duties.